The New Gardner Report


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 me.



It’s good news for the state of Colorado, which saw annual employment grow in all of the metropolitan markets included in this report. The state added 63,400 non-agricultural jobs over the past 12 months, an impressive growth rate of 2.4%. Colorado has been adding an average of 5,300 new jobs per month for the past year, and I anticipate that this growth rate will continue through the balance of 2018.

In February, the unemployment rate in Colorado was 3.0%—a level that has held steady for the past six months. Unemployment has dropped in all the markets contained in this report, with the lowest reported rates in Fort Collins and Denver, where 3.1% of the labor force was actively looking for work. The highest unemployment rate was in Grand Junction, which came in at 4.6%.



  • In the first quarter of 2018, there were 11,173 home sales—a drop of 5.6% when compared to the first quarter of 2017.
  • With an increase of 5.3%, home sales rose the fastest in Boulder County, as compared to first quarter of last year. There was also a modest sales increase of 1.2% in Larimer County. Sales fell in all the other counties contained within this report.
  • Home sales continue to slow due to low inventory levels, which were down 5.7% compared to a year ago.
  • The takeaway here is that sales growth continues to stagnate due to the lack of homes for sale.




  • Strong economic growth, combined with limited inventory, continued to push prices higher. The average home price in the markets covered by this report was up by 11.7% year-over-year to $448,687.
  • Arapahoe County saw slower appreciation in home values, but the trend is still positiveand above its long-term average.
  • Appreciation was strongest in Boulder County, which saw prices rise 14.8%. Almost all other counties in this report experienced solid gains.
  • The ongoing imbalance between supply and demand persists and home prices continue to appreciate at above-average rates.




  • The average number of days it took to sell a home dropped by three days when compared to the first quarter of 2017.
  • Homes in all but two counties contained in this report took less than a month to sell. Adams County continues to stand out where it took an average of just 17 days to sell a home.
  • During the first quarter, it took an average of 27 days to sell a home. That rate is down 2 days from the fourth quarter of 2017.
  • Housing demand remains strong and would-be buyers should expect to see stiff competition for well-positioned, well-priced homes.




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 first quarter of 2018, I have left the needle where it was in the fourth quarter of last year. Even as interest rates trend higher, it appears as if demand will continue to outweigh supply. As we head into the spring months, I had hoped to see an increase in the number of homes for sale, but so far that has not happened. As a result, the housing market continues to heavily favor sellers.




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.

Posted on May 7, 2018 at 5:19 pm
Paul Hunter | Category: About the area, Buyer Tips, Fort Collins Real Estate, Investment, Loveland Real Estate, Real Estate, Seller Tips, Wellington Real Estate, Windsor Real Estate | Tagged , , , , , , ,

Friday Fun Facts!


18 Days

We now measure inventory levels in terms of days. Typically we measure in months. For instance, a “balanced market” is when there is 4 to 6 months of inventory currently for sale. Meaning that, in a balanced market, it would take 4 to 6 months to sell every home that is currently on the market.

Anything less than 4 months is a seller’s market. Certainly, when we measure in days, we are in an extreme seller’s market.

Today the Greeley market has 18 days of inventory, Fort Collins has 27 days, Loveland has 30, and Windsor has 51.

These are all lower than a year ago. For example, Greeley at this time last year had 27 days of inventory.

But this statistic can be misleading. Sometimes people assume that the extreme seller’s market applies to all price ranges and all locations.

Not true. When we drill down we find sub-patterns that are revealing. For example, homes in Loveland priced over $500,000 have 3 months of inventory and homes in Fort Collins over $750,000 have 5 months.

Because inventory levels tend to increase as prices increase, there becomes a distinct advantage for the move up buyer. Today, many people can sell in an extreme seller’s market and move up to a price range with less competition and more selection.

If our active market has you thinking about investing in real estate in Northern Colorado. Check this out…

Grab a copy of our Investment Kit so you can see the simple steps to get started without stress or complication. Email me at phunter@windermere.comand I will send you a video which clarifies the process and our Investment Checklist so you can see what to do first.

Get our Investment Kit…


Welcome to Friday Fun Facts!

