Signs of Slowing?

Is the same thing happening in Northern Colorado?Road, Sign, Asphalt, Road Sign, Roadsign

Are the Larimer and Weld County markets showing signs of slowing?

Here’s the deal…

The Denver Post article points to the difference in number of transactions between June and July of this year. It’s no surprise to us that July had fewer closings.

What’s true in Metro Denver is also true in Northern Colorado – June tends to have more closings than any other month during the year so of course July will be slower.

What we do notice when we look at the numbers is that the difference between June and July is significant.

In all major markets in Northern Colorado, the difference between June and July is the greatest it has ever been in the last four years.

For example, in Fort Collins, July had 18% fewer closings than June, whereas last year the difference was 9%. In Greeley the difference this year was 16% while last year was only 5%.

A month over month difference does not necessarily indicate a long-term trend. However, there is a difference compared to last year which should be welcome news to buyers who have been waiting for a slow down.


We have just completed a comprehensive report for anyone thinking about selling their home.

The Insider’s Guide to Selling Your Home (without any stress or surprises) is now available for you.

It is hot off the press and you can request a copy by emailing meagangriesel@gmail.com

Contact me to get your copy immediately so you can see everything you need to know to sell your home in today’s market.

Posted on August 15, 2017 at 6:41 pm
Meagan Griesel | Category: Fort Collins Real Estate, Longmont Real Estate, Loveland Real Estate, Northern Colorado Real Estate, Windsor Real Estate | Tagged , , , , , , , , ,

THE GARDNER REPORT – 2ND QUARTER 2017

The Gardner Report | Metro Denver and Northern Colorado Q2 2017

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 62,000 new jobs over the past 12 months, an increase of 2.4% over this time last year. All of the metropolitan markets included in this report saw annual employment growth, with substantial growth in Boulder (4.7%) and Fort Collins (+4.1%), and more modest growth in Grand Junction (0.3%).

In May, the unemployment rate in the state was 2.3%, matching the prior month and down 3.4% from a year ago. The lowest unemployment rate was in Fort Collins at just 2.0%. The highest rate was in Grand Junction, though it was still a relatively low 3.3%. It is reasonable to expect these markets will see above-average wage growth given the tight labor market.

HOME SALES ACTIVITY


  • There were 17,581 home sales during the first quarter of 2017, a solid annual increase of 3.9% over the first quarter of 2016.
  • Jefferson County saw sales grow at the fastest rate over the past 12 months, with a 9.4% increase. There was also an impressive increase in Douglas County (+6.3%).  More modest sales growth was seen in Denver and Weld Counties.
  • Even with the rise in sales, listing activity is still running at well below historic averages, with the total number of homes for sale in the second quarter 7.6% below a year ago.
  • Sales growth continues to trend higher, but inventory levels remain well below where they need to be to satisfy demand.
Annual Change in Home Sales

HOME PRICES


  • Due to solid demand, home prices continue to rise with average prices up by 8.5% year-over-year to an average across the region of $438,980.
  • Boulder County saw slower appreciation in home values, but the trend is still positive.
  • Appreciation was strongest in Denver and Weld Counties, where prices rose by 12.4% and 10.6% respectively.
  • Economic growth is driving job growth, which is driving housing demand. Given the relative shortage of homes for sale, expect to see home prices continue to appreciate at above-average rates at least through the rest of the year.
Metro Denver and Northern Colorado Heat Map
Annual Change in Home Sale Prices

DAYS ON MARKET


  • The average number of days it took to sell a home dropped by three days when compared to the second quarter of 2016.
  • Homes in all counties contained in this report took less than a month to sell. Adams County stood out as it took an average of only 11 days to sell a home.
  • During the second quarter, it took an average of just 17 days to sell a home. This is down by a substantial 13 days compared to the first quarter of this year.
  • The takeaway here is that demand remains robust as evidenced by the remarkably short amount of time that it is taking to sell a home.
Average Days on Market

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.

After the second quarter of 2017, I have moved the needle even farther in favor of sellers. Mortgage rates remain very competitive and, with the specter of lending standards easing a little, demand will remain robust, which will be reflected in rising home values.

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.
Posted on July 31, 2017 at 8:10 pm
Meagan Griesel | Category: Blog, Colorado Real Estate, Fort Collins Real Estate, Loveland Real Estate, Northern Colorado Real Estate | Tagged , , , , , , , ,

Are Home Prices Approaching Bubble Territory?

Thanks to Gateway Mortgage Group: http://www.gatewayloan.com/
Are Home Prices Approaching Bubble Territory? | Simplifying The Market

As home values continue to rise, some are questioning whether we are approaching another housing bubble. Zillow just reported that:

“National home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade.”

