Our Forecast

This past Wednesday and Thursday evenings we had the pleasure of hosting our annual Market Forecast events in Denver and Fort Collins.

Thank you to the 700 people who attended. We appreciate your support!

In case you missed the events, here are some highlights including our forecast for price appreciation in 2019:
• In 2018 Prices went up:
o 8% in Fort Collins
o 8% in Loveland
o 8.5% in Greeley
o 8% in Metro Denver

Inventory is (finally) showing signs of increasing:
o Up 25% in Northern Colorado
o Up 45% in Metro Denver

• There are distinct differences in months of inventory across different price ranges = opportunity for the move up buyer.

• There are several reasons why we don’t see a housing bubble forming:
o New home starts along the Front Range are roughly 60% of pre-bubble highs 14 years ago.
o Americans have more equity in their homes than ever, $6 Trillion!
o The average FICO score of home buyers is significantly higher than the long-term average.
o The home ownership rate is back to the long-term average.

• Our 2019 Price Appreciation Forecast:
o 6% in Fort Collins
o 6% in Loveland
o 7% in Greeley
o 6% in Metro Denver

If you would like a copy of the presentation, go ahead and reach out to us. We would be happy to put it in your hands!

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Still Up

All the talk of the market cooling off might make someone think that prices must be going down.

The truth is prices are still going up.

Here are the latest year-over-year appreciation numbers from the Federal Housing Finance Authority (they track 243 markets all across the Country):

Colorado Springs 11.44%

Greeley 10.53%

Denver 9.97%

Boulder 9.89%

Fort Collins/Loveland 8.64%

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HQ3?

The Front Range may have lost out on Amazon’s HQ2, but that doesn’t mean their company won’t affect our economy.

Denver was in the running for Amazon’s massive new second headquarters that supposedly would bring 50,000 new high-paying jobs and $5 Billion of investment.

In the end Amazon chose to split the headquarters among two East-Coast cities and many in Colorado breathed a sigh of relief.

But they are will continue to be an economic force in our state.

Over the past two years, Amazon has greatly expanded its footprint in Metro Denver, opening up a sorting center in Aurora, fulfillment centers in Aurora and Thornton, a Prime Now center in Denver and a new delivery center in Centennial.

They will soon have 3,000 workers here and that number is expected to grow significantly.

 

 

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What’s Starting?

Here are some interesting stats from our friends at Metro Study who study new home activity along the Front Range.

• New home starts are up 14% compared to last year – this is really good news and is helping to relieve the shortage of housing inventory

• Every product type saw an increase in starts compared to last year (single family, town-home and condominium)

• Condominiums saw the largest increase in starts by a long shot, up 112% over last year- this is excellent news for first time buyers and those looking for product in lower price ranges.

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