Right next to the Spring Creek trail, minutes to Old Town, and modern design make this a home you should come see today!
The following analysis of the Metro Denver & Northern Colorado real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere real estate agent.
Colorado’s economy picked up, adding 64,900 new non-agricultural jobs over the past 12 months — a growth rate of 2.4%. Over the past three months, the state added an impressive 28,300 new jobs.
In August, the state unemployment rate was 2.8%, down from 3.4% a year ago. Unemployment rates in all the counties contained in this report were lower than a year ago. It is fair to say that all markets are now at full employment.
- In the third quarter of 2019, 17,562 homes sold. This is an increase of 5.1% compared to the third quarter of 2018 but 1.6% lower than the second quarter (which can be attributed to seasonality). Pending sales — a sign of future closings —rose 9.7%, suggesting that closings in the final quarter of 2019 are likely to show further improvement.
- Seven counties contained in this report saw sales growth, while four saw sales activity drop. I am not concerned about this because all the markets that experienced slowing are relatively small and, therefore, subject to significant swings.
- I was pleased to see an ongoing increase in the number of homes for sale (+16.9%), which means home buyers have more choice and feel less urgency.
- Inventory levels are moving higher, and demand for housing appears to be quite strong. As I predicted last quarter, home sales rose in the third quarter compared to a year ago.
- Home prices continue to trend higher, with the average home price in the region rising 3.8% year-over-year to $477,776.
- Interest rates are at very competitive levels and are likely to remain below 4% for the balance of the year. As a result, prices will continue to rise but at a more modest pace.
- Appreciation was again strongest in Park County, where prices rose 7.8%. We also saw strong growth in Weld County, which rose 7.4%. Home prices dropped in Clear Creek County, but, as mentioned earlier, this is a small market so I don’t believe this is indicative of an ongoing trend.
- Affordability remains an issue in many Colorado markets and this will act as a modest headwind to ongoing price growth.
DAYS ON MARKET
- The average number of days it took to sell a home in the markets contained in this report rose seven days compared to the third quarter of 2018.
- The amount of time it took to sell a home rose in all counties compared to the third quarter of 2018.
- It took an average of 30 days to sell a home in the region — an increase of 1 day compared to the second quarter of this year.
- The Colorado housing market is still performing well, and the modest increase in the length of time it took to sell a home is a function of greater choice in homes for sale and buyers taking a little longer to choose a home.
This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
For the third quarter of 2019, I continue the trend I started last summer and have moved the needle a little more in favor of buyers. I continue to closely monitor listing activity to see if we get any major bumps above the traditional increase because that may further slow home price growth. However, the trend for 2019 will continue to be a move toward a more balanced market.
ABOUT MATTHEW GARDNER
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.
In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.
Great for investor as it is leased through July of 2020! 1432 Edgewood Court is in proximity to campus and parks have kept this property rented consistently. Cul-de-sac location for less traffic. Close to bus lines, and easy access to the west side of Fort Collins and CSU. Call for your private showing at (970) 673-7285 for more information or click the link below for more details.
Interested in the latest and greatest real estate info on Northern Colorado? Check out The Scoop!
Happy Monday everyone! Last week was all about what we are thankful for, and I just wanted to quickly share what I am thankful for in my life and share a few photos that show it.
I got to give away Thanksgiving pies to my clients on Tuesday, and it was so much fun to see all of you and get to do that. My clients are awesome!
I also got to visit family in Seattle over the holiday. Ashley and Jackson and I had a great time in what was pretty great weather for November in the Pacific Northwest!
I hope you all had just as great of a week as I did, take care and we’ll talk more real estate soon!
Check out the latest Gardner Report below with information and stats on the Northern Colorado Real Estate Market!
The Next Boulder?
The hottest question we get in Northern Colorado is this “do you think Fort Collins is the next Boulder?”
Let’s look closely at that question and start with what is similar. They are both college towns nestled against the foothills. They both have affordability issues which push real estate buyers to satellite communities (what is happenning is Wellington is not unlike what happened in Louisville).
Yet there are differences at a fundamental level that will forever keep these two places very different from each other (which is great for us Fort Collins-ites who love the culture here!). For example the average Household Income in Boulder is 60% higher than Fort Collins. Here is another big deal, Boulder is only half the size of Fort Collins (25 square miles versus 57 square miles). And get this, the City of Boulder owns 71 square miles of open space in and around the City.
Essentially Boulder is a small island surrounded by an ocean of open space inhabited by very high income-earners. That is why the average price of a single family home in Boulder is now over $1 million.
I hope you all enjoy your Christmas weekend!
Normally I like to post up cool, informative, or fun facts for my friends and clients to benefit from. But today I just want to let you know that we have welcomed a new member of our family this week, our son Jackson Hunter! This is our first child, and he reminds me why I invest in real estate and help clients. We do it for our families, to make retirement easier, college funds more full, and life more fun. I love that real estate has allowed me to have the life that I do, and now I have even more of a reason to love it, this cute face!
I’ll be back in the office crunching numbers and looking at stats next week, but in the meantime, I’m gonna be a proud papa and post up a pic of the little guy!