Though that statement is correct, we must realize that just catching prices of a decade ago does not mean we are at bubble numbers. Here is a graph of median prices as reported by theNational Association of Realtors (NAR).

Are Home Prices Approaching Bubble Territory? | Simplifying The Market

We can see that prices rose during the early 2000s, fell during the crash and have risen since 2013.

However, let’s assume there was no housing bubble and crash and that home prices appreciated at normal historic levels (3.6% annually) over the last ten years.

Here is a graph comparing actual price appreciation (tan bars) with what prices would have been with normal appreciation (blue bars).

Bottom Line

As we can see, had there not been a boom and bust, home values would essentially be where they are right now.

Posted on June 26, 2017 at 7:36 pm
Meagan Griesel | Category: Blog, Colorado Real Estate, Fort Collins Real Estate, Loveland Real Estate, Northern Colorado Real Estate | Tagged , , , , ,

The Next Boulder?

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The Next Boulder?

The hottest question we get in Northern Colorado is this “do you think Fort Collins is the next Boulder?”

Let’s look closely at that question and start with what is similar. They are both beautiful college towns nestled against the foothills. They both have affordability issues which push real estate buyers to satellite communities (what is happening in Wellington is not unlike what happened in Louisville).

Yet there are differences at a fundamental level that will forever keep these two places very different from each other. For example, the average Household Income in Boulder is 60% higher than Fort Collins. Here is another big deal: Boulder is only half the size of Fort Collins (25 square miles versus 57 square miles). And get this, the City of Boulder owns 71 square miles of open space in and around the City.

Essentially Boulder is a small island surrounded by an ocean of open space inhabited by very high income-earners. That is why the average price of a single family home in Boulder is now over $1 million.

We put together a short video which shows you more detail about this hot question. You can watch it here:


Welcome to Friday Fun Facts!

Thanks for checking out this week’s Friday Fun Facts!

These little nuggets of information are designed to inform, education and entertain you. I promise to give you some solid takeaways, based on real life with information that will keep you up-to-date.

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In our March issue of the Windermere Report, we will take a close look at what’s happening in Larimer and Weld County real estate.

If you’re not already receiving this monthly printed newsletter designed to keep you informed, educated and entertained on real estate, I will put you on our list!

Simply Email me and I will get one in your hands right away. Meagang@windermere.com

Posted on February 28, 2017 at 8:19 pm
Meagan Griesel | Category: Colorado Real Estate, Fort Collins Real Estate, Fun Facts, Loveland Real Estate, Northern Colorado Real Estate, Uncategorized | Tagged , , , , ,

Love Loveland!

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Love Loveland

It’s Valentine’s Day and Loveland Colorado is the place to be.

Loveland has certainly been a hot place to own real estate over the last 5 years. The median price was $192,500 in 2012 and today it is $315,000. That’s a $122,500 increase. We love it!

It also looks like it will be the place to be in the future. One of the many exciting developments on the horizon in Loveland is The Foundry.

The Foundry will revitalize Loveland’s historic downtown. Three empty city blocks will soon transform into a movie theater, apartments, offices, retailers and parking to support the increased traffic coming to the new epicenter of entertainment in downtown Loveland. Exciting stuff!

Loveland and Northern Colorado is one of the Front Range markets featured in our latest real estate report. It is written by our Cheif Economist Matthew Gardner and you can get it by clicking here: The Gardner Report


In our February issue of the Windermere Report, we will take a close look at what’s happening in Larimer and Weld County real estate.

If you’re not already receiving this monthly printed newsletter designed to keep you informed, educated and entertained on real estate, I will put you on our list!

Simply Email me and I will get one in your hands right away. Meagang@windermere.com

Posted on February 15, 2017 at 12:51 am
Meagan Griesel | Category: Blog, Colorado Real Estate, Loveland Real Estate, Northern Colorado Real Estate, Uncategorized | Tagged , , , , ,

Prices Continue to Pop in 2017

Real Estate Prices in Larimer and Weld Counties Are Up Double-Digits

Fort Collins, Colo. (Feb. 7, 2017) – Continuing a trend that started four years ago, average residential real estate prices in January 2017 increased by double-digits compared to one year ago. Larimer County’s prices are 10.5% higher than last January and Weld County’s are up even more at 12.8%.

The average price of a property in Larimer County so far this year is $378,253 and in Weld County it is $310,948. Both Counties have seen their residential average prices go up by almost $100,000 in just three years.