Posted on April 13, 2018 at 1:24 pm
Paul Hunter | Category: About the area, Buyer Tips, Fort Collins Real Estate, Investment, Loveland Real Estate, Real Estate, Seller Tips, Wellington Real Estate, Windsor Real Estate | Tagged , , , ,

Home Price Increases – What Will It Cost?

Check out the picture below to see how home prices are increasing by region, this comes from and the direct link is HERE. Let me know what you think!

Posted on December 18, 2017 at 2:32 pm
Paul Hunter | Category: About the area, Buyer Tips, Fort Collins Real Estate, Investment, Loveland Real Estate, Real Estate, Seller Tips, Wellington Real Estate, Windsor Real Estate | Tagged , , , , ,

Update On Market Absorption (Amount of Inventory)

Here we are halfway through the summer already! Time flies when you are having fun I guess!

I want to get you the update on the quarterly real estate market absorption rate that I analyze each quarter for Fort Collins. As a reminder, inventory or Absorption Rate is the amount of time it would take to sell all of the homes on the market today, if no more homes were to be listed. We have been hovering around 1.1 months to 1.3 months for over a year now (SUPER low inventory, a balanced market is 6 months of inventory according the National Association of REALTORS). But we are seeing a slight uptick to 1.58 months at the beginning of July. While that is still very low and certainly a seller’s market, we are seeing more homes hit the market and sit around for a week or two, which is providing great opportunities for the buyers I have been working with. It is a slightly less daunting market than it was in March.

If you are interested in learning more about how this could be an opportunity for you as a Buyer in the Northern Colorado area, please feel free to give me a call or shoot me an email! Enjoy your week!


Posted on July 26, 2017 at 2:51 pm
Paul Hunter | Category: About the area, Buyer Tips, Fort Collins Real Estate, Investment, Real Estate | Tagged , , , , , , ,

Friday Fun Facts! Does EVERYTHING Really Sell In This Market?

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The Hidden Truth

An often over-looked fact is this – not all homes which are listed for sale actually sell.

For instance, 1844 single-family homes have closed so far this year in Northern Colorado and 435 have been withdrawn from the market. So when a home is listed in our market, there is a 20% chance that it will not sell.

It begs the question, why does this happen? How could it be, that in today’s hot market, a home would not sell?

The reality is that there are many reasons why. What we know is that a major culprit is the inspection. The inspection represents a big source of upset, angst and unpleasant surprise in the transaction. Right after the Seller and Buyer are thrilled to finally be under contract, the inspection arrives which disappoints all parties.

The disappointment leads to another round of negotiation which can ultimately lead to the cancellation of the contract.

This is why I so firmly believe in pre-inspecting every listing and why I have committed to the Certified Listing process. Similar to a Certified pre-owned car, my 10-step process provides confidence to the Seller and clarity to the Buyer.

To see more about the process check out the video below! Feel free to contact me if you have any more questions!

Posted on March 31, 2017 at 3:03 pm
Paul Hunter | Category: About the area, Real Estate, Seller Tips | Tagged , , , , , , ,

What’s Happening In The 2017 NoCo Real Estate Market?

Have you asked yourself this question, or has someone you know asked this question? Then let us answer! Check out the video below that outlines our 2017 Windermere Real Estate Market Forecast!

Posted on March 4, 2017 at 7:20 pm
Paul Hunter | Category: About the area, Buyer Tips, Investment, Real Estate, Seller Tips | Tagged , , , , , , , , ,

Been Waiting On Selling? Let’s Talk About Your Home’s Value!

Are you interested in taking advantage of the 16.1% appreciation year over year in Fort Collins or the 8.6% number in Loveland? Give me a call and I would love to give you an idea of what your market value is today, and what your equity is in your home. That way if you do decide to sell or refinance this spring, you’ll be in a position to know what you can expect! I can share the Windermere Certified Listing program with you that has successfully helped my sellers beat the market when it comes to days on market sold price. Have a great week!

Posted on December 4, 2016 at 7:59 pm
Paul Hunter | Category: About the area, Buyer Tips, Investment, Real Estate, Seller Tips | Tagged , , , , , , , ,