Townhomes Are Back!

by Paul Hunter

With the change in construction defects laws in Colorado in 2017, we are seeing condos and townhomes coming back in force! This is great news for first time homebuyers that start with an attached home before they move on to bigger, better, and more expensive things. Here are some interesting stats that show what is going on with the townhome market…

Townhome and duplex growth is up 36 PERCENT for the year
This market segment represents 26 PERCENT of the total market
This is the HIGHEST percentage the townhome and condo market has ever been
Detached single family homes represent only 70 PERCENT of the new home starts, the lowest since 2009

This info and more is found in my monthly Windermere Report Newsletter. If you would like to sign up to receive this info from me just shoot me an email. Have a great week!

About the area • Buyer Tips • Fort Collins Real Estate • Investment • Loveland Real Estate • Real Estate • Seller Tips • Wellington Real Estate • Windsor Real Estate • January 7, 2018

2018 Market Forecast

by Paul Hunter

Happy 2018, I hope the year is starting off wonderfully for you! As we start the year, you might be wondering, “what is going to happen in the Northern Colorado real estate market this year?” The good news is, we have an answer! We will be hosting our Annual Windermere Real Estate Market Forecast again this year, on January 18th at 5:30pm at the Marriott in Fort Collins. If you would like to attend, check out the website at www.WindermereForecast.com.

In the meantime, check out what the Windermere Economist, Matthew Gardner (who will be speaking at our Forecast event), has to say about the national market and economies below. I look forward to a fantastic year with you!

About the area • Buyer Tips • Fort Collins Real Estate • Investment • Loveland Real Estate • Real Estate • Seller Tips • Wellington Real Estate • Windsor Real Estate • January 5, 2018

Friday Fun Facts!

by Paul Hunter

A Look Back

Here are some fun facts about 2017…

(By the way, be sure to RSVP for our Market Forecast on January 18th so you can hear our predictions for next year. Click HERE to register)

In 2017:

$4.6 billion of residential real estate was sold in Larimer and Weld Counties. ($2.8 in Larimer and $1.8 in Weld). This volume is double what is was in 2012.
There were 7,091 residential sales in Larimer County and 5,442, in Weld County.
On average, it took 53 days to sell a home in Larimer County and 49 days in Weld County. In 2012 it took about 25 days longer to sell a home.

To hear our predictions for the 2018 market, join our live Market Forecast event on January 18th at the Marriott in Fort Collins. Back by popular demand is Windermere’s Cheif Economist Matthew Gardner who will give you valuable and interesting insights into the real estate market. Reserve your spot at www.windermereforecast.com

We have big news. Windermere is coming to Windsor!. Our newest branch office is right in the heart of downtown next door to The Hearth Restaurant and Toast Coffee. Watch for a grand opening in mid-January.

About the area • Buyer Tips • Fort Collins Real Estate • Investment • Loveland Real Estate • Real Estate • Seller Tips • Wellington Real Estate • Windsor Real Estate • December 18, 2017

Home Price Increases – What Will It Cost?

by Paul Hunter

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

About the area • Buyer Tips • Fort Collins Real Estate • Investment • Loveland Real Estate • Real Estate • Seller Tips • Wellington Real Estate • Windsor Real Estate • December 15, 2017

Friday Fun Facts!

by Paul Hunter

Rate Recap

The Federal Reserve raised interest rates by 0.25% this week. It was their 3rd rate increase this year.

This has us thinking about mortgage rates.

Today, 30-year mortgage rates are 3.93%.

Let’s put this in context with a little history lesson. Mortgage rates were…

3.90% 6 months ago
4.13% 1 year ago
3.54% 18 months ago
3.32% 5 years ago
5.96% 10 years ago
7.15% 20 years ago

So where are rates headed? Given that the Federal Reserve is expected to raise their rate three to four more times in 2018, we expect mortgage rates to be higher one year from today.

The Mortgage Bankers Association predicts rates to be 4.8% in the 4th quarter of next year. Freddie Mac’s prediction is 4.4%. If these predictions are true, that would mean mortgage rates would be back to where there were 6 to 7 years ago.

About the area • Buyer Tips • Fort Collins Real Estate • Loveland Real Estate • Real Estate • Wellington Real Estate • Windsor Real Estate • December 11, 2017

Get Real

by Paul Hunter

A story ran last week which highlighted the number of people who have moved out of Colorado.

Let’s get real, there are still a large number of people moving to Colorado.

In fact, 223,000 moved to Colorado from another state last year according to the latest American Community Survey from the U.S. Census Bureau.

The net migration into our state (after subtracting out people who left) was 30,859 people.

In Northern Colorado the net migration looks like this:

Larimer County = 7,001 people
Weld County = 7,117 people

So what does that mean for housing? Knowing that, on average, 2.5 people live in each household, the number of new housing units required for these new residents looks like this:

Larimer County = 2,800 new housing units
Weld County = 2,847 new housing units

Any questions about this information, give me a call!

About the area • Buyer Tips • Fort Collins Real Estate • Loveland Real Estate • Real Estate • Seller Tips • Wellington Real Estate • Windsor Real Estate • November 20, 2017

Luxury Leaps

by Paul Hunter

One of my favorite sources of data is the Fort Collins Board of Realtors monthly market report. Their newest release of information showed some interesting numbers on the luxury market and a confirmation of other statistics we are tracking.

