Colorado Real Estate Market Update

ECONOMIC OVERVIEW

Colorado added 45,800 non-agricultural jobs over the past 12 months, a growth rate of 1.8%. Within the metropolitan market areas included in this report, annual employment growth was seen in all areas other than Grand Junction (where employment was stable) with substantial growth seen in Fort Collins (4.6%) and Greeley (3.5%).

In August, the unemployment rate in the state was 2.2%, down from 3.1% a year ago. The lowest reported unemployment rates were again seen in Fort Collins at just 1.8%. The highest rate was in Grand Junction, at a very respectable 3.0%. It is still reasonable to assume that all the markets contained within this report will see above-average wage growth given the very tight labor market.

HOME SALES ACTIVITY

  • There were 17,140 home sales during the third quarter of 2017, which was a drop of 3.3% from the same period in 2016.
  • Sales rose the fastest in Boulder County, which saw sales grow 4% more than the third quarter of 2016. There were marginal increases in Weld and Larimer Counties. Sales fell in all the other counties contained within this report.
  • Home sales slowed due to very low levels of available inventory. Listing activity continues to trend at well below historic averages, with the total number of homes for sale in the third quarter 5.5% below the level seen a year ago.
  • The takeaway here is that sales growth has stalled due to the lack of homes for sale.

HOME PRICES

  • With substantial competition for the few available homes, prices continue to rise. Average prices were up 7.5% year-over-year to a regional average of $428,602.
  • Slower appreciation in home values was again seen in Boulder County, but the trend is still positive.
  • Appreciation was strongest in Weld County, which saw prices rise 12%.
  • Due to an ongoing imbalance between supply and demand, home prices will continue to appreciate at above-average rates for the foreseeable future.

 

DAYS ON MARKET

  • The average number of days it took to sell a home dropped by one day when compared to the third quarter of 2016.
  • Homes in all counties contained in this report took less than a month to sell. Adams County continues to stand out as it took an average of just two weeks to sell a home there.
  • During the third quarter, it took an average of 20 days to sell a home. This is up by 3 days compared to the second quarter of this year.
  • Demand remains strong, and well-positioned, well-priced homes continue to sell very quickly.

CONCLUSIONS

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

In the third quarter of 2017, I have chosen to leave the needle where it was in the second quarter. Homes are still scarce; however, there is a small slowdown in price growth and a decline in both closed and pending sales. This may suggest the market is either getting weary of all the competition or that would-be buyers are possibly putting off buying until they see more choices in the number of homes for sale.

 

Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.

 

 

 

If you are in the market to buy or sell, we can connect you with an experienced agent here.


Posted on November 14, 2017 at 8:28 pm
Maria Dellota | Posted in Economics, Northern Colorado Real Estate | Tagged , ,

Greeley is looking really good!

The Greeley market is about to hit a major milestone.

We project that in the first quarter of 2018, the average price for a single family home in Greeley will surpass $300,000.

Today the average price sits at $289,870.

Just a year ago it was $262,828.

Guess when Greeley broke the $200,000 barrier? It was only about 3 years ago in June 2014.

So what ‘s going on?

Double-digit price appreciation is being fueled by a healthy Northern Colorado economy, low interest rates and local affordability. Greeley prices can look really attractive compared to Fort Collins.

We don’t see anything on the horizon that will significantly change the trajectory of the Greeley market. It is a fundamentally a very strong place to own real estate.

For a detailed look at what ‘s happening across Colorado, request our quarterly market report called “The Gardner Report“, written by Windermere Real Estate’s Chief Economist, Matthew Gardner. You can download it HERE.


Posted on September 25, 2017 at 8:24 pm
Maria Dellota | Posted in Booming Real Estate, Colorado, Fun Facts, Northern Colorado Real Estate | Tagged ,

Windshire Home With A Bi-Level Deck

Beautiful home on large fenced lot in the popular Windshire neighborhood. Lots of space to entertain, inside and out. The bedrooms are large and the closet/storage space abounds. Owner’s suite boasts a soaking tub and walk-in closet. 2nd bedroom has attached bath and large walk-in closet. 2-level deck built to enjoy the outdoors and large fenced yard. 1 year home warranty provided!

For more information, please visit: http://housetohomemd.com/listing/66503986 or call Maria Dellota at (970) 460-3033.

 


Posted on September 11, 2017 at 10:55 pm
Maria Dellota | Posted in Northern Colorado Real Estate | Tagged , , , , , , , , , ,

Time to Huddle Up

Because football season is upon us and the Rocky Mountain Showdown is right around the corner we thought we would re-visit one of our favorite topics…

Fort Collins vs. Boulder

We frequently are asked from our clients “Do you think Fort Collins is the next Boulder?” Let’s look at the numbers to gain some insight.

Specifically, we will simply show you a snapshot of activity in each market so far this year.

Median Price:

  • Boulder = $962,250 (up 7% over last year)
  • Fort Collins = $379,000 (up 5 % over last year)

Number of Transactions:

  • Boulder = 389 (flat compared to last year)
  • Fort Collins = 1745 (flat compared to last year)

Current Inventory of Homes

The two markets are both experiencing higher prices as well as much higher inventory. Also, both markets have roughly the same amount of sales as last year.

The biggest difference, and the reason Boulder prices have gone to stratospheric levels, is the fact that Boulder’s market is severely supply constrained. They have triple the amount of open space in and around the City compared to Fort Collinswhich limits home building and pushes prices up towards 7-figures.

