Millennials often get a bad rap. One of the myths about Millennials is that they don’t own homes and will be renters forever.
Not true! Especially on the Front Range of Colorado.
Based on research by our very own Chief Economist, Matthew Gardner, Millennials make up a significant percentage of all home buyers in Metro Denver and Colorado.
In Metro Denver, 50% of all buyers last year were in the Millennial demographic.
In Northern Colorado, the number is 41%.
It turns out that Millennials, as they move into their mid to late 30’s, see the value of home ownership and are at the point in their lives where it makes sense to own instead of rent.
Ideal investment property! 2428 Crabtree Drive in Fort Collins is currently leased through May of 2020. Easy access to CSU, Old Town, and Horsetooth Reservoir. The owner has never had any issues with vacancy but would be great as an owner-occupied home with the layout and back yard as well. The home has wood floors and is in great shape. Come check it out today! Call for your private showing at (970) 673-7285 for more information or click the link below for more details.
A lot of real estate changes hands in Northern Colorado over the course of a year.
In 2019, Larimer and Weld Counties had…
- 12,830 residential sales which is 1.2% more than 2018
- $5,224,834,424 of sales volume which is 4.45% more than 2018
For a detailed look at all the 2019 numbers plus our forecast for 2020, click the link below…
It’s time to register for our annual Market Forecast event. We will be live at 5:30 on January 16th at the Marriott in Fort Collins. Back by popular demand is our Chief Economist Matthew Gardner. Save your seat HERE.
A quick, simple Fun Fact for you this week…
It’s time to sign up and register for our annual Market Forecast event.
We will be live in Denver on January 15th at the Wellshire Events Center.
And In Fort Collins on January 16th at the Marriott.
Both events start at 5:30. Choose which location works best for you.
Matthew Garder, our Chief Economist, is the Keynote speaker.
Click the links above to RSVP.
Welcome to this beautiful home at 927 Campfire Drive in Fort Collins under $370,000! It features an open floor plan, updates to flooring, and great back patio are perfect for your hot tub or patio furniture. Upstairs you can enjoy a large extra loft room perfect for entertaining, craft room, or flex space. Easy access to I-25, yet only minutes to Old Town Fort Collins, come check this home out today! Call for your private showing at (970) 637-7285 for more information or click the link below for more details.
While your true love may be getting you a partridge in a pear tree in the near future, we decided to give you the 12 facts of Colorado real estate:
- 1 is the ranking Colorado owns for long-term home price appreciation versus all other states
- 2.6% unemployment rate in Colorado right now
- 3.73% mortgage rate for a 30-year mortgage which is about half of the long term average
- 4.7% apartment vacancy rate in Metro Denver, the lowest since 2015
- 5.5% is the long-term average for yearly home price appreciation along the Front Range
- 6,000,000 live in Colorado
- 7,000 residential properties are for sale in Metro Denver right now and the average for this time of year is 14,700
- 80,000 is the number of people that is added to our state’s population each year
- 9 homes are for sale in Larimer and Weld County priced over $2,500,000
- -10% is the decrease in new home construction in Larimer County compared to last year while Weld County grew by 17%
- 11 times in the last 40 years home prices have gone up at least 8% along the Front Range
- $1,202,488 is the average price for a single-family home in the City of Boulder
Here are the vital signs for the Northern Colorado market.
First, Larimer County:
- Average prices are up 2.4%
- Number of transactions is down 2.5%
- Inventory is up 11.9%
- Days on market is up 4.1%
Now, Weld County:
- Average prices are up 4.3%
- Number of transactions is up 3.6%
- Inventory is up 12.9%
- Days on market is flat (same as last year)
What this means is prices are still going up, just not as fast as they were a couple of years ago. More inventory is coming on the market which is great news for buyers.
Metrostudy, who in our opinion is the leader in new home research, recently did a study on the average price of a new home in each of the Front Range Counties.
Here are some interesting takeaways…
If you want to find the least expensive new home on the Front Range, the places to look are Weld County and El Paso County.
- Weld County Average New Home Price = $411,269
- El Paso County Average New Home Price = $427,361
The most expensive place for a new home is in Boulder County (no surprise) at $698,208.
Jefferson County has the largest difference between the average price of a new home and the average price of a resale home: $664,600 vs. $510,003.
Here’s the County by County breakdown of the average price of a new single-family home:
Boulder = $698,208
Jefferson = $664,600
Douglas = $624,315
Broomfield = $612,779
Denver = $581,480
Arapahoe = $545,943
Larimer = $507,105
Adams = $480,464
El Paso = $427,361
Weld = $411,269
If you want to see even more insights about the Colorado market so that you can make really good decisions about your real estate, you are welcome to watch this complimentary webinar, just click HERE.
Here’s something to be grateful for…
Colorado’s healthy real estate market!
The research continues to show that there is no better place to own real estate over the long term than right here in our own backyard.
The Federal Housing Finance Authority tracks real estate prices in close to 300 markets across the Country. We frequently use their Home Price Index as a trusted source to study the market.
According to their data, Colorado ranks as the #1 state for home price appreciation over the long term, better than any other place.
We are thankful for that!
We are also thankful to you, our clients. We had the great fortune to help hundreds of people this year all up and down the Front Range with their real estate. We wish you the Happiest of Thanksgivings!
There is an abundance of great news when it comes to employment in Colorado.
The unemployment rate is incredibly low at 2.7% which is almost a full percentage point lower than the U.S. average.
According to the Bureau of Labor Statistics, Metro Denver added 28,300 jobs over the last year which ranks 15th out of all metropolitan areas nation-wide, many of which have much larger populations than Denver.
While this is positive news, what is even more remarkable is what is happening in the other, smaller cities along the Front Range.
Anytime job growth exceeds 2.0% per year, it is a sign of a very healthy economy. Here is what the other Cities have seen in terms of job growth over the last 12 months.
- Fort Collins 2.6%
- Greeley 2.5%
- Colorado Springs 1.9%