Friday Fun Fact – Nationally home prices have gone up!

Hot off the Press the new Federal Housing Finance Authority report!

The Federal Housing Finance Authority ranks 241 major metropolitan areas across the United States for yearly home price appreciation. The current report shows that, nationally, home prices have gone up 4.99% over the last 12 months. Colorado has 5 major metropolitan cities ranked in the 241 cities across the United States.

Here’s how the major cities rank:

        #22   Greeley = 7.94%
#27    Colorado Springs = 7.64%
#63    Fort Collins = 6.34%
#133  Denver = 4.83%
#188  Boulder = 3.41%

** Interesting fun fact: In the WORST economy of our lifetime (2008 recession), home appreciation in Fort Collins only went down 2.2%. Compare that to places like Las Vegas that went down by over 35%**
Posted on September 6, 2019 at 4:56 pm
John Taylor | Category: Economy, For Buyers, For Sellers, fun facts, Housing Trends, market news, Northern Colorado Real Estate

Friday Fun Fact – Home Prices Across the Nation

 

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Case-Shiller

The Case-Shiller Home Price Index is a well-known report in the real estate industry and a valuable way to gauge what is happening in various markets across the Nation.

The report tracks home price appreciation in the 20 largest markets in the country.

Their most recent report shows that, Nation-wide, home prices are up 2.1% year-over-year.  Last year prices were rising at 6.3%.  So, prices are still going up but not as fast as they were.

The city with the highest appreciation over the last 12 months is Phoenix with 5.8% growth followed closely by Las Vegas at 5.5%.

Denver came in at 3.4% which makes it tied for 8th place out of the 20 cities.

 

Posted on August 30, 2019 at 1:04 pm
John Taylor | Category: For Buyers, For Sellers, fun facts, Housing Trends, market news, Northern Colorado Real Estate

See what my clients are saying on Google!

Click the link to access all

25 of my 5-Star Reviews!


Star Carson – August 25, 2019

John was super helpful! We were out-of-state buyers who didn’t know the area very well, so he took his time showing us different areas In good school districts. He made sure the process flowed smoothly, which took the stress off of us. Would definitely work with again!

Cesar Gonzalez – August 25, 2019

John helped us purchase our first home from start to finish and we couldn’t be happier. He even helped us find the perfect mortgage broker for our situation. He went above and beyond to make sure we were satisfied with our new home.


I am passionate about helping my clients realize their dreams, whether you are a first time home buyer, investor, seeking your dream home or a special property in the colorful Colorado countryside. I will meet you wherever you are in the process, and match your sense of urgency with a commensurate level of communication.

– John Taylor, 970-541-1003, jt@realtorjohntaylor.com

Posted on August 26, 2019 at 5:29 pm
John Taylor | Category: For Buyers, For Sellers, fun facts, Northern Colorado Real Estate, Uncategorized | Tagged ,

Friday Fun Fact – A Closing Window for Home Sellers

Most people know that the Spring and Summer are the most active months for real estate and that activity trails off into the Fall and Winter.

Here are the specific numbers behind this…

The number of homes sold along the Front Range in November tends to be between 15% and 29% lower than September.

That means the best window of time for current sellers to obtain a contract from a buyer and close by the end of the year will occur over the next 45 days.

For sellers who have homes on the market today, it is time to ensure that:

  • The home is priced right versus the competition
  • All of the marketing elements are in place
  • It is easy for a buyer to make an offer on the home
Posted on August 23, 2019 at 8:29 pm
John Taylor | Category: For Sellers, fun facts, Housing Trends, market news, Northern Colorado Real Estate

How much real estate has sold in Northern Colorado?

As it turns out, a lot!

Last month alone there were 1,099 single family homes that sold in Larimer and Weld Counties.

The average price was $429,144 which means the total sales volume for one month was $471,629,129 (almost a half a billion)!

Over the last 12 months, just over $4.5 billion worth of single-family homes have sold.

That’s a lot of real estate!

Posted on August 21, 2019 at 6:08 pm
John Taylor | Category: fun facts, Housing Trends, Living, Northern Colorado Real Estate

Windermere Fun Facts

 

What We Notice

Here are some observations we have about the market right now:

  • Inventory is up, price reductions are up, the length of time to sell a home is up
  • Seller concessions are more prevalent
  • Sellers are more willing to accept contingent offers (especially in higher price ranges)
  • If a home doesn’t sell within a week, it often becomes stigmatized by the market and potential buyers assume there must be something wrong with it
  • Homes that likely would have sold within hours a year ago, are now sitting on the market
  • Condition is super-important as buyers become even more picky
  • Pricing a property correctly on day one is paramount
  • Sellers who over-price their property are finding themselves chasing the market
Posted on August 16, 2019 at 1:19 pm
John Taylor | Category: For Buyers, For Sellers, fun facts, Housing Trends, Northern Colorado Real Estate

Colorado Real Estate Market Update

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 2, 2019 at 3:30 pm
John Taylor | Category: fun facts | Tagged , ,

Home-ownership Rate

An interesting stat which can give some insight to the national market is the Home-ownership Rate.

It simply looks at the percentage of Americans who own their home instead of rent.

The most recent report from the Census Bureau shows the rate at 64.2%.

Most importantly, this number is showing stability after many years of change.

After many years of hovering around 64%, the Home-ownership Rate started increasing in 1996 and reached as high as 69.5% in 2005.

2008 started several years of declining back to the pre-1996 levels of 64%.

So today it’s back to what seems to be “normal” based the long-term average.

Posted on August 1, 2019 at 3:30 pm
John Taylor | Category: fun facts | Tagged , , , , , , , , , ,

Compound Effect

If you have driven on I-25 lately you may have noticed that the Front Range is a popular place.

The projections show that it will only get more popular in the future.

Today, 4.8 million people live along the Front Range from Fort Collins down to Pueblo.

In 2030, just 11 short years from now, 5.7 million people will live here. Yes, that’s almost 1 million more than today.

This is all according to the Colorado State Demographers Office.

While this seems like a big increase, keep in mind that this assumes that population growth occurs at a fairly modest 1.7% per year.

It seems that our state will continue to grow and there will continue to be a demand for housing.

Posted on July 25, 2019 at 3:30 pm
John Taylor | Category: fun facts | Tagged , , , , , , , , , , ,

Sign Surprise

Given how active our market is today and has been over the last few years, many people assume that virtually every home with a “For Sale” sign in the front yard is already under contract.

 

They are surprised to learn that, in most cases, the “For Sale” sign does indeed represent a home that is actively for sale.

 

For example, today in Fort Collins there are 655 single-family homes on the market. 290 of these are under contract and will be closing soon. 365 of these are still active. So, 56% of the signs in Fort Collins are in front of homes that are still available.

 


Here are the specific numbers for each of our Northern Colorado markets:
• Fort Collins = 56%
• Loveland = 57%
• Windsor = 58%
• Greeley = 41%

Posted on July 23, 2019 at 3:30 pm
John Taylor | Category: fun facts | Tagged , , , , , , , , , , , , , , ,