The following analysis of the Metro Denver & Northern Colorado real estate market (which now includes Clear Creek, Gilpin, and Park Counties) 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 agent.
Colorado continues to see very strong job growth, adding 72,800 non-agricultural jobs over the past 12 months—an impressive increase of 2.7%. Through the first five months of 2018, the state added an average of 7,300 new jobs per month. I expect this growth to continue through the remainder of the year, resulting in about 80,000 new jobs in 2018.
In May, the state unemployment rate was 2.8%. This is slightly above the 2.6% we saw a year ago but still represents a remarkably low level. Unemployment remains either stable or is dropping in all the markets contained in this report, with the lowest reported rates in Fort Collins and Boulder, where just 2.2% of the labor force was actively looking for work. The highest unemployment rate was in Grand Junction, which came in at 3.1%.
HOME SALES ACTIVITY
- In the second quarter of 2018, 17,769 homes sold—a drop of 2.4% compared to the second quarter of 2017.
- Sales rose in 5 of the 11 counties contained in this report, with Gilpin County sales rising by an impressive 10.7% compared to second quarter of last year. There were also noticeable increases in Clear Creek and Weld Counties. Sales fell the most in Park County but, as this is a relatively small area, I see no great cause for concern at this time.
- Slowing sales activity is to be expected given the low levels of available homes for sale in many of the counties contained in this report. That said, we did see some significant increases in listing activity in Denver and Larimer Counties. This should translate into increasing sales through the summer months.
- The takeaway here is that sales growth is being hobbled by a general lack of homes for sale, and due to a drop in housing demand.
- With strong economic growth and a persistent lack of inventory, prices continue to trend higher. The average home price in the region rose
9.8% year-over-year to $479,943.
- The smallest price gains in the region were in Park County, though the increase there was still a respectable 7%.
- Appreciation was strongest in Clear Creek and Gilpin Counties, where prices rose by 28.9% and 26%, respectively. All other counties in this report saw gains above the long-term average.
- Although there was some growth in listings, the ongoing imbalance between supply and demand persists, driving home prices higher.
DAYS ON MARKET
- The average number of days it took to sell a home remained at the same level as a year ago.
- The length of time it took to sell a home dropped in most markets contained in this report. Gilpin County saw a very significant jump in days on market, but this can be attributed to the fact that it is a very small area which makes it prone to severe swings.
- In the second quarter of 2018, it took an average of 24 days to sell a home. Of note is Adams County, where it took an average of only 10 days to sell a home.
- Housing demand remains very strong and all the markets in this report continue to be in dire need of additional inventory to satisfy demand.
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 second quarter of 2018, I have moved the needle very slightly towards buyers as a few counties actually saw inventories rise. However, while I expect to see listings increase in the coming months, for now, 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.
Better than new ranch style home at 657 Clarendon Dr in desirable Windshire Park! Enjoy mountain views from your front porch or relax in the peace and quiet of your backyard. New flooring, updated appliances and a new back splash for the kitchen, pride of ownership is in this home. Enjoy the neighborhood pool & park or enjoy walking on the neighborhood trails, the choice is yours. Full unfinished basement offers lots of options for expansion. Contact Jennifer Cuningham for your private showing at 970-646-1921 for more information or click the link below for more details.
Thanks to the generosity of Windermere agents, staff, franchise owners, and the community, the Windermere Foundation has proudly donated a total of $920,351 so far this year to non-profit organizations that provide services to low-income and homeless families. This brings the total amount of money that the Windermere Foundation has raised since 1989 to over $36 million.
Each Windermere office has its own Windermere Foundation fund account that they use to make donations to organizations in their local communities. One such organization in Boise, Idaho is CATCH (Charitable Assistance to Community’s Homeless), whose vision is to end homelessness for families by providing programs that work with local resources to provide stable housing, inspire financial independence, and build on a family’s strength and resilience.
