Fun Facts October 28, 2022

Luxury is Stronger

The market above $1,000,000 is stronger than the market overall.This is true in both Northern Colorado and Metro Denver.The luxury market is not slowing to the same degree as the overall market.In Northern Colorado:
  • Closed transactions are down 41% in the overall market and 26% in the luxury market over $1,000,000
  • Pending transactions are down 44% overall and only 13% in the luxury market
In Metro Denver:
  • Closed transactions are down 40% overall and only 13% over $1,000,000
  • Pending transactions are down 41% overall and only 17% in the luxury market
This is likely because higher-end buyers are not as sensitive to higher interest rates and there tend to be more cash transactions in the luxury market.
Colorado Real EstateFort Collins Real Estate March 7, 2022

Q4 2021 Colorado Real Estate Market Update

The following analysis of the Metro Denver & 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 your Windermere Real Estate agent.

 

Regional Economic Overview

Following a decent summer when Colorado added around 14,000 jobs each month, the pace of recovery has slowed. That said, the latest data shows that more than 320,000 of the 376,000 jobs shed due to the pandemic have now returned. The state still needs to add a little more than 54,000 jobs in order to get back to pre-pandemic employment levels. Even though there has been a slowdown in the job recovery, which is likely due to the rise of new COVID-19 variants, I am still forecasting the state will return to its prior employment peak by the end of the summer. As jobs return, the employment rate continues to drop; it was 5.1% in November, well below the pandemic peak of 12.1%. Although it would be nice to see a lower rate, more people have returned to the workforce and are actively looking for work, which can stall job growth rates. From a regional perspective, unemployment levels range from a low of 3.8% in Boulder, to a high of 5.2% in Grand Junction.

 

Colorado Home Sales

❱ In the final quarter of the year, 11,714 homes sold, representing a drop of 5.3% compared to the fourth quarter of 2020 and a drop of 17.6% compared to the third quarter of the year.

❱ While sales slowed region-wide, 4 of the 12 counties included in this report actually experienced significant sales increases.

❱ I’m not concerned that sales slowed compared to third quarter, as seasonal factors were likely the cause. It’s also likely that the year-over-year decline was due to the fact that there were 30% fewer homes for sale in the fourth quarter of 2021 than there were the previous year.

❱ Pending sales, which are an indicator of future closings, fell 29% compared to the third quarter, suggesting that closings in the first quarter of 2022 may also be light.

 

 

A bar graph showing the annual change in home sales for various counties in Colorado during the fourth quarter of 2021.

 

Colorado Home Prices

A map showing the real estate market percentage changes in various counties in Colorado during the fourth quarter of 2021.

 

❱ The pace of home-price growth continued to slow, albeit modestly. The average sale price rose 14.8% year over year, to an average of $610,275. Prices also rose .8% from the previous quarter.

❱ Boulder County’s price growth was noteworthy, but of even greater interest was that average sale prices are holding above the $1 million ceiling.

❱ Year-over-year, prices rose across all markets covered by this report, with double-digit gains in all but three counties.

❱ The number of homes for sale remains woefully low in most areas, which continues to put upward pressure on home prices. That said, the pace of appreciation slowed through most of 2021. This trend is likely to continue in 2022.

 

A bar graph showing the annual change in home sale prices for various counties in Colorado during the fourth quarter of 2021.

 

Days on Market

❱ The average number of days it took to sell a home in the markets contained in this report fell five days compared to the final quarter of 2020.

❱ The length of time it took to sell a home dropped in every county other than Clear Creek County compared to the same quarter a year ago.

❱ It took an average of only 21 days to sell a home in the region. Although the pace dropped year over year, it rose 9 days compared to the previous quarter.

❱ Ongoing supply limitations and strong demand have caused the pace of sales to remain brisk. That said, the length of time it took to sell a home rose compared to the third quarter. I don’t think this is a major concern and can likely be attributed to seasonal factors.