“For three years now we have had the perfect storm to cause prices to increase at a rate that is double the long-term average. Northern Colorado is in the top-10 nationally for fastest growing communities, we have an incredibly healthy economy with high employment, interest rates that are roughly half of the long term average, and very few homes to pick from,” said Eric Thompson president of Windermere Real Estate in Colorado.

“The inventory of listings is especially low in the lower price points. For example, if someone wanted to buy a single-family home in Fort Collins under $300,000 they would have five listings to choose from today. Greeley has 33 homes at that price point,” Thompson said. “These dynamics create a unique opportunity for move up buyers to capture the appreciation in their home and leverage the low interest rates to buy the home of their dreams.”

Even though the number of homes available for sale across Larimer and Weld Counties may be down, Windermere Real Estate in Northern Colorado saw their January closed transactions increase 48% compared to last year. Their new written contracts are up even more at 110% compared to 2016.

About Windermere Colorado:

Since its inception in 1972, Windermere Real Estate has grown to be a network of 300 offices with more than 7,000 agents by focusing on three basic principles: hire the best people, give them the best tools and create thriving communities. Windermere’s growth has allowed them to expand into the Colorado market led by Eric Thompson, President of Windermere Colorado. For more information, visit www.windermerecolorado.com.

About Windermere Real Estate

Windermere Real Estate is ranked the largest regional real estate company in the Western U.S. serving communities in Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington and Mexico. The Windermere family has a proud heritage of serving our neighbors via the Windermere Foundation, which funds services for low-income and homeless families. Since 1989, the Windermere Foundation has contributed more than 28 million dollars towards improving lives in the communities where we live and work. For more information, visit www.windermerecolorado.com.

Posted on February 7, 2017 at 11:02 pm
Meagan Griesel | Category: Blog, Colorado Real Estate, Fort Collins Real Estate, Loveland Real Estate, Northern Colorado Real Estate | Tagged , , , , , , , , ,

Our Crystal Ball

Last month Windermere’s Chief Economist Matthew Gardner joined us for our annual Market Forecast events in Colorado. We were pleased to host over 500 customers at two events in Denver and Fort Collins.

Here are some of the big takeaways that we shared:

  • Interest rates will increase to 4.6% by the end of the year
  • First-time buyers are back and will make up 47% of all buyers in 2017
  • Inventory will remain at record lows and will continue to drive up prices
  • Appreciation is expected to be between 9% and 7% accross our Front Range markets
  • Home builders will get creative in order to hit lower price points – we will see more “tiny homes” and more homes without basements

Click HERE to see Matthew Gardner’s infographic on the 2017 Forecast.

Posted on February 7, 2017 at 10:54 pm
Meagan Griesel | Category: Blog, Colorado Real Estate, Fort Collins Real Estate, Loveland Real Estate, Northern Colorado Real Estate | Tagged , , , , , , , , , ,

100K

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100K

The City Manager for Fort Collins, Darin Atteberry, recently visited our weekly sales meeting. He had several interesting and valuable facts to share, including this…

Based on the City’s research, Fort Collins will grow by 100,000 people over the next 25 to 32 years. That will bring the population to approximately 255,000 people. It means Fort Collins will essentially add the equivalent of Boulder’s population over the next two and a half decades.

100,000 people will require 40,000 housing units. That equates to 1,600 new homes/apartments/condominiums/etc. per year for the next 25 years.

Wow!

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Register for our annual Real Estate Market Forecast events! We will be in Denver January 18th and in Fort Collins January 19th starting at 5:30 pm.. Back by popular demand is our Cheif Economist Matthew Gardner. Seating is limited.

Sign up at www.windermereforecast.com

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In our December issue of the Windermere Report, we will take a close look at what’s happening in Larimer and Weld County real estate.

If you’re not already receiving this monthly printed newsletter designed to keep you informed, educated and entertained on real estate, I will put you on our list!

Simply Email me and I will get one in your hands right away. Meagang@windermere.com

Welcome to Friday Fun Facts!

Thanks for checking out this week’s Friday Fun Facts!

These little nuggets of information are designed to inform, education and entertain you. I promise to give you some solid takeaways, based on real life with information that will keep you up-to-date.

You can expect an entertaining short video or article once a week. If you really like it, share it with your friends!

*If this isn’t your thing, no worries – just click the unsubscribe link below.*

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Free Investor Resource

Learn the 5 essential steps to real estate investing in Northern Colorado. See how to create monthly residual income. Gain clarity and confidence in the Northern Colorado investment market. Avoid common investing pitfalls.

