New Edition Of THE SCOOP!

Check out The Scoop all about the Northern Colorado real estate market below!

The Scoop 1st Quarter 2020

 

Posted on February 3, 2020 at 4:23 pm
Paul Hunter | Category: Uncategorized | Tagged , , , , ,

Friday Fun Facts! A History Lesson

Posted on October 19, 2018 at 2:23 pm
Paul Hunter | Category: About the area, Buyer Tips, Fort Collins Real Estate, Homes for Sale, Investment, Loveland Real Estate, Real Estate, Seller Tips, Wellington Real Estate, Windsor Real Estate | Tagged , , , , , , ,

The Latest Gardner Report!

Check out the latest Gardner Report below with information and stats on the Northern Colorado Real Estate Market!

The Gardner Report  | Metro Denver and Northern Colorado Q2 2017

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.

ECONOMIC OVERVIEW


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.
Annual Change in Home Sales

HOME PRICES


  • 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.
Metro Denver and Northern Colorado Heat Map
Annual Change in Home Sale Prices

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.
Average Days on Market

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.

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.
Posted on August 2, 2017 at 1:30 pm
Paul Hunter | Category: About the area, Buyer Tips, Fort Collins Real Estate, Investment, Loveland Real Estate, Real Estate, Seller Tips, Uncategorized, Wellington Real Estate, Windsor Real Estate | Tagged , , , , ,

Student Housing Is Not Finished Yet!

Although it seems like they have been building new apartments for students for years now in Fort Collins (they have), we won’t be seeing a slowdown of that quite yet. There are several large developments in the works right now that won’t see completion until the end of 2018 and beyond.

Brinkman is breaking ground on a $16 million project called Copper Leaf Place on Shields and Horsetooth soon, with apartments being ready for rent between mid May and Late June of 2018. The over 80 units will range in rent from $1,000 to $1,625 per month.

Another big development on the horizon was the purchase of the St Paul’s Episcopal Church on W Elizabeth Street just west of the CSU Campus. A company that already owns three other student housing developments bought it for $4.18 million, and will start development on the property sometime in 2018.

With high rents and the stable Fort Collins economy, large companies and real estate developers are still feeling great about the area. Which is great for housing values, jobs, and Fort Collins in general. If you have any questions on this information or the real estate market in general, please feel free to give me a call!

Posted on July 31, 2017 at 2:04 pm
Paul Hunter | Category: About the area, Buyer Tips, Fort Collins Real Estate, Real Estate, Seller Tips | Tagged , , , , ,

Friday Fun Facts – Are We In A Bubble?

image

A History Lesson

The national homeownership rate is a very interesting statistic to track. It is simply the percentage of households in the country which are owned by the occupant (versus rented).

Did you know that during the 30 years between 1965 and 1995 the homeownership rate stayed between 63% and 66%?

Then everything changed as government policies were put in place to encourage a higher percentage of homeowners. During the housing bubble the rate approached 70%.

As the bubble burst, this percentage fell rapidly and eventually bottomed out at 62.9%. Today it sits at 63.7% which is right inside the range of where it was between 1965 and 1995. As we see it, it’s right where it needs to be.

The fact that the homeownership rate sits at “normal” levels is one of three reasons we don’t see a national housing bubble today.

To check out the video we put together to address this, watch below! 

Posted on April 21, 2017 at 4:12 pm
Paul Hunter | Category: About the area, Buyer Tips, Investment, Real Estate, Seller Tips | Tagged , , , , , ,