 

A bar graph showing the average days on market for homes in various counties in Colorado during the fourth quarter of 2021.

Conclusions

A speedometer graph indicating a seller's market in Colorado during the fourth quarter of 2021.

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.

Inventory is still lacking, which is causing prices to rise at well-above-average rates. That said, despite how few homes are for sale, the pace of appreciation has been slowing and will likely continue to do so as mortgage rates climb.

My current forecast is for 30-year rates to stairstep higher as we move through the year, which will act as a headwind to price growth. Although I do not see rates getting above 4% until 2023, the increase in borrowing costs will start to have a greater impact on home prices.

In addition to rising mortgage rates, the significant growth in prices over the past year has started to impact housing affordability. Although the market will continue to perform well, rising financing costs and lower affordability may slowly move the market back toward some sort of balance.

All things considered, I am moving the needle a little toward buyers, but it still heavily favors home sellers.

 

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

 

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Colorado Housing January 21, 2022

Standing Low

The standing inventory of residential properties currently for sale is staggeringly low.

The number of active properties for sale is almost 90% below the average for this time of year.

In Metro Denver, there are 1,144 residential properties for sale today.

In Larimer County, there are 136 and in Weld County there are 174. 

Current inventory along the Front Range is essentially half of what it was one year ago.

The low standing inventory bolsters our belief that nothing resembling a decline in housing prices is on the horizon.  The low supply will continue to put upward pressure on prices.

It is time to register for our annual Market Forecast with Chief Economist Matthew Gardner.  This year the event will be hosted online on Thursday February 3rd from 11:00 to 12:00.

You can register at www.ColoradoForecast.com

Colorado Real Estate November 8, 2021

New Listings Week of October 31st

 

2406 Zenith Court, Fort Collins 80526

Listing Agent: Brooke Kern (970) 980-8349; MLS 954380

2406 Zenith Court is well maintained home in West Fort Collins is a must see! You will notice the very large lush green yard right away. NO HOA and a gate for RV storage on the side of the house is also a huge plus! This home has a newer roof and exterior paint! As you enter the home on the main floor you have a living room, spacious dining area, and a good sized kitchen with high quality cabinetry! Upstairs are 3 bedrooms and 2 bathrooms perfect for a growing family! In the basement, you will find an additional bedroom and bathroom perfect for guests.

 

322 McConnell Drive, Lyons, CO 80540

Listing Agent: Jared Foster (970) 690-5707; MLS: 954290

Tired of yard work, but love to enjoy beautiful outdoor surroundings? You can have the best of both worlds! This low maintenance home is surrounded by beautiful mountain views and backs up to the St Vrain River. Newly Xeriscaped, so you can spend less time working in the yard and more time hiking the trails and soaking in the hot tub. Great for guests or a multi-generational family with basement kitchenette and additional hook-ups for washer and gas dryer. Enjoy the 2 fireplaces making the whole home warm and cozy as cold weather comes our way.

 

741 Country Road Trail, Berthoud

Listing Agent: Paul Hunter (970) 673-7285; MLS: 954536

Low maintenance and an incredibly livable floor plan! Two story home with a cute backyard ready for your personal touch. Upgraded finishes throughout and a gas range in the beautiful kitchen. Detached two-car garage; new stone patio and raised garden beds in the backyard. Laundry is upstairs near the bedrooms; everything about this home makes it easy to live in. Check it out today!

 

238 Mill Village Blvd, Longmont, CO 80501

Listing Agent: Meagan Griesel (970) 691-0056; MLS: 954530

This Longmont home offers peace, quiet, and privacy. The location is ideal for commuters traveling in any direction and offering the convenience of Longmont in a quaint tree-lined neighborhood. Inside, the open concept design is highlighted with nice laminate floors on the main level and new carpet upstairs. You will absolutely love the primary suite – very spacious, huge walk-in closet, 5-piece bathroom, and a balcony. The basement is fully framed & ready to finish for a bedroom, living room, and bathroom. Fresh paint and newer roof have been recently taken care of by the HOA. This house has been pre-inspected and will come with a 1 year home warranty.

