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.
Check out the latest Gardner Report below with information and stats on the Northern Colorado Real Estate Market!
The following analysis of the Metro Denver and 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 me.
Colorado added 62,000 new jobs over the past 12 months, an increase of 2.4% over this time last year. All of the metropolitan markets included in this report saw annual employment growth, with substantial growth in Boulder (4.7%) and Fort Collins (+4.1%), and more modest growth in Grand Junction (0.3%).
In May, the unemployment rate in the state was 2.3%, matching the prior month and down 3.4% from a year ago. The lowest unemployment rate was in Fort Collins at just 2.0%. The highest rate was in Grand Junction, though it was still a relatively low 3.3%. It is reasonable to expect these markets will see above-average wage growth given the tight labor market.
HOME SALES ACTIVITY
There were 17,581 home sales during the first quarter of 2017, a solid annual increase of 3.9% over the first quarter of 2016.
Jefferson County saw sales grow at the fastest rate over the past 12 months, with a 9.4% increase. There was also an impressive increase in Douglas County (+6.3%). More modest sales growth was seen in Denver and Weld Counties.
Even with the rise in sales, listing activity is still running at well below historic averages, with the total number of homes for sale in the second quarter 7.6% below a year ago.
Sales growth continues to trend higher, but inventory levels remain well below where they need to be to satisfy demand.
Due to solid demand, home prices continue to rise with average prices up by 8.5% year-over-year to an average across the region of $438,980.
Boulder County saw slower appreciation in home values, but the trend is still positive.
Appreciation was strongest in Denver and Weld Counties, where prices rose by 12.4% and 10.6% respectively.
Economic growth is driving job growth, which is driving housing demand. Given the relative shortage of homes for sale, expect to see home prices continue to appreciate at above-average rates at least through the rest of the year.
DAYS ON MARKET
The average number of days it took to sell a home dropped by three days when compared to the second quarter of 2016.
Homes in all counties contained in this report took less than a month to sell. Adams County stood out as it took an average of only 11 days to sell a home.
During the second quarter, it took an average of just 17 days to sell a home. This is down by a substantial 13 days compared to the first quarter of this year.
The takeaway here is that demand remains robust as evidenced by the remarkably short amount of time that it is taking to sell a home.
This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
After the second quarter of 2017, I have moved the needle even farther in favor of sellers. Mortgage rates remain very competitive and, with the specter of lending standards easing a little, demand will remain robust, which will be reflected in rising home values.
ABOUT MATTHEW GARDNER
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.
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.
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!
Interested in Northern Colorado Real Estate Info! Please check out our latest Edition of The Scoop! And let me know if you or anyone you know are interested in taking advantage of this information to buy or sell a home!
Hello from (usually) sunny San Diego! I am out here learning more about the GJ Gardner Homes we have listed in Bridle Hill in Severance and Park Meadows in Wellington. If you want a custom home in Northern Colorado give me a call and we can get you started on a new home you've been waiting to build!