Friday Fun Facts – Best Mountain Towns To Buy Property In The Next 5 Years
Fort Collins keeps landing on “best places to live” lists, proving it’s a top-tier city for anyone looking for an awesome hometown. So it’s no surprise that it was recently named one of the four best mountain towns to buy a home in the next five years by GoMortageRates.com.
With an average home price of $554,755 and a modest 0.9% price change in the last 12 months, Fort Collins is experiencing steady growth. Located 60 miles north of Denver and home to Colorado State University, the city offers a family-friendly environment with excellent schools, a robust job market, a thriving arts community and outstanding outdoor recreation.
The COVID-19 pandemic triggered an unprecedented urban exodus, with remote work opportunities and health concerns driving Americans to less populated mountain regions, a migration that continues even years later. Fort Collins and three other mountain towns offer promising real estate opportunities for those seeking a different pace of life.
Curious what other towns made the list? Here they are:
Bend, Oregon
- Average home price: $728,226
- Strong rental demand from residents and tourists
- Solid property appreciation potential
- Attractive for diverse investment strategies
Blue Ridge, Georgia
- Average home price: $491,808
- Year-round tourism driving real estate market
- Growing population with quality of life amenities
- Robust short-term and long-term rental markets
Seattle, Washington
- Average home price: $848,982
- Home to 17 Fortune 500 companies
- Unique mountain town with strong economic fundamentals
- Expected population growth of 1 million by 2040
- Challenging housing supply due to geographical constraints
Source: GoBankingRate.com
New Listings – October 2024
1906 Spring Bloom Drive | Windsor
Welcome to an unparalleled luxury retreat, nestled on a sprawling one-acre lot in the exclusive, Acadia at RainDance. This exquisite six-bedroom, five-bathroom estate redefines opulence with its meticulously crafted features and tailored finishes. Step into the magnificent great room, where a soaring 12-foot ceiling with beams creates an expansive atmosphere, centered around a custom-designed soft-lit fireplace that serves as both a visual masterpiece and a cozy gathering spot. The adjacent gourmet kitchen is equipped with state-of-the-art Dacor appliances, walnut and white oak cabinetry with quartz slab backsplash, 11-foot island adorned with quartz slab waterfall countertop, and stand-alone column refrigerator and freezer for a total of 48 of storage. The beverage counter and separate butler’s pantry, complete with a prep sink and drawer microwave, ensures effortless entertaining. The primary suite is a sanctuary of luxury, featuring a lavish eight foot walk-through shower, a striking 60-inch freestanding tub, and an artfully crafted custom tile wall connected to an extensive master closet. The impeccably designed mudroom features two expansive white oak lockers with a black leathered granite seat, and the custom cabinetry above offers additional storage. Descend to the finished basement, an entertainer’s paradise. The bar area features two stone wall wine racks and a custom-built wood waterfall bar table, perfect for hosting gatherings. RainDance offers several orchards, pumpkins patches and a real farm-table experience all while including a stunning golf course, pool, clubhouse, and several trails.
Jacqueline Feil | MLS#1020097
33250 County Road 53 | Gill
Welcome to 33250 County Road 53 which sits in the country on 3.66 acres. This 5-bedroom, 3-bathroom homestead has so much to offer. The main floor has an open-floor plan, updated kitchen with quartz countertops, new carpet on the main level, the master bathroom has been upgraded with new finishes and a luxury shower, custom blinds throughout the entire home, fresh paint throughout, and a new storm door. The basement includes a 2nd kitchen, all new carpet and luxury plank flooring, renovated laundry room and 4 new windows. Let’s talk about the amazing views of the Rocky Mountains, lots of room for your livestock, lean-tos and a large shop ( 55X30 ) for your big toys. The property has pipe fencing all around it and as well has a fenced yard. You will not want to miss out on this gem.
Suzanne Ekeler | MLS#1021189
6355 Ozark Ave | Loveland
This meticulously maintained 2 story home features a main level primary with 2 additional bedrooms on the upper level and another 2 in the basement. There are new countertops, hardwood floors and carpeting as well as light fixtures and ceiling fans. Vaulted ceilings, big windows and a view of the foothills make this home shine. Enjoy hosting family and friends in the open concept main level or head downstairs to take advantage of a spacious recreation room. Take advantage of the fully fenced back yard, elevated garden beds and patio. Conveniently located in north Loveland this is the right place to call home.