 

 

4218 Goldeneye Drive, Fort Collins, CO 80526

Listing Agent: Meagan Griesel (970) 691-0056; MLS: 954623

Beautiful remodel near Troutman Park. This home features real oak wood floors throughout the main level, all the pop-corn ceiling is scraped, both bathrooms have both been fully remodeled with shower tile that goes to the ceilings, kitchen features new cabinets, appliances, and concrete counters. This home is truly amazing and not a flip. No HOA, has plenty of off-street parking, and near the Max Line. I’m trying my hardest to not feature dump – but fresh paint inside and out, new gutters, new windows, new driveway and walk-ways. You get the idea – it’s a great home with a huge yard. It passed the pre-inspection with flying colors!

BlogColorado Real EstateReal Estate Market Update November 1, 2021

Q3 2021 Colorado Real Estate Market Update

The following analysis of the Metro Denver & 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 your Windermere Real Estate agent.

 

Regional Economic Overview

The rise in COVID-19 infections due to the Delta variant caused Colorado’s job recovery to slow, but not as much as in many other states. The latest data (for August) shows that more than 293,000 of the 376,000+ jobs that were shed due to COVID-19 have returned. This is good news, with only 83,000 jobs needed to return to pre-pandemic employment levels. The metro areas contained in this report have recovered 243,700 of the 310,000 jobs lost, and I expect the state will recover the remaining jobs by next summer. With employment levels improving, the state unemployment rate currently stands at 5.9%—down from the pandemic peak of 12.1%. Regionally, unemployment levels range from a low of 4.4% in Boulder to a high of 6.1% in Grand Junction.

 

__________

 

Colorado Home Sales

❱ In the third quarter, 14,209 homes sold. This was 6.8% lower than a year ago, but 5.8% higher than the second quarter of 2021.

❱ Compared to a year ago, listing activity was down more than 30%. However, inventory levels were up 38.3% compared to the second quarter of this year, suggesting that buyers have more choice now than they have seen in some time.

❱ Although comparing current sales activity with that of a year ago is not that informative—given that the country was experiencing a massive rebound in housing demand following the outbreak of COVID-19—it was pleasing to see sales up in every county other than Denver and Douglas compared to the second quarter of this year.

❱ Pending sales (an indicator of future closings) were down 5.4% compared to the second quarter of the year, suggesting that closings in the final quarter may well be a little soft.

 

A bar graph showing the annual change in home sales for various counties in Colorado during the third quarter of 2021.

__________

 

Colorado Home Prices

A map showing the real estate market percentage changes in various counties in Colorado during the third quarter of 2021.

❱ Prices continue to appreciate at a very rapid pace, with the average sale price up 15.8% year over year to an average of $605,576. Sale prices were 1.6% lower than in the second quarter of 2021.

❱ Four counties—Arapahoe, Douglas, Weld, and Park—saw the average home sale price pull back between the second quarter and the third, but I am not overly concerned by this at the present time.

❱ Year-over-year, prices rose across all markets covered by this report. All counties except Arapahoe saw double-digit gains, but even that market saw an increase in sale prices.

❱ Several counties are experiencing a drop in average list prices, which is a leading indicator of future activity. As such, I expect to see the rise of sale prices start to slow, which will be a welcome sight for many buyers.

 

A bar graph showing the annual change in home sale prices for various counties in Colorado during the third quarter of 2021.

__________

 

Days on Market

❱ The average number of days it took to sell a home in the markets contained in this report dropped 17 days compared to the third quarter of 2020.

❱ The length of time it took to sell a home dropped in every county contained in this report compared to both the same quarter a year ago and the second quarter of this year.

❱ It took an average of only 12 days to sell a home in the region, which is down 2 days compared to the second quarter of 2021.

❱ The Colorado housing market remains very tight as demonstrated by the fact that it took less than three weeks for homes to sell in all counties contained in this report.

