Colorado Real Estate Market Update – Q2 2019

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. 

ECONOMIC OVERVIEW

Colorado’s economy continues to grow with the addition of 45,900 new non-agricultural jobs over the past 12 months, which represents a growth rate of 1.7%. As I have stated in the last two Gardner Reports, we continue to see a modest slowdown in employment gains, but that is to be expected at this stage of the business cycle.

In May, the state unemployment rate was 3.2%, up from 3.1% a year ago. The increase in the rate is essentially due to labor force growth, which rose by over 55,700 people over the past year. On a seasonally adjusted basis, unemployment rates in all the markets contained in this report were lower than a year ago and are at full employment.

HOME SALES

  • In the second quarter of 2019, 17,853 homes sold. This is a drop of 1% compared to the second quarter of 2018 but a substantial 59.9% higher than the first quarter of this year. Pending sales — a sign of future closings — rose 5.8%, suggesting that closings in the third quarter are likely to show further improvement.
  • Half of the counties contained in this report saw sales growth, while the other half had fewer closings. Sales in the small Clear Creek County fell precipitously. However, it was only a drop of 20 sales.
  • The marginal drop in the number of sales compared to a year ago can be attributed to the ongoing increase in listing activity (+34.8%), which continues to give would-be home buyers more choice and less urgency.
  • Inventory levels continue to rise, but demand for housing appears to be ongoing. I am not concerned by the marginal year-over-year slowdown and anticipate that sales will rise again in the third quarter.

HOME PRICES

  • Home prices continue to trend higher, but the rate of growth has taken a pause, with the average home price in the region rising by just 2.3% year-over-year to $490,575.
  • The drop in interest rates this year has nudged more buyers off the fence and this can allow further price growth as we move through the year.
  • Appreciation was again strongest in Park County, where prices rose 6.1%. We also saw strong growth in Weld County, which rose by 6.1%. Home prices dropped in Clear Creek, Boulder, and Gilpin counties, but I do not see this as being indicative of a trend in these markets.
  • Affordability continues to be an issue in many Colorado markets and this may act as a modest headwind to ongoing price growth. However, some of the slowing may be offset by very favorable mortgage rates.

DAYS ON MARKET

  • The average number of days it took to sell a home in the markets contained in this report rose four days over the second quarter of 2018.
  • The amount of time it took to sell a home rose in all counties except Gilpin when compared to the second quarter of 2018.
  • It took an average of 29 days to sell a home in the region — a drop of 13 days compared to the first quarter of this year.
  • It is likely that the drop in time-on-market was a function of the emerging spring selling season as well as falling mortgage rates.

 

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.

For the second quarter of 2019, I continue the trend I started last summer and have moved the needle a little more in favor of buyers. I continue to closely monitor listing activity to see if we get any major bumps above the traditional increase because that may further slow home price growth. However, the trend for 2019 will continue to be a move toward a more balanced market.

 

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.


Posted on August 8, 2019 at 4:27 pm
Stephanie Woodard | Posted in For Buyers, Fort Collins Real Estate, Housing Trends, Northern Colorado Real Estate | Tagged ,

Beautiful Views in Red Feather Lakes!

Enjoy this pristine lot at 922 Jicarilla Trail with breathtaking views of Mummy Range, perfect for your camping adventures in Crystal Lakes! Borders Rocky Mountain National Park to the North. Enjoy all that Crystal Lakes offers: fishing, kayaking, canoeing, and great hiking trails. Slash and dead trees have been removed. New gravel driveway, new gravel around the approved fire pit area. Water (access through Crystal Lakes) and Electric (plug at shed) is already set up. Needs well and sewer for permanent residence. Call for your private showing at (970) 215-2676 for more information or click the link below for more details.

http://windermerewindsor.com/listing/98200137


Posted on July 24, 2019 at 7:03 pm
Stephanie Woodard | Posted in Red Feather Lakes Real Estate | Tagged , , , , , , , , , , , ,

Wonderfully Maintained Home in Longmont!

This home is like new! 310 Widgeon Lane in Longmont has a beautiful yard complete with a patio offers tons of shade trees and a garden area. The interior boasts new carpet, paint, a new dishwasher and stove. For motorists – Garage offers 220 V. Need more room? There is a full basement, unfinished waiting for your own personal touches! Call for your private showing at (970) 215-2676 for more information or click the link below for more details.

http://windermerewindsor.com/listing/96898691


Posted on June 24, 2019 at 8:07 pm
Stephanie Woodard | Posted in Longmont Real Estate, Virtual Tours | Tagged , , , , , , , ,

Wonderfully Maintained Attached Home in Fort Collins!