Maria Delotta | MLS#1021095
3107 Deering Lake Drive | Loveland
Welcome to your new home in the beautiful Lakes at Centerra neighborhood!! This beautifully maintained 3-bedroom, 2-bathroom home is better than new and move-in ready. This spacious residence offers a bright and open floor plan, perfect for comfortable living and entertaining. The living room is filled with natural light, showcasing vaulted ceilings and large windows that create a warm and welcoming atmosphere. The updated kitchen features quartz countertops, stainless steel appliances, and ample cabinet space, making it a chef’s dream for everyday meals and special gatherings. The primary suite is a peaceful retreat, complete with a walk-in closet and an en-suite bathroom with dual vanities, and a large walk-in shower. The 2 additional bedrooms provide versatility for family, guests, or a home office. The outdoor space is equally inviting, with a professionally xeriscaped back yard and a large patio perfect for outdoor dining, relaxation, gardening, entertaining and enjoying Colorado’s sunny days. Don’t miss the unfinished basement! It has an additional almost 1000 square feet and is roughed for another bathroom. The home is just a short walk to one of the 2 neighborhood parks and the dog park. With a neighborhood garden, fishing at the lake, the high plains environmental center, plenty of walking trails and conveniently located to I25, and shopping at Centerra this neighborhood has something for everyone! Don’t miss out on this one!!
Karla Laferriere | MLS#1020628
621 Wind River Court | Windsor
Welcome to 621 Wind River Court, a ranch-style home located on a Cul-de-sac, offering main floor living with 4 bedrooms, 3 full baths, and a 3-car garage. The open floor plan features vaulted ceilings, natural light, and a kitchen with granite countertops, wood floors, an island, eating area and pantry. The basement includes a large family room and storage. The backyard boasts beautiful landscaping, garden boxes, and an extended patio. Solar panels are paid off, lowering utility costs. Walking distance to Hollister Lake Elementary, Windsor Lake, and downtown. Call today for your private showing.
Suzanne Ekeler | MLS#1020369
1904 Winterberry Way | Fort Collins
Nestled in the vibrant heart of mid-town, this 3-bedroom, 2-bathroom townhome offers a perfect blend of convenience and charm. Just a stone’s throw from Rolland Moore Park and a short bike ride to CSU and Old Town via the scenic Spring Creek Trail, the location is unbeatable. Surrounded by mature trees and expansive green spaces, it provides a serene setting for residents. Step inside to a newly transformed interior that enhances its original charm, featuring new carpet and fresh paint throughout. The Dining Room can be transformed to a MAIN LEVEL OFFICE or a 4th BEDROOM depending on needs. The updated kitchen boasts stainless steel appliances and solid surface countertops, making it ideal for any home chef. Enjoy the outdoors with a fenced front courtyard and a cozy back deck accessible through sliding glass doors. The two-car garage offers ample storage. With a new water heater and AC system, this townhome is ready for you to move in and make it your own.
Alexis Foster | MLS#1020178
2233 Ridgecrest Road | Fort Collins
Nestled on a serene .68-acre lot, the home offers the ease of one-level living in a beautifully designed ranch-style home. This tranquil retreat features lush gardens, a small greenhouse for gardening enthusiasts, and thoughtfully designed outdoor living spaces. Imagine mornings on the newly laid paver patio listening to the sounds of a flowing fountain, evenings gathered around the designated firepit area, and afternoons unwinding in the relaxing sunroom that brings the beauty of the outdoors in. Inside, the updated kitchen invites culinary creativity, while the family room and living room each boasts a cozy fireplace, with a smaller wall fireplace adding a touch of warmth to the primary bedroom. With four bedrooms and no HOA restrictions, this property is truly a private haven where nature and modern living harmoniously blend. Seller is also offering a One Year Home Warranty.
Rondi duPont | MLS#1019715
2502 Owens Ave 102 | Fort Collins
Welcome to this beautifully maintained main floor 2 bed, 2 bath condo in the highly sought-after Timbers subdivision! Featuring a bright open floor plan, a cozy fireplace, new flooring, fresh paint throughout, and a new furnace installed in 2023, this home is move-in ready. Enjoy your own private patio, perfect for relaxing or entertaining. You’ll appreciate the convenience of a detached 1-car garage and easy access to local shops, dining, and more. Located in an excellent school district, this community also offers fantastic amenities, including a clubhouse, pool, and fitness center. Don’t miss out on this gem!
Philip Cooper | MLS#1019911
8012 N Louden Crossing Court | Windsor
Gorgeous 1/2 acre oasis with amazing outdoor features and indoor tranquility. Don’t miss the 16 x 9 gazebo, fire pit, mature trees and a lovely patio area. Enjoy this expansive ranch-style home with an open floor plan, main level office, huge eat-in kitchen, formal dining room, large laundry room, soaring ceilings & a beautiful fireplace in the family room. But wait, there’s more! The finished basement has a wet bar, rec room to entertain in, 2 more bedrooms and a beautiful bathroom. This entire package is on a Cul-de-sac in a great location, close to Windsor, Fort Collins, Timnath & Loveland. This great opportunity won’t last & has NO Metro Tax!