 

A bar graph showing the average days on market for homes in various counties in Colorado during the third quarter of 2021.

__________

 

Conclusions

A speedometer graph indicating a seller's market in Colorado during the third quarter of 2021.

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.

The job market continues to improve, which is always a stimulant when it comes to home buying. Inventory levels have improved, and lower pending sales suggest that buyers are taking a little longer to decide on a home. That said, the market is still bullish as indicated by the short length of time it took to sell a home in the quarter. Mortgage rates will start to creep higher as we move into the winter months, and this may stimulate additional buying activity. In the last edition of The Gardner Report, I suggested we would see more homes come to market and that has proven to be accurate. Given these factors, I am moving the needle a little toward buyers, but it remains a staunchly seller’s market.

 

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

BlogLivingNorthern Colorado October 26, 2021

Your Guide to Trick-Or-Treating in Northern Colorado

It’s the sweetest, spookiest time of the year! If you’re in the Northern Colorado area, we’ve put together a list of family-friendly trick-or-treat locations that are sure to hit the spot! 

 

 

1. Anderson Farms is opening its doors for all the “Little Ghouls” out there. This daytime trick-or-treat event will be hosted on both Saturday and Sunday from 11a to 2p, giving the kiddos the perfect chance to show off their costumes, collect candy and explore the farm’s “Fall Festival”. Tickets are $5 per participant and registration includes a trick-or-treating sack!

 

 

2. Trick or Treat Street 2021 is back and better than ever! Enjoy this completely outdoor trick-or-treat event taking place on Friday October 29th from 4p-6p in Downtown Greeley. Over 40 businesses will be in attendance and they’re bringing more than just candy… booths, prizes, treats, and trunk-or-treat cars are all a part of this short and sweet celebration!

 

 

3. Not quite ready to take on the crowds yet? We’ve got you! The Thompson School District is hosting its second annual “Drive-Thru Trick or Treat”. This socially distanced event gives the kiddos a chance to dress up and collect candy from the comfort of the car, all while checking out Halloween scenes decorated by local businesses, schools and nonprofits. The best part? This event is doubles as a fundraiser for the Thompson Education Foundation! Get into the spirit of Halloween while supporting a great organization! Tickets are $5 per vehicle and the event will take place on Saturday, October 30th from 10a-2:30p.

 

 

4. Head to Downtown Fort Collins the kick off your Halloween weekend! Nearly 70 businesses in the downtown area will be participating in this trick-or-treat event. Join in the fun on Friday October 29th from 10a-1p! Not in the area? Downtown Windsor will also be hosting it’s annual Trick-or-Treat event on Saturday from 1p-4p. Stop by and say hi to the 20 participating businesses including our Windsor office located at 207 4th Street!

 

 

5. Stick with tradition and trick-or-treat in your neighborhood over the weekend. Wherever you choose to celebrate this year, we’re wishing you a Happy Halloween!

BlogFun FactsNorthern Colorado Real EstateReal Estate Statistics August 20, 2021

Population Math

The brand new Census data has just been released and it is fascinating!

Colorado’s population now sits just below 6 million people at 5.773 million.  Just 20 years ago it was 4.301 million.

Northern Colorado is booming and now has 688,047 in Larimer and Weld Counties.  It grew by 135,592 people in just ten years.  If Northern Colorado grows at just 2% per year, it will have 838,725 people by 2030 and 1,022,402 by 2040.  

For several years we have been predicting that Northern Colorado would exceed by 1 million people by 2040 and it looks like that will come true.

Metro Denver is also booming.  For reference, we define ‘Metro Denver’ as Adams, Arapahoe, Denver, Douglas, and Jefferson Counties.

Population in Metro Denver is now 2.831 million and was 2.109 million in the year 2000.  It has grown by 722,000 people in 20 years.

If Metro Denver grows at 2% per year, it will hit 3.451 million in 10 years and 4.206 million in 20 years.