Great end unit at 6615 Desert Willow Way unit A3 with trees surrounding it, a lot of natural light inside. This unit has been well maintained and updated, new flooring on main floor and updated kitchen. Tankless hybrid hot water heater. Close to a City Park, Water Way Park. With 2 bedrooms upstairs and a bedroom and family/play area lower level, you have room to spread out. Call for your private showing at (970) 215-2676 for more information or click the link below for more details.

http://windermerewindsor.com/listing/96242676


Posted on June 10, 2019 at 7:44 pm
Stephanie Woodard | Posted in Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , , , , ,

Beautiful Home in Greeley on Half an Acre!

This must see home at 5506 West 27th Street in Greeley sits on half an acre with mature trees and shrubs and a view of Josephine Park. The large patio and finished basement complete with a bar/lounge area is the perfect place to entertain guests! No HOA, New exterior paint, roof, and gutters. Walk out basement, and two bedrooms in basement. Two brand new hot water heaters. One year old Furnace with a humidifier. All appliances stay with home. Call for your private showing at (970) 215-2676 for more information or click the link below for more details.

http://windermerewindsor.com/listing/95391743


Posted on May 15, 2019 at 7:26 pm
Stephanie Woodard | Posted in Greeley Real Estate, Virtual Tours | Tagged , , , , , , , , , , , , , , ,

Beautiful Two Story Home in Longmont!

This beautiful home at 833 Allen Drive in Longmont offers 5 bedrooms, and 4 bathrooms with an additional room to make into a non conforming bedroom or office. Enjoy the large backyard and beautiful landscaping, brand new hard wood flooring and carpet as well as new paint and blinds. The exterior offers an expanded deck, walkout basement, views of the foothills, and fruit trees. This lush yard has been cared for and ready for a new homeowner to enjoy! Call for your private showing at (970) 215-2672 for more information or click the link below for more details.

http://windermerewindsor.com/listing/94955999


Posted on May 6, 2019 at 12:00 pm
Stephanie Woodard | Posted in Longmont Real Estate, Virtual Tours | Tagged , , , , , , , , , ,

Wonderful Townhome in Fort Collins!

This 3 bedroom, 3 bath townhome at 1925 Waters Edge Street Unit B in Fort Collins backs to Spring Canyon, located near CSU and Rolland Moore Park. This unit has new carpet, new paint, updated windows. Enjoy the private patio and the open green space around this unit. This one won’t last long! Call for your private showing at (970) 215-2676 for more information or click the link below for more details.

http://windermerewindsor.com/listing/92773632


Posted on March 19, 2019 at 8:13 pm
Stephanie Woodard | Posted in Fort Collins Real Estate, Virtual Tours | Tagged , , , , , , , , , ,

Beautifully Updated Home in Johnstown!

This home beats brand new! 3312 Tupelo Lane has so much to offer with 5 bedrooms, 3.5 bathrooms, and over 2000 sq. ft.! The main floor has been updated with wood-like tile and fresh paint and is great for hosting guests with the open and inviting spacious kitchen, dining, and living area. The upper level offers 4 bedrooms with a large laundry area, master suite with 5 piece bathroom to relax and unwind in. The best part is the garage! It offers enough space for 3 vehicles with room for storage. Call for your private showing at (970) 215-2676 for more information or click the link below for more details.

http://windermerewindsor.com/listing/91597560


Posted on February 20, 2019 at 7:35 pm
Stephanie Woodard | Posted in Johnstown Homes For Sale, Virtual Tour | Tagged , , , , , , , , , , , ,

Stunning Patio Home in Greeley!

Fantastic patio home at 1523 64th Avenue in The Dens neighborhood at Fox Run! This spacious home offers five bedrooms, three bathrooms, a fully finished basement, vaulted ceilings, a gas fireplace, central air, Alder Tharp cabinets, hickory floors, Pella windows, granite counter tops, over sized garage, and a private covered deck! HOA includes sprinkler blowout, snow removal, trash, lawn care, basic cable television and management. Completely maintenance free living! Call for your private showing at 970-215-2676 for more information or click the link below for more details.

http://windermerewindsor.com/listing/90630899


Posted on February 1, 2019 at 5:47 pm
Stephanie Woodard | Posted in Greeley Real Estate, Virtual Tours | Tagged , , , , , , , , , , , , , ,

Charming Home in Longmont Close to Main Street!

This charming home at 327 6th Ave in Old Town Longmont offers 2 bedrooms, 1 bathroom, a fully refinished kitchen with soft close drawers and cabinets, newer paint, updated bathroom, and refinished floors all in 2016. Great lot! One block from a park, and within walking distance to Main Street. Enjoy spring and summer on the flagstone patio and watch the Iris bloom. All appliances stay; including deep freezer and washer and dryer. Hot water heater replaced in 2017. Call for your private showing at 970-215-2676 for more information or click the link below for more details.

http://windermerenoco.com/listing/90295242

 


Posted on January 18, 2019 at 10:15 pm
Stephanie Woodard | Posted in Longmont Real Estate, Virtual Tours | Tagged , , , , , , , , , , , , , ,