Katie Robinson | MLS#1019873
5145 Corbett Dr | Fort Collins
This beautiful south Fort Collins Townhome located in the highly coveted Harvest Park Community is a prime location with lots of amenities. Close to Twin Silo Park, this 2 bedroom 3 bath with an unfinished basement allows for room to grow. All kitchen appliances new as of 2020 including refrigerator, electric range/oven ( convection capable) , microwave and dishwasher. New roof, exterior paint and AC 2020. HOA fee covers access to the pool, clubhouse, weight room, water and sewer.
Lindsey Crisanti | MLS#1020283
311 E. Chestnut Street | Windsor
RARE opportunity to own this charming brick duplex located in the heart of Windsor. This nicely renovated property features two spacious units, each offering a comfortable living space with an open floor plan. The exterior has classic brick detailing, providing both durability and timeless appeal. Inside, each unit boasts ample windows that fill the living areas with natural light, creating a warm and inviting atmosphere. The kitchens are equipped with modern appliances, ample cabinetry, and convenient dining spaces, perfect for entertaining family and friends. Each unit includes two generously sized bedrooms, one with a full ensuite and a second full bathroom, ensuring plenty of privacy and space for residents. Each unit also has a full unfinished basement with bathroom rough in for future expansion. The duplex is situated on a well-sized lot, each unit offering a private fenced backyard that is ideal for outdoor gatherings or peaceful relaxation. Its prime location allows for easy access to local amenities, parks, and schools, making it an excellent choice for families or investors. With its blend of classic charm and modern convenience, this brick duplex in Windsor is a fantastic opportunity for anyone looking to invest in a thriving community.
Shari Moran | MLS#1021221
3912 Alcazar Drive | Castle Rock
This charming three-bedroom, three-bathroom home is nestled in the highly sought-after Meadows neighborhood, offering both comfort and convenience. It features an updated kitchen with a newer electric range and all appliances included, making it move-in ready. Inside, you’ll find brand new luxury vinyl tile (LVT) flooring throughout, adding a modern touch that’s easy to maintain. With two spacious living rooms, there’s ample space for relaxation and entertaining, accommodating a variety of needs. The Grange an expansive clubhouse just few minutes away, offers a wide array of amenities for all ages including a pool with a slide and indoor activities. Enjoy one of several parks and play areas in neighborhood only a few short blocks away. Visit www.meadowscastlerock.com to see all that the clubhouse offers.
Jacqueline Feil | MLS#1021336
925 Dove Hill Road | La Salle
Welcome to 925 Dove Hill Rd, a remarkable 3 bed, 3 bath home with 3,454 sq. ft. of spacious, elegant living. This home features an open floor plan, ideal for entertaining and everyday living, with a cozy fireplace adding warmth and ambiance. The main floor master suite offers a private, convenient retreat. Step outside to a beautiful deck where you can sit back and enjoy the breathtaking views and peace and quiet. With a 65% finished walkout basement that opens to serene open space, this home provides both tranquility and additional living potential. Don’t miss your chance to make it yours!
Philip Cooper | MLS#1021465
2456 Crown View Drive | Fort Collins
Welcome to this beautifully maintained 3-bedroom, 3-bath home that blends modern amenities with classic charm. It is located in a serene and well-established neighborhood with amazing foothills views and NO METRO TAX. Step inside to discover a bright and inviting living area, with large windows that flood the home with natural light and cozy up to the warm and inviting fireplace. The gourmet kitchen features granite countertops, stainless steel appliances, and ample cabinet space, making it perfect for cooking and entertaining. The primary suite provides a private retreat and a walk-in closet with ensuite bathroom featuring a luxurious soaking tub and separate shower. The bedrooms are generously sized and versatile, offering plenty of space. The upstairs also provides a spacious loft that has multiple uses. Enjoy outdoor living on the back patio, perfect for dining and relaxation. All your toys will fit in the 3-car tandem garage. You’ll enjoy easy access to nearby parks, walking trails, shopping, and nearby attractions including Horsetooth Reservoir, Spring Canyon Park, and CSU.
Angie Clauser | MLS#1021544
2417 W Elizabeth Street | Fort Collins
Welcome to this charming home located on West Elizabeth St. Built in 1966, this home shows true pride of ownership with numerous updates and a warm, inviting atmosphere. This home offers comfortable living spaces with 2 generous sized bedrooms, plenty of closet storage and one nicely updated bathroom. NEW roof and gutters were just installed. Customize the flex room in the primary bedroom to suit your needs….walk-in closet, quiet reading, nursery, ensuite…no limit to its potential! The yard provides a lovely space for outdoor activities, gardening, grilling, or simply enjoying the Colorado weather. Situated in a convenient location, this home offers easy access to local amenities, parks, University and the vibrant community that Fort Collins has to offer. Don’t miss the opportunity to make this delightful home yours!
Shari Moran | MLS#1021582
Luxury is Stronger
- 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
- 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
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.
Colorado Home Prices
❱ 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.
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.
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.
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
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.
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
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!
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
❱ 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.
__________
Colorado Home Prices
❱ 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.
__________
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.
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 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
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.
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!
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.
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.