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.
This is a complimentary service for our clients and friends.
This home at 4013 Capstone Ct features a gorgeous kitchen with Ikea cabinets and stainless steel appliances. Wide open ﬂoor plan with high vaulted ceilings and wood ﬂoors in the kitchen, living and dining rooms. Family room with high-end ﬁreplace insert and blower. Finished basement offers built in bookcases & wet bar w/ another bedroom and bath. Large deck and mature landscaping for outdoor entertaining and relaxing. Contact Jon Holsten for your private showing at 970-237-2752 for more information or click the link below for more details.
Updated 3 bedroom, 3 bathroom at 2502 Timberwood Dr #82 in southeast Fort Collins town-home! Close to sought after schools, easy access to I-25, restaurants and shopping. Vaulted 2 story ceilings in the living room and an open floor plan. Relax on the back patio that opens to the greenbelt. New flooring, new paint, and stainless appliances. Finished basement creates a second en-suite area! Contact Paul Hunter for your private showing at 970-673-7285 for more information or click the link below for more details.
1024 Wakerobin Ln is at a great location near parks, bike paths and Front Range Community College. Enjoy peace and quiet in the master suite or host friends and family in the large, lush yard. The shed provides plenty of extra storage. Ask about the long list of updated items and upgrades. Fully fenced backyard. Conveniently located near schools, shopping and the MAX line. Call Kyle Basnar for your private showing at 970-481-5689 or click the link below for more details.
This beautiful home in Fort Collins at 1309 Saint Croix Pl features an open ﬂoor plan with vaulted ceilings and a large kitchen. You’ll ﬁnd hardwood ﬂoors, a gas ﬁreplace and the study with french doors to be a classy touch. The 5-piece bath accentuates the spacious master suite. Sprawling backyard and deck for relaxing and entertaining. Not to mention plenty of storage space. Call Jon Holsten for your private showing at 970-237-2752 or click the link below for more details.
Enjoy time with family and friends at 4031 Capstone Ct in the spacious living room or treat yourself to a wonderful meal cooked in the open kitchen. The master bathroom offers a place to retreat in the huge soaking tub. Stay warm in front of the fire during the winter or kick back and enjoy the huge yard in the summer. A nice shed keeps all your tools and projects secure and the patio is a fantastic space for entertaining. You can’t beat this location close to great schools, Front Range Village and more! Call Sarah Schilz for your private showing at 970-817-0906 or click the link below for more details.