Despite Monthly Swings, Boulder County Home Sales Hold a Strong Course

If there is one constant in Boulder Valley, it’s a strong real estate market. October’s sales statistics show 2018 is on track to finish strong. This is despite that month-to-month, those statistics sometimes show significant fluctuation.

Take September and October 2018. When compared to October, September’s data is like Colorado weather: If you don’t like the statistics one month, wait a month, they are likely to change.

September’s single-family sales dropped 20 percent, then recovered to gain 8.7 percent in October with 362 homes sold vs. September’s 333. Despite the short-term fluctuation, year-to-date sales are holding steady through October, reaching just one unit short of the same volume as last year – 3,880 vs. 3,881.

“It’s hard to characterize our market here in Boulder County. Given all of the factors, it can be difficult to decipher trends as opposed to an event,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.

“While the swings add volatility to the market, the market exhibits good health with strong demand, and prices and sales holding steady,” he says, adding that a strong economy and job growth continue to be drivers.

Condo/townhomes in Boulder County saw a month-over-month sales decrease of 5.2 percent, with 110 units sold in October compared to 116 in September. Year-to-date attached dwelling sales rose 4 percent through October – 1,317 vs. 1,266.

October’s inventory for attached dwellings also increased 7.3 percent over September with 280 units available in October compared to 261 the prior month. Single-family home inventory declined 10 percent, with 945 homes available for sale in October compared to 1,050 in September 2018.

Hotard projects November and December sales will be “anybody’s guess depending on the weather. But all things being equal, I don’t expect much change through the end of the year.”

The next big change he expects will be in early 2019. “I think we’ll see a big increase in inventory and sales in February and March. I think people will look at taking the gains we have seen in this market, providing inventory and set the market up for pretty strong increases in the big home selling months.”

 

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, November 27th, 2018 at 9:40am.

Posted on November 28, 2018 at 5:14 pm
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Real Estate Conference Set to Explore Boulder Valley Challenges and Trends

The eleventh annual Boulder Valley Real Estate Conference offers a packed day Thursday, November 15, exploring trends, commercial impacts, and inventory shortages in Boulder County commercial and residential real estate.

Organized by BizWest with presenting sponsor RE/MAX of Boulder, the event delivers an intensive schedule of national keynote speakers and panels made up of local real estate experts and development officials.

More than 500 real estate professionals and anyone interested in the local real estate market are expected to attend. Attendees get insights into residential and commercial real estate activity and coming opportunities in Boulder and Broomfield counties.

The conference kicks off with local real estate expert Todd Gullette, RE/MAX of Boulder Managing Broker, discussing the latest sales and price statistics and implications for residential real estate across Boulder Valley. The commercial forecast follows, with Angela Topel, Gibbons-White Senior Broker, exploring major commercial developments, sales and vacancy statistics.

Future technology – now turned present – takes center stage when Jay Kalinski, Broker/Owner of RE/MAX of Boulder, moderates a panel of real estate banking and technology experts, exploring “The Impact of Blockchain” on residential real estate. Blockchain technologies enable a shared, nationwide database of houses on the market. The panel will look at how Blockchain platforms affect Boulder County’s housing market and how Realtors should respond.

“Big Tech Settles In” focuses on the local impact of the tech economy and examines the surging Boulder tech scene, including expansions by Google, Twitter, Microsoft and Uber.

Conference keynote address presents the outlook of Wells Fargo’s EVP of Housing Policy and Homeownership Growth Strategies, Brad Blackwell, and MetroStudy’s Senior Director West Region, John Covert.

Next up, “Breaking Ground” – back by popular demand – reveals commercial and residential developments in the Boulder Valley and beyond. A panel of city-employed development directors from Lafayette, Longmont, Louisville, Superior, Boulder, Erie and Broomfield provide a complete rundown of the region’s top projects.

“Wrestling with Supply” tackles the top challenge for Boulder-area residential real estate markets. Lack of housing inventory, issues with infill development, height limits, accessory-dwelling units and zoning conspire to cause a critical housing shortage. Moderated by Duane Duggan, RE/MAX of Boulder Realtor, the panel will discuss policy changes developers believe would address the problem.