No matter which team you root for, we hope you enjoy the kickoff to football season!


** Keep an eye out for details on our upcoming annual event, the Windermere Tailgate Party! Hosted on Friday, October 13th, 2017, we will celebrate CSU homecoming with food trucks, face painting, music and tons of fun! **


Posted on August 28, 2017 at 3:31 pm
Maria Dellota | Posted in Northern Colorado Real Estate | Tagged , ,

The Wellington Explosion

What if we told you there is a real estate market that has seen a 300% increase in sales volume in only 5 years?

What if we told you that market was right in our back yard?

The market is Wellington and what is happening there is extraordinary.

Because price increases in Fort Collins have eliminated virtually all options for the sub $300,000 buyer, Wellington has become a very popular place to buy a home.

In June of 2012, the average price there was $185,000. Today it is $300,500!

In 2012 there were 222 residential sales in Wellington. This year is on pace to ecliplse 500.

Yes, Wellington has exploded and we don’t see it slowing down any time soon!

To see homes that are for sale in Wellington, just click here: www.HouseToHomeMD.com/WellingtonHomesForSale

Fun fact about Wellington:

The Town of Wellington was an oil, coal and agricultural hub throughout the 1800s and became a stopping location for wagon trains, travelers, and military movement between Cheyenne, Wyoming and Fort Collins, Colorado. The town was founded in 1902, incorporated in 1905 and named after C.L. Wellington, an employee of the Colorado and Southern Railroad.

Around the same time the population began to grow in Wellington, woolly mammoth remains were discovered by a construction crew while digging foundations for new homes. The remains were carefully excavated by a University of Colorado team while residents watched with excitement. Unfortunately, after being taken back to the University for further examination, the tusks were dropped and shattered on a floor. In recognition and remembrance of this event, the subdivision where they were found named a street Mammoth Circle.

Wellington maintained a population around 500 throughout the 20th century and grew to about 1,000 until the early 2000s. Today, Wellington is home to a population of nearly 8,300 residents.

Fun Facts & Image Source: www.townofwellington.com


Posted on July 10, 2017 at 5:00 pm
Maria Dellota | Posted in Wellington Real Estate | Tagged , , , , ,

Spacious Well-Maintained Townhome

Featuring 2 Bedrooms, 2 Bathrooms, An Open Floor Plan And Lots Of Natural Light!

Well-maintained end unit townhome near the Foothills. Wonderful opportunity for 1st time homebuyers or investors. Great space, lots of natural light and room to expand in the basement.

For more information, please visit: http://housetohomemd.com/listing/57353571 or call Maria Dellota at (970) 460-3033.


Posted on May 12, 2017 at 9:56 pm
Maria Dellota | Posted in Fort Collins Real Estate | Tagged , , , , , , , , , , , ,

Beautiful And Spacious Home With Remodeled Kitchen

Featuring 7 Bedrooms, 4 Bathrooms And An Attached 3-Car Garage!

A beautiful place to call home – 4,000 square feet to call your own on a large fenced lot in Westchase. Green space and neighborhood play area are a quick 5 minute walk away. Kitchen is newly remodeled and chef-ready, perfect for entertaining. Fresh paint in rich tones throughout the home create a cozy feel. The media area with stadium seating and pool table complement the finished basement.

For more information, please visit: http://housetohomemd.com/listing/56542161 or call Maria Dellota at (970) 460-3033.


Posted on April 21, 2017 at 8:36 pm
Maria Dellota | Posted in Fort Collins Real Estate | Tagged , , , , , , , , , , ,

100K

The City Manager for Fort Collins, Darin Atteberry, recently visited our weekly sales meeting. He had several interesting and valuable facts to share, including this…

lego-1044891_640Based on the City’s research, Fort Collins will grow by 100,000 people over the next 25 to 32 years. That will bring the population to approximately 255,000 people. It means Fort Collins will essentially add the equivalent of Boulder’s population over the next two and a half decades.

100,000 people will require 40,000 housing units. That equates to 1,600 new homes/apartments/condominiums/etc. per year for the next 25 years.

Wow!

If you are curious where all of these people with live and how Fort Collins will accommodate them, join us at our Third Annual Market Forecast event on January 19th! Windermere’s Chief Economist, Matthew Gardner, is flying here all the way from Seattle to present to us along with Eric Thompson, president of Windermere Colorado. Just visit www.WindermereForecast.com to reserve your seat.


Posted on December 7, 2016 at 4:20 pm
Maria Dellota | Posted in Blog, Fort Collins Real Estate | Tagged , , , , , , , , , , , , , , , , ,

Versus Boulder

When it comes to real estate, many say that Fort Collins is the "next Boulder."

spring-342610Let's look at the 2016 numbers* and do a little side-by-side of Fort Collins versus Boulder.

The Fort Collins average price is less than half of Boulder's ($355,000 versus $890,000)

Fort Collins has 4 times as many transactions (1,108 versus 251)

Fort Collins has 4 times as many homes for sale (715 versus 175)

Homes in Boulder sell 25% faster (62 days versus 82 days)

*These numbers come from IRES and are through May 2016.


Posted on July 13, 2016 at 5:26 pm
Maria Dellota | Posted in Blog, Fort Collins Real Estate, Northern Colorado Real Estate, Northern Colorado Relocation | Tagged , , , , , , , , , , , , , , , , , ,