The Windermere Caldwell and Boise Valley offices have worked with CATCH for over six years, with funding support from the Windermere Foundation. These donations help pay for programs that provide hope and support to many families in Idaho’s Treasure Valley…families like Andrea’s. *
Before CATCH, Andrea had come out of an abusive relationship, leaving her to raise her three young children on her own. When they became homeless, they spent six months living out of her car, waiting until a more stable living situation became available. Finally, the call came from Andrea’s case manager that they had been accepted into the CATCH program. Through the program, Andrea had access to resources to help her find housing. After about a month, she was able to find the perfect home for her family.
During her few months in the CATCH program, Andrea said she not only gained housing, but also so much more. “I’ve gained a bigger support system, more love, and knowledge. I’ve gained more strength and responsibility. I learned how to budget, worked at bettering my career, and I didn’t feel alone anymore. But most of all, CATCH has allowed me to put my pride away at times I didn’t need it and accept what I do need, and that is LOVE. I thank the CATCH program for helping me and my family grow stronger.”
Generous donations to the Windermere Foundation over the years have enabled Windermere offices to continue to support local non-profits like CATCH. If you’d like to help support programs in your community, please click on the Donate button.
To learn more about the Windermere Foundation, visit WindermereFoundation.com.
*Name has been changed for client confidentiality.
Electric cars help lower emissions and fuel costs, improve fuel economy, and bolster energy security. And considering the volatility of gas prices—and their general skyward trajectory—electric fuel shows promise as an economic alternative.
But switching to an electric vehicle entails more than new driving habits and a conversation piece with strangers. It’s also a lifestyle update.
From setting up a charging station in the garage to maintaining optimal temperatures therein, check out these useful garage preparation tips to assure your electric vehicle battery is in tip-top shape.
Selecting a Charger: Level 1 vs. Level 2
Unfortunately, charging an electric vehicle might be a tad more involved than charging your smartphone. And unless you own a Tesla Model X, which can travel upwards of 300 miles on one charge, your electric plug-in vehicle could benefit greatly from a home station charger. That said, make sure you familiarize yourself with the two main levels of electric vehicle chargers supplied by home-based charging equipment and most public charging stations.
Level 1 Chargers
A Level 1 cord set charger delivers a standard household current of 110 or 120 volts and comes with most plug-in vehicles upon purchase. It’s outfitted with a three-pronged, household plug at one end that’s connected to a control box by a short cord. A longer 15-to-20-foot cord running from the other side of the box connects directly to the vehicle itself.
- If time is not of the essence, a Level 1 could be the way to go. But be forewarned: What you get is, more or less, a trickle charge that affords roughly three to five miles per charging hour. For instance, the Nissan Leaf takes around 24 hours to fully charge on a standard 120-volt household outlet.
- The upside is, Level 1 equipment doesn’t entail an elaborate setup of high-power circuit breakers or dedicated electrical lines, which are required by major appliances like stoves and refrigerators.
- Because cord sets are portable, plug-in vehicles can be charged virtually anywhere there’s a standard outlet, provided it isn’t a household outlet that’s patched into the same circuit as other demanding appliances—in which case the excess amperage could trip a circuit breaker.
Level 2 Chargers
If time is of the essence, consider installing a Level 2 charger, which delivers 240 volts and replenishes pure electric vehicles in about three hours—which is about seven to eight times faster than Level 1 equipment. Unlike the simplicity of Level 1 setups, though, Level 2 chargers may warrant the services of a professional due to the rigmarole of electrical codes, equipment setup, and necessary inspections.
- Level 2 chargers cost anywhere between under $300 to over $1500, the price ultimately depending on cord length and amperage.
- Level 2 outputs typically range between 16 to 30 amps, but professionals often recommend around 30- to 40-amp systems—an adequate overnight charge for most plug-in electric cars.
Installing a Charging Station
It’s worth mentioning that the “charger” you’re installing is technically referred to as Electric Vehicle Service Equipment (EVSE). This is the wall-mounted box with cord and plug that delivers electricity and functions as a communication and safety unit for the actual charger situated inside the vehicle itself. The EVSE ensures the battery doesn’t overheat and shuts the charging session down if there’s a short circuit, power surge, or any other type of faulty hardware.