“Icons of Real Estate” is back by popular demand. Featuring long-time successful real estate experts Tom Kalinski, Owner/Founder, RE/MAX of Boulder; Stephanie Iannone, Managing Broker, Housing Helpers; and Seth Chernoff, CEO, Chernoff Boulder Properties, audience members will ask questions to learn proven best practices and advice for success in commercial real estate.

The conference will be held from 9:00 am to 4:00 pm on Thursday, Nov. 15 at the Embassy Suites hotel, 2601 Canyon Blvd. in Boulder. Registration opens at 8:15 am. For details and to pre-register visit http://fallrealestateconference.com. Breakfast and lunch are included. The conference is open to anyone with an interest in Boulder Valley real estate. Conference attendees can earn six Van Education credits.

Conference details in this quick video: https://bit.ly/2PAsWQV

 

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, November 13th, 2018 at 3:40pm.

Posted on November 14, 2018 at 10:33 pm
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Boulder Valley housing holds strong amidst July pullback

Boulder-area housing continues to reach new heights, shrugging off a pullback in July sales.

“Prices in Boulder Valley are at an all-time high in both single-family and attached homes. Also inventory challenges are ongoing. Despite both of those realities, housing demand is absolutely holding,” says Ken Hotard, senior vice president of public affairs for the Boulder Area REALTOR® Association.

The City of Boulder July average sales price reached more than $1.3 million – a 15.4 percent increase for the year. Median price hit $984,648. While Boulder’s prices are the highest, every area in Boulder County saw an increase in average sales price ranging from 3.5 percent in Superior to 17.7 percent in Niwot year-to-date.

However, July sales slowed from the previous month, following the typical late summer pattern of a month-over-month slowdown. Sales declined for single-family and attached homes in July compared to June, 2018. Single-family home sales in the Boulder-area markets dropped 16 percent—418 vs. 498 units—while condominium and townhome sales fell 32.8 percent—127 units vs. 189.

Hotard says this year’s July slowdown is a little more pronounced than last year.

Even so, year-to-date single-family home sales were virtually unchanged with a 1.0 percent increase compared to the prior year with 2,666 homes sold compared to 2,639. Attached home sales over the same period improved 5.8 percent; 914 vs. 864 units sold.

Inventory held its own. There was essentially no change in single-family home inventory levels, which rose .8 percent across Boulder County in July compared to June, 2018 with 1,013 vs. 1,004 homes available for sale. Condo/townhome inventory grew 1.3 percent in July compared to the previous month with 241 units for sale vs. 238.

Hotard notes there is potentially downward pressure on the market with interest rates trending upward and prices rising faster than wages in the area.

“But with demand as it is, we’re just going to keep moving forward,” he says.

Hotard adds that real estate is a “dynamic industry and Realtors are responding to the challenges by continuing to advise their clients on successful strategies for selling and purchasing homes.”

 

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Monday, August 27th, 2018 at 2:45pm.

 

Posted on August 28, 2018 at 4:28 pm
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Boulder Economic Summit 2018: Skilled Workers Essential to Boulder’s Future, Housing a Key Issue

Boulder County excels at attracting talented and skilled workers. But change is in the air, says futurist Josh Davies, CEO at The Center for Work Ethic Development and keynote speaker at the recent Boulder Economic Summit 2018: The Workforce of the Future.

Statistics presented by futurist Davies suggest that if the last decade rocked with rapid change on the job-front, hang on to your Smartphone – the future promises to be a rocket-ride.

And, the future starts now.

Today, Boulder County employers are going head-to-head with the rest of the world. Local businesses compete globally for highly skilled workers integral to business success, yet these workers are too few in number to fill the demand. If corrective steps aren’t taken, the worker shortage will continue and potentially worsen, predict speakers at the Summit.  Success is critical, since Boulder County’s thriving economy, vitality and quality of life depends on local businesses continuing to engage world-class, highly skilled people.

Hosted by the Boulder Economic Council (BEC) and the Boulder Chamber at CU-Boulder, the Boulder Economic Summit brought experts and hundreds of community leaders together to evaluate Boulder’s competitiveness in the global demand for talent. In breakout sessions and roundtable discussions, the group explored how education and workforce development must evolve to keep up with the impacts of automation, immigration, globalization and other forces affecting future jobs.

