Completely remodeled & updated mid-century ranch at 1624 Smith Place! The sellers have added $40K of additional updates since last purchased. Updates include: Solid hickory floors throughout, stainless appliances, large kitchen island, open floor plan, new carpet & tile, upgraded electrical, new water heater, radon mitigation & ring doorbell. Gorgeous custom low maintenance landscaping! Next to Spring Creek Trail, a bike ride to Old Town & the newly updated Midtown shops at Foothills. Location! Location! Location! Contact Kyle Basner for your private showing at (970) 481-5689 for more information or click the link below for more details.
Nestled on a quiet cul-de-sac, 3215 Burning Bush in The Ponds neighborhood. This home features a main-level master suite with 5-piece bath & large walk-in closet. Sprawling kitchen with granite counter tops & plenty of cabinet space. Formal dining & living rooms with vaulted ceilings & fireplace. Nicely finished garden level basement with large rec room, bedroom, & storage. Brand new interior paint & carpet throughout! Elevated deck overlooks beautifully landscaped yard backing to green space with excellent views. Contact Jon Holsten for your private showing at (970) 237-2752 for more information or click the link below for more details.
Attention first time homeowners and investors! Don’t miss out on this opportunity to own this very nice 2 bed, 2 bath, second level condo at 1225 W Prospect Rd. This unit features new black stainless steel appliances and a newer water heater. Contact Greg Rittner for your private showing at (970) 682-3050 for more information or click the link below for more details.
You can’t beat the location either being just a few blocks from the heart of the CSU campus. This one won’t last, schedule your showing today!
This gorgeous town home at 2033 Scarecrow Road is located in the wildly popular Bucking Horse neighborhood! Boasting a spacious main level & sprawling kitchen. Your new home features wood floors, granite counter tops, & custom back splash. Fantastic hand-crafted fireplace enclosure with lighted shelving. Beautiful master suite & additional bedroom with private bath on the second level. Large front porch & enclosed yard with raised garden beds round out this amazing home. Management fee includes water, trash & neighborhood pool! Contact Jon Holsten for your private showing at 970-237-2752 for more information or click the link below for more details.
This fantastic cottage home located at 5162 Cinquefoil Ln in the popular Observatory Village is just steps from the pool and neighborhood park. Open ﬂoor plan includes main ﬂoor ofﬁce, vaulted ceilings, wood ﬂoors, finished basement, and a rec room. The master bedroom is spacious with a remodeled custom shower and walk in closet. Enjoy the private fenced patio w/trek decking and stamped concrete. Low maintenance-HOA maintains yard, trash, and snow removal. Close to schools, shopping, entertainment and the freeway. Contact Kelly Swift for your private showing at 970-310-4876 for more information or click the link below for more details.
Attention first time homeowners and investors! Don’t miss out on this opportunity to own this recently updated 2 bed, 1 bath, second level condo at 705 E Drake Rd. This unit features brand new floors throughout, fresh coat of paint, new front door, newer windows and sliding door, updated light fixtures, and new appliances. Don’t forget the little library and fruit trees out front! HOA includes heat, water/sewer, pool with freshly remodeled clubhouse & tennis courts. This one won’t last, schedule your showing today! Contact Greg Rittner for more information or click below to view the photos and details, including price.
Check out this great investment multi family living unit in good shape at 510 N Shields St. Bonus carriage house in backyard with separate utilities. Please call listing agent for details. Currently rented to 2 tenants. Buyer will take ownership of lease. Potential to Gross $42,000/yr in income. Contact Kyle Basnar for your private showing at 970-481-5689 for more information or click the link below for more details.
This move in ready home at 2168 Ballard Ln offers a main ﬂoor master, brand new carpet and exterior paint. Newer appliances, amazing vaulted ceilings, loft, hardwood ﬂoors, newer ﬁxtures, corner lot, 22’x12′ deck, open ﬂoor plan, unﬁnished basement, and a fenced lot. Easy Access to I-25, CSU, Budweiser, and Cheyenne. This home is ready to go. Enjoy the Colorado Lifestyle and entertain in this gorgeous home. Contact Christopher Guillan for your private showing at 970-310-9357 for more information or click the link below for more details.
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.
Economists say there are three reasons why we aren’t in a housing bubble today.
The first reason they mention is the amount of new home construction compared to the 2006 housing bubble.
Today, along the Front Range, new home starts are down 38% compared to 2006. This is despite a much higher population than 12 years ago.
A major factor that caused the bubble was the glut of new construction inventory which doesn’t exist today.
Metrostudy, a leading new home research firm, says that Front Range builders need to have built 30,000 more new homes over the last 5 years to keep up with demand.
To see the whole story about our market along with other stats and trends, watch the recording of Tuesday’s Windermere Workshop right here.
If you want to be totally clear on all the stats, facts and trends in Colorado real estate so that you know what the future value of your home looks like, watch this video.
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