Click below for your free access to the one hour online lesson; plus enjoy additional resources.

unsubscribe

Posted on December 6, 2016 at 8:13 pm
Meagan Griesel | Category: Blog, Colorado Real Estate, Fort Collins Real Estate, Fun Facts, Northern Colorado Real Estate, Uncategorized | Tagged , , , ,

Upping the Pace

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Upping the Pace

Nationally, the real estate market is on pace for 5.6 million home sales. That is the highest pace we’ve seen since 2007.

A little perspective – 5 years ago the pace was roughly 4.5 million sales and ten years ago it was roughly 6 million sales.

The highest it has ever been is the Spring of 2005 when it topped 7 million sales.

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Register for our annual Real Estate Market Forecast events! We will be in Denver January 18th and in Fort Collins January 19th starting at 5:30 pm.. Back by popular demand is our Cheif Economist Matthew Gardner. Seating is limited.

Sign up at www.windermereforecast.com

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In our November issue of the Windermere Report, we will take a close look at what’s happening in Larimer and Weld County real estate.

If you’re not already receiving this monthly printed newsletter designed to keep you informed, educated and entertained on real estate, I will put you on our list!

Simply Email me and I will get one in your hands right away. Meagang@windermere.com

Welcome to Friday Fun Facts!

Thanks for checking out this week’s Friday Fun Facts!

These little nuggets of information are designed to inform, education and entertain you. I promise to give you some solid takeaways, based on real life with information that will keep you up-to-date.

You can expect an entertaining short video or article once a week.. If you really like it, share it with your friends!

*If this isn’t your thing, no worries – just click the unsubscribe link below.*

 

 

 

 

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Free Investor Resource

Learn the 5 essential steps to real estate investing in Northern Colorado. See how to create monthly residual income. Gain clarity and confidence in the Northern Colorado investment market. Avoid common investing pitfalls.

Click below for your free access to the one hour online lesson; plus enjoy additional resources.

unsubscribe

Posted on November 29, 2016 at 11:28 pm
Meagan Griesel | Category: Blog, Colorado Real Estate, Fort Collins Real Estate, Fun Facts, Loveland Real Estate, Northern Colorado Real Estate, Uncategorized | Tagged , , , , , , ,

The Trump Tantrum

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The Trump Tantrum

Since the election interest rates have jumped from 3.77% to 3.95% according to the Mortgage Bankers Association.

“This week’s increase in mortgage rates, being dubbed the ‘Trump Tantrum,’ is the biggest one week increase since the ‘Taper Tantrum’ in June 2013,” said Bankrate’s chief financial analyst Greg McBride.

Economists say the anticipation of Trump’s pledged spending plans and tax cuts have investors anticipating some inflation and a dose of adrenaline to the economy which have caused a great deal of volatility in the market.

A little perspective is in order- rates today are still lower than the 3.97% recorded last year at this time. And, rates today are still essentially half of their long-term average.

Using a $400,000 home as an example with a 20% down payment, this interest rate increase translates to an additional $34 per month.

Many economists believe that we are now seeing the beginning of a long-term rise in interest rates.

source: Inman News

********************************************************

Register for our annual Real Estate Market Forecast events! We will be in Denver January 18th and in Fort Collins January 19th starting at 5:30 pm.. Back by popular demand is our Chief Economist Matthew Gardner. Seating is limited.

Sign up at www.windermereforecast.com

********************************************************

In our November issue of the Windermere Report, we will take a close look at what’s happening in Larimer and Weld County real estate.

If you’re not already receiving this monthly printed newsletter designed to keep you informed, educated and entertained on real estate, I will put you on our list!

Simply Email me and I will get one in your hands right away. Meagang@windermere.com

Welcome to Friday Fun Facts!

Thanks for checking out this week’s Friday Fun Facts!

These little nuggets of information are designed to inform, education and entertain you. I promise to give you some solid takeaways, based on real life with information that will keep you up-to-date.

You can expect an entertaining short video or article once a week. If you really like it, share it with your friends!

*If this isn’t your thing, no worries – just click the unsubscribe link below.*

image

Free Investor Resource

Learn the 5 essential steps to real estate investing in Northern Colorado. See how to create monthly residual income. Gain clarity and confidence in the Northern Colorado investment market. Avoid common investing pitfalls.

Click below for your free access to the one hour online lesson; plus enjoy additional resources.

unsubscribe

Posted on November 29, 2016 at 11:24 pm
Meagan Griesel | Category: Blog, Colorado Real Estate, Fort Collins Real Estate, Fun Facts, Loveland Real Estate, Northern Colorado Real Estate, Uncategorized | Tagged , , , ,