BlogBuyers & SellersColorado Real EstateMarket NewsNorthern Colorado Real EstateReal Estate Market Update April 28, 2021

Q1 2021 Colorado Real Estate Market Update

The following analysis of the Metro Denver & 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 your Windermere Real Estate agent.

REGIONAL ECONOMIC OVERVIEW

Following the decline in employment last winter, Colorado has started to add jobs back into its economy. The latest data shows that the state has now recovered more than 219,000 of the 376,000+ jobs that were lost due to COVID-19. This is certainly positive, but there is a long way to go to get back to pre-pandemic employment levels. Denver and Fort Collins continue to have the greatest improvement in employment, but all markets show job levels well below pre-pandemic levels. With total employment levels rising, the unemployment rate stands at 6.6%, down from the pandemic peak of 12.1%. Regionally, unemployment levels range from a low of 5.6% in Fort Collins and Boulder to a high of 6.7% in Greeley. COVID-19 infection rates have started to increase again, and this has the potential to negatively impact the job market. I am hopeful that the state will not be forced to pull back reopening, but this is certainly not assured.

COLORADO HOME SALES

❱ 2021 started off on a bit of a sour note, with total sales down 1.2% compared to the same period in 2020. Sales were 29.2% lower than in the final quarter of 2020 as 8,645 homes sold.

❱ Sales were higher in four of the counties contained in this report, were essentially flat in one, and dropped in seven. It was pleasing to see significant sales growth in the large counties of Denver and Adams.

❱ Another positive was that pending sales, which are an indicator of future closings, were 4.8% higher than in the fourth quarter of 2020 and 5% higher than a year ago.

❱ The disappointing number of home sales overall can primarily be attributed to the woeful lack of inventory. Listings in the quarter were down more than 61% year over year and were 40.6% lower than in the fourth quarter of 2020.

 

COLORADO HOME PRICES

❱ Prices continue to appreciate at a very rapid pace, with the average sale price up 16.5% year over year, to an average of $556,100. Home prices were also 4.4% higher than in the fourth quarter of 2020.

❱ Buyers appear to be out in force, and this demand—in concert with very low levels of inventory—continues to heat the market.

❱ Prices rose over last year across all markets covered by this report, with the exception of the very small Gilpin County. All other counties saw sizeable gains and the trend of double-digit price growth continued unabated.

❱ Affordability levels are becoming a greater concern as prices rise at a far faster pace than wages. Even though mortgage rates have started to rise, they haven’t yet reached the level needed to take some of the heat out of the market.

 

DAYS ON MARKET

❱ The average time it took to sell a home in the markets contained in this report dropped 20 days compared to the first quarter of 2020.

❱ The amount of time it took to sell a home dropped in every county contained in this report compared to the fourth quarter of 2020.

❱ It took an average of 25 days to sell a home in the region, down one day from the fourth quarter of 2020.

❱ The Colorado housing market remains very tight, as demonstrated by the fact that it took less than a month for homes to sell in all but two counties.

 

CONCLUSIONS

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.

The relatively low level of home sales is not a surprise given how few choices there are for buyers. Sellers are certainly benefitting from strong demand, as demonstrated by the significant price growth. I maintain my belief that there will be an increase in inventory as we move through the year, but it is highly unlikely that we will see a balanced market in 2021.

Given these factors, I am moving the needle a little more in favor of sellers, as demand is likely to continue to exceed supply.

ABOUT MATTHEW GARDNER

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

 

BlogColorado HousingColorado Real EstateDenver Real EstateEconomyHousing TrendsMarket NewsWindermere Real Estate February 3, 2021

Q4 2020 Colorado Real Estate Market Update

The following analysis of the Metro Denver & 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 your Windermere agent.

