Louisville CO Real Estate 2015 was a market that turned heads!
Louisville CO Real Estate Median Sales Price
| Attached | Detached | |
| Q1 | $322,000.00 | $498,000.00 |
| Q2 | $333,000.00 | $554,000.00 |
| Q3 | $261,000.00 | $514,000.00 |
| Q4 | $351,000.00 | $512,000.00 |
| ALL of 2015 | $314,000.00 | $520,000.00 |
| # Units Sold | 58 | 218 |
| Sales Price to List Price | 101% | 100% |
The Median sales price in 2015 for detached dwellings in Louisville was up 2% from 2014.
The Median sales price in 2014 for attached dwellings in Louisville was up 18% from 2014!
True Louisville CO Real Estate Story
It was the summer of 2015. I was meeting some new clients for the first time. Mr and Mrs had been referred to me by their family members, having recently arrived in Boulder after 10+ years living internationally. We had spoken on the phone several times and now, with a couple of houses to see, we met in Louisville for the showings.
The first house was a good fit. It was clean, expertly decorated and minimally furnished. Sunlight flooded the living area and the floor plan had all the space and function my clients were looking for. The yard was private, the shrubbery well manicured. Husband and wife exchanged “those” looks and I knew we would shortly be submitting an offer.
The conversation went something like this:
Clients: “Dallice, what do you think we should offer?”
Me: “In this market, you will have to be aggressive and compete with about 7 buyers to secure this house. I imagine it will sell for about $50,000 over asking price.”
Clients: “We are not comfortable with that. How about $15,000 over?”
Please understand that these folks didn’t really know me. Couple that with the understanding that I get paid on commission and the higher the purchase price, the more I get paid and you’ll realize why they might have hesitated to take my advice without push back. We submitted the offer and were informed that it was the 5th highest… And the seller was not interested in our offer even as a backup.
A week or so later, another home came on the market that was a decent fit. Actually it had more compromises, but the buyers wanted to submit an offer anyway.
Clients: “Dallice, what do you think we should offer?”
Me: “In this market, even this house will attract a half dozen qualified and enthusiastic buyers. I think you should offer $50,000 over asking price.”
Clients: “Ok, we are comfortable offering $30,000 above asking.”
My buyers didn’t win this bidding war either. They were shocked to find out they were still the 5th highest offer but were less disappointed about losing this house.
House #3 surfaced within the month. This home was all my clients were looking for, plus it was located on a cul-de-sac and backed to open space and trails. Yes, it was priced accordingly but like I tell my clients, granite and stainless steel appliances will come and go, location like this will maintain its value over the long haul. This time I suggested $50,000 above asking and an escalation clause for another $10,000 as needed. My clients submitted an offer in accordance with my advice and won the 7 person bidding war, without needed to invoke the escalation clause. They were ecstatic and there was a easy cooperation between all parties which got us to closing without a hitch and with a ton of good feeling by all.
At closing we laughed a little about the market and the leap of faith that Louisville real estate buyers are having to take. My buyers, quite philosophically stated that learning to buy a Louisville home is like learning to walk as a toddler. The Realtor, like a doting parent, must allow the buyer to fall and pick themselves up a couple of times so the buyer learns the market rather than simply taking the Realtors advice then wondering forever, if the Realtor was acting in self-interest.
This story epitomizes Louisville CO real estate 2015. Illustrating perfectly the supply and demand issues, the bidding wars that are more common than not and why 2015’s median sales price is higher than the 2014 median sales price of $511,000 (detached dwellings) and $265,000 (attached dwellings). 2014 was a formidable market too!
So… What is 2016 going to look like? Busy. Competitive. Not a problem for those armed with knowledge about the market and an experienced agent who ENJOYS negotiation.
I have ready, willing and able buyers waiting. If you or someone you know is looking to sell in Louisville this year, please call me: 303-746-6765. I am offering special listing commission discounts right now, for listing in the months of February and March!