If you’ve opted for a Level 2 ESVE, you’ll likely need to reach out to a professional electrician to wire up equipment and determine where the ESVE should be situated in regards to where your vehicle is parked. Notwithstanding factors like outdated wiring, meters, and breaker panels, updating the garage for your electric ride should actually be pretty straightforward.
For instance, I gave my electrician the specs for a Tesla—a 14-50 NEMA charger that delivers 40 amps at 240 volts. And even though I have an older house, by setting up a dedicated circuit, my electrical panel handled the load without a hitch.
In rare instances, old wiring may need to be replaced. But by and large, the process is fairly easy and uncomplicated. What’s more, the plug itself isn’t any more difficult to install than a standard dryer outlet. For electric vehicle owners, installing a Level 2 ESVE is definitely the way to go.
Cost of Installation
The installation cost generally hinges on the work involved—such as the amount of wire that needs to be run, whether additional or replacement breaker panels are necessary, and the cost of labor in your area. This could vary between just a few hundred dollars to a couple thousand. However, you may be able to snag special rates from your utility company for installing an EVSE, so make sure you inquire.
Thank you to guest author Eric Madia.
It’s called “At Least List”
It measures how active the market is by tracking the number of single family homes that sell for at least list price.
Because of the demand in our market, many homes sell for list price or higher.
So here’s the latest based on closings so far in the month of July…
The percentage of single family homes selling for at least list price:
- Fort Collins = 58%
- Loveland = 67%
- Windsor = 55%
- Greeley = 75%
Based on these numbers, homes that are priced right, and positioned right in the market will attain the price the seller wants (or higher).
To see the whole story about our market along with other stats and trends, watch the recording of Tuesday’s Windermere Workshop right here.
This bright and open ﬂoor plan at 362 E 40th St just feels good from the moment you walk in. Well maintained, convenient location, and ready to move into! Big ticket items are all newer – roof, AC, furnace, and kitchen appliances. Features include vaulted ceilings, gas ﬁreplace, wood ﬂoors, spacious master w/large walk-in closet, fenced back yard w/raised garden beds and sprinkler system, and a nice pergola covering a large back patio. Basement is ready for future expansion. Contact Meagan Griesel for your private showing at 970-691-0056 for more information or click the link below for more details.
This 2 bedroom, 2 bathroom home at 1486 Palisade Mountain Dr has stunning views of Mt Meeker, Long’s Peak & Storm Mountain from the wrap around covered deck. Featuring 3 fireplaces, stainless steel appliances, claw foot soaking tub, & a lower level family room with a walkout to the spectacular 2 acre property. Matching the exterior of the home are 2 outbuildings with a total of 5 car garage space & a studio, with the addition of a bath could be used as a rental or guest house. Don’t miss this one of a kind home! Contact Rondi duPont for your private showing at 970-401-0123 for more information or click the link below for more details.
This move in ready home at 2821 W Redbud Dr is a must see! Updated in all the right areas! The large family room opens to a bright dining room and kitchen. Laminate hardwood ﬂoors throughout living areas. Additional formal living area and large heated sun-room. Beautiful professionally landscaped fully fenced backyard features a covered patio, pond, large shade trees, sprinkler system, storage shed and large RV parking area. Contact Kelly Swift for your private showing at 970-310-4876 for more information or click the link below for more details.
Don’t miss this fantastic ranch home at 7404 Thistledown Dr featuring a brand new kitchen with Kitchen Aid appliances, extra cabinet & counter top space, under cabinet lighting, soft close hardware, double oven & more. Open floor plan with living room surround sound, main floor master & separate formal dining space/office. Large basement rec space & fantastic 8 chair theater room, perfect for entertaining. With one of the largest lots in the area and a beautiful deck, this home has it all! Contact Jacqueline Feil for your private showing at 970-402-7509 for more information or click the link below for more details.
Your new home or outstanding investment property at 4685 Hahns Peak Dr #204 features vaulted ceilings, open ﬂoor plan and a spacious kitchen. Sprawling master suite, and a covered balcony. HOA includes club house, pool, trash, exterior maintenance and more. Close to shopping and dining. Super clean and ready to go! Quick closing possible! Contact Jon Holsten for your private showing at 970-237-2752 for more information or click the link below for more details.