This article appeared in the Boulder County Business section of the Daily Camera on 7/15/16 .
The article confirms that "The average house in Boulder now officially costs more than $1 million."
Continue below to read more of Shay Castle's article, or click the link below to go to the article on the Daily Camera's website.
Cost of average home in Boulder surpasses $1 millionPrices county wide see double digit increases over last yearBy Shay CastleStaff Writer
Average, median home prices in Boulder County (and percent increase from last year):
Boulder County: $659,275; $535,807 (both up 14 percent)
Boulder: $1,067,213 (9 percent); $905,000 (15 percent)
Longmont: $379,388 (13 percent); $350,000 (15 percent)
Louisville: $638,433 (12 percent); $645,050 (24 percent)
Lafayette: $555,963 (13 percent); $495,000 (11 percent)
Superior: $633,115 (14 percent); $634,250 (31 percent)
After much speculation and nervous anticipation by many hopeful homeowners, it's finally happened: The average house in Boulder now officially costs more than $1 million.
That's according to the latest data from D.B. Wilson at Re/Max of Boulder, analyzing home sales in Boulder County for the first half of 2016.
The average sales price of a single-family residence in the city of Boulder was $1,067,213 over the past six months, up 9 percent from the same time last year ($975,894).
But the median price — the preferred (and lower) measure, because average prices are often pushed up by multi-million dollar listings — was up 15 percent, from $790,000 last year to $905,000 now.
"Boulder's single family homes have become unaffordable to the middle-class," said council member Aaron Brockett. "In order to preserve income diversity in our town, we'll need to look primarily to other housing types (and) need to keep working on increasing our affordable housing options as well."
"Virtually all areas (in the county saw) double digits increases in median price," Wilson said. "It's reemphasizing that we're really losing our lower-end homes."
Prices in Boulder County as a whole are up 14 percent, to a median price of $535,807.
Superior, flush with the development of 75 new high-end homes, led the pack with 31 percent median price growth, from $485,000 to $634,250. The three L's (Lafayette, Longmont, Louisville) saw increases of 11, 15 and 24 percent respectively.
Longmont remains the only market with an average price under $400,000 — the top end of what's considered attainable for a couple in Boulder County, with an average combined salary of around $70,000 — but just barely: $379,388.
"You have to go out of Boulder County to get what is a real affordable place for a first-time buyer," Wilson said.
Occassionally, though, some young couples get lucky.
James Milani and Kelly MacLean on Thursday were closing on a house with a fenced-in yard that butts up against MacLean's childhood home in unincorporated part of the county between Boulder and Lafayette.
The pair are living in California. Both Boulder County natives, they've always planned to return and buy a home. But with the recent, rapid price increases, they weren't sure if anything would be in their budget when they were ready to settle down.
"We both went to CU so we paid the rental prices and saw them (and home prices) go up and up," Milani said.
"We just didn't know they were going to go up quite so crazy," MacLean added.
After her sister nabbed a Longmont home by going to the showing with a pre-prepared contract in hand, MacLean knew it was the time to get serious.
"We were starting to feel if we couldn't buy today, we would never be able to buy," she said. "I don't know how we got so lucky."
Shay Castle: 303-473-1626, firstname.lastname@example.org or twitter.com/shayshinecastle
I am a real estate professional, serving Boulder and Denver, Colorado. My extensive knowledge of the market, coupled with my commitment to provide extraordinary service, has resulted in hundreds of successful transactions. Let me help you buy or sell your home.