 

REGIONAL ECONOMIC OVERVIEW

The job recovery that appeared to be firmly in place in the summer has started to wane. Though Colorado has recovered more than 209,000 of the jobs lost due to COVID-19, employment levels remain almost 210,000 below the level seen last February. Even with employment growth stalling, the unemployment rate stands at a relatively respectable 6.4%, down from a peak of 12.2%. Regionally, unemployment levels range from a low of 5.4% in Boulder to a high of 6.9% in Greeley. Rising COVID-19 infection rates continue to impact the job recovery, and I do not see much in the way of palpable improvement until a vaccine becomes freely available, likely in the second half of this year.

COLORADO HOME SALES

❱ In the final quarter of 2020, 12,207 homes sold. This represents an increase of 21.8% compared to the fourth quarter of 2019, but 19% lower than in the third quarter. I am not concerned, though, because seasonal influences tend to impact sales in the winter.

❱ Sales rose in all markets other than El Paso compared to the fourth quarter of 2019. I believe sales are only limited by the number of homes on the market.

❱ Inventory levels remain well below what I would like to see. The average number of homes on the market in the fourth quarter was down 55% from the same period in 2019.

❱ Pending sales were 34% lower compared to the third quarter. Again, seasonality and a lack of homes to buy impact this figure. Pending sales are still 13% higher than a year ago.

Colorado Counties Graph

COLORADO HOME PRICES

Price appreciation in various Colorado counties.

❱ Home prices rose significantly in the fourth quarter, with the average price increasing 13.7% year-over-year to $532,492. Prices were up 1.8% compared to the third quarter of this year.

❱ Interest rates are unlikely to drop much further and this will lead price growth to slow as we move through 2021.

❱ Year-over-year, prices rose across all markets covered by this report, with significant appreciation in Clear Creek, Gilpin, Park, and El Paso counties. Every county but Arapahoe saw double-digit price gains.

❱ Affordability in many Colorado markets remains a concern as prices continue to rise at well-above-average rates. That said, I anticipate we will see price growth moderate in 2021.

A bar graph showing the annual change in home sale prices in various Colorado counties.

DAYS ON MARKET

❱ The average number of days it took to sell a home in the markets contained in this report dropped 15 days compared to the final quarter of 2019.

❱ The amount of time it took to sell a home dropped in every county contained in this report compared to the fourth quarter of 2019.

❱ It took an average of 26 days to sell a home in the region, down 3 days compared to the third quarter of 2020.

❱ The Colorado housing market continues to demonstrate solid demand, and buyers are clearly competitive as suggested by the short length of time it is taking to sell a home.

A bar graph showing the average days on market for homes in various Colorado counties

CONCLUSIONS

A speedometer graph indicating a seller's market in Colorado.

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.

Home sales and prices are significantly higher than a year ago, and demand for housing is very much in place. Naturally, this favors home sellers who are still in control of the market. I do expect to see some improvement in listing activity this year, which, in concert with modestly rising interest rates, will likely start to take some of the steam out of the market. However, any moderation in the market has yet to appear. Even given the possible headwinds mentioned above, I am moving the needle a little more in favor of sellers, as demand is likely to exceed supply for the time being.

 

ABOUT MATTHEW GARDNER

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

BlogColorado HousingFun Facts November 13, 2020

A Little Perspective

House

Here’s a little perspective on the inventory of homes for sale in today’s market…

First we’ll look at Metro Denver:

  • The average number of residential listings for sale at this time of year is 15,577
  • The highest-ever for this time of year is 29,722 which occurred in 2006
  • The number of listings right now is 4,821
  • So, inventory in Metro Denver is roughly one-third of the average and 25,000 fewer than the highest-ever.
  • DMAR is the source of the stats listed above

 

Now, Northern Colorado:

  • Larimer County has 802 active listings today
  • Based on 10 years of data, this is the lowest it has ever been
  • The high in Larimer County occurred in 2010 with 2608 listings so today’s inventory is one-third of what it was 10 years ago.
  • Inventory today in Weld County is 727 which isn’t the lowest-ever.
  • The lowest during the last 10 years was 2017.

The highest was 2010 with 1791 properties so today there are roughly 1,000 fewer properties to choose from.