There Will Be Robots. Lots of Robots.

People, get ready. Futurist Davies says the robots are coming and in more ways than ever expected.

The growth will be explosive: 1.7 new industrial robots will be in use by 2020, with robots performing tasks in homes and offices – not just in manufacturing, says Davies.

In his talk, 2030: The Workplace Revolution, Davies highlighted how technology will change our jobs in the coming decade and the pressing need for skill development and preparation.

With advances in technology and creative disruption in industries, employment has shifted, explains Davies, adding that 85 percent of jobs in 2030 haven’t been created yet. By then, computers will function at the speed of the human brain. He warns that increased automation and artificial intelligence will significantly alter employment needs and businesses should be prepared.

Low-skilled and entry-level and other jobs that perform repetitive tasks will no longer be available to human workers – computers and robots will fill that need. While companies do not like to replace people with robots, if robots cost 15-20 percent less, humans will lose out.

Davies predicts retail jobs will be replaced by robots at a very high rate, even though it is the leading profession in most states. Sixteen million retail workers will need to be retrained for new jobs.

His strategies for the future are to recognize that whether tasks are cognitive or non-cognitive, repetitive tasks can be automated. To succeed, workers need to develop non-cognitive skills: problem-solving, critical thinking and empathy.

Acquiring New Skills Critical to Success

Andi Rugg, executive director of Skillful Colorado, says one-third of the American workforce will need new skills to find work by 2030.

In her talk, Understanding the Skills Gap, Rugg emphasizes that training and retraining are the path to success, not only for the coming decade, but for today. There are 6.3 million unfilled jobs in the U.S. today because there’s currently not enough talent to bridge the gap between employer requirements and the workforce.

Rugg stresses that hiring needs to become skills-based, since we are in a skills-based economy. Her statistics are hard hitting:

  • Jobs requiring college degrees exceed the number of workers who have them.
  • Seventy percent of job ads for administrative assistants ask for a college degree, but only 20 percent of administrative assistants have a college degree.
  • Only 3 in 10 adults in the U.S. have a bachelor’s degree – demand for bachelor’s degree is outstripping supply of workers who have them.
  • Only 35 percent of Boulder County’s skilled workers have a degree and Colorado ranks No. 48in the nation for the number of people of color with a degree.
  • Employers need to be more agile in hiring and realize that skills can bridge the gap.
  • Employers need to focus on skills to address inequities in the labor market.
  • Employers should also offer upskilling and lifelong learning for employees.
  • Skills-matching improves employee retention and engagement as well as reduces the time to hire and ultimately reduces turnover costs for the employer.

Housing and Transportation Keys to the Solution

In a roundtable discussion led by RE/MAX of Boulder Broker/Owner Jay Kalinski, the team tackled one of Boulder County’s looming challenges in attracting workers to Boulder County – affordable housing and transportation options that enable commuting. The group developed possible solutions to ease transportation and affordable housing issues.

Photo caption for photo above: Jay Kalinski, RE/MAX of Boulder Broker/Owner (left} leads a roundtable discussion to develop transportation and affordable housing solutions.

Learn more about the discussion in Jay Kalinski’s article in BizWest, “Where will Boulder’s workforce of the future live?” at: https://bizwest.com/2018/06/01/where-will-boulders-workforce-of-the-future-live/?member=guest

Community Collaboration

In breakout sessions and the closing plenary, discussions revolved around ways the community can address workforce and economic development by bringing together private sector businesses and industry with educational institutions and organizations, government, and nonprofits in collaboration.

Through this joint effort, our community can prepare students with the workforce skills needed in the future that cannot be automated; develop business-relevant class content; roll out real-life technical projects in classrooms; re-train workers; and offer apprenticeships, internships, and work-based learning alongside education or as standalone, all of which can help workers gain skills.

Learn more by reading the Boulder Economic Council and Boulder Chamber’s recently published “Boulder Innovation Venture Report” at: https://bouldereconomiccouncil.org/whats_new_with_the_bec/boulder-innovation-venture-report/

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Wednesday, June 20th, 2018 at 11:25am.
Posted on June 21, 2018 at 5:38 pm
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