The Luxury market is way up over last year.

In the greater Fort Collins area over the last 12 months, sales of single family homes priced between $1 million and $2 million, have leaped up 79% over last year. 24 total sales last year compared to 43 this year.

I included a screen shot from the report below…

I will take a deeper dive and closer look at the luxury market across all of Northern Colorado in our upcoming December Windermere Report (if you don’t already receive this monthly printed newsletter in your mailbox, let me know and I will add you to the list. Just contact me HERE.)

About the area • Buyer Tips • Fort Collins Real Estate • Investment • Loveland Real Estate • Real Estate • Seller Tips • Wellington Real Estate • Windsor Real Estate • November 5, 2017

The New Gardner Report Is Out!

by Paul Hunter

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 45,800 non-agricultural jobs over the past 12 months, a growth rate of 1.8%. Within the metropolitan market areas included in this report, annual employment growth was seen in all areas other than Grand Junction (where employment was stable) with substantial growth seen in Fort Collins (4.6%) and Greeley (3.5%).

In August, the unemployment rate in the state was 2.2%, down from 3.1% a year ago. The lowest reported unemployment rates were again seen in Fort Collins at just 1.8%. The highest rate was in Grand Junction, at a very respectable 3.0%. It is still reasonable to assume that all the markets contained within this report will see above-average wage growth given the very tight labor market.

HOME SALES ACTIVITY

There were 17,140 home sales during the third quarter of 2017, which was a drop of 3.3% from the same period in 2016.
Sales rose the fastest in Boulder County, which saw sales grow 4% more than the third quarter of 2016. There were marginal increases in Weld and Larimer Counties. Sales fell in all the other counties contained within this report.
Home sales slowed due to very low levels of available inventory. Listing activity continues to trend at well below historic averages, with the total number of homes for sale in the third quarter 5.5% below the level seen a year ago.
The takeaway here is that sales growth has stalled due to the lack of homes for sale.

HOME PRICES

With substantial competition for the few available homes, prices continue to rise. Average prices were up 7.5% year-over-year to a regional average of $428,602.
Slower appreciation in home values was again seen in Boulder County, but the trend is still positive.
Appreciation was strongest in Weld County, which saw prices rise 12%.
Due to an ongoing imbalance between supply and demand, home prices will continue to appreciate at above-average rates for the foreseeable future.

DAYS ON MARKET

The average number of days it took to sell a home dropped by one day when compared to the third quarter of 2016.
Homes in all counties contained in this report took less than a month to sell. Adams County continues to stand out as it took an average of just two weeks to sell a home there.
During the third quarter, it took an average of 20 days to sell a home. This is up by 3 days compared to the second quarter of this year.
Demand remains strong, and well-positioned, well-priced homes continue to sell very quickly.

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.

In the third quarter of 2017, I have chosen to leave the needle where it was in the second quarter. Homes are still scarce; however, there is a small slowdown in price growth and a decline in both closed and pending sales. This may suggest the market is either getting weary of all the competition or that would-be buyers are possibly putting off buying until they see more choices in the number of homes for sale.

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.

Forward

Our mailing address is:

Windermere Services Company

5424 Sand Point Way NE

Seattle, Washington 98105

About the area • Buyer Tips • Fort Collins Real Estate • Loveland Real Estate • Real Estate • Seller Tips • Wellington Real Estate • Windsor Real Estate • October 27, 2017

Friday Fun Facts – Long vs Short

by Paul Hunter

Short vs. Long

There are short-term questions about real estate and there are long term questions about real estate.

Clients often have short-term questions like…

How much will prices go up next year? Should I sell my house this Fall or next Spring? Will interest rates go up next week?

We encourage our clients to evaluate those questions in the context of the long-term. There are decades of data on the Northern Colorado market which reveal certain patterns.

When we show our clients these patterns they feel confident and secure in the investment they have made into their home and their rental properties.

For example, the long-term appreciation rates based on up to 41 years of research are as follows:

Larimer County = 5.36%
Weld County = 4.25%
Metro Denver = 5.56%

So over the course of a year prices may go up a lot or go up a little, but in the long term they will stay true to these long term averages.

To see an update as to what is happening in the Northern Colorado market, contact me to receive our quarterly “Scoop” report.

About the area • Buyer Tips • Fort Collins Real Estate • Investment • Loveland Real Estate • Real Estate • Seller Tips • Wellington Real Estate • Windsor Real Estate • October 20, 2017

Friday Fun Facts!

by Paul Hunter

Inventory Is Up

For the past few years the hot topic in Northern Colorado real estate is inventory, or more specifically, lack of inventory.

Based on our current research, it looks like this trend is reversing.

Let’s look at the increase in inventory in our major markets versus a year ago…

Fort Collins up 28%
Loveland up 4%
Windsor up 37%
Greeley up 5%

This increase in is very good news for prospective buyers as now there are more homes to choose from.

To see an update as to what is happening in the Northern Colorado market, contact me to receive our quarterly “Scoop” report.