  In this research we perform hedonic regression model to examine the
residential property price determinants in the city of Boulder in the state of
Colorado, USA. The urban housing markets are too compounded to be considered as
homogeneous markets. The heterogeneity of an urban property market requires
creation of market segmentation. To test whether residential properties in the
real estate market in the city of Boulder are analyzed and predicted in the
disaggregate level or at an aggregate level we stratify the housing market
based on both property types and location and estimate separate hedonic price
models for each submarket. The results indicate that the implicit values of the
property characteristics are not identical across property types and locations
in the city of Boulder and market segmentation exists.
