colorado’s real estate market… · 2018-05-21 · northern colorado snapshot source: ires weld...
TRANSCRIPT
Colorado’s Real Estate Market… Leading the Nation, How & Why?
Chris Mygatt President & COO
Coldwell Banker Real Estate – Colorado
Colorado’s Top Real Estate Source
• National Outlook
• Regional Outlook
• Local Outlook
The Housing Market
National….
What’s the Housing Market up to??
Total Existing Home Sales, SA Annual Rate
5.51 Million Homes Sold(slightly up (1.1%) from same period last year)
NAR: Summary of December 2017 Existing Home Sales Statistics
Median Price of Existing Home Sales
NAR: Summary of December 2017 Existing Home Sales Statistics
Avg. Sales Price: $246,800(Up 5.8 from 2016 and the 70th straight month of price gains)
Up 6.5%
Up 8.5%
(2016Up 10.6%)
Where are Sales Happening??
NAR: Summary of December 2017 Existing Home Sales Statistics
Regional….
The Housing Market
WWW.FHFA.GOV
2016…
2017…
Bottom ofThe Market…
Front Range….
Housing Market
2017
Up 4.0%
2017
Up 9.3%
2017
Down 5.0%
YOY
Northern Colorado Snapshot
Source: IRES
Weld County
• Median Sales Price : Up 12.1%
• Average Sales Price : $346,332 (up 11.2%)
• Homes for Sale: Down 2.9%
Larimer County
• Median Sales Price: Up 6.2%,
• Average Sales Price: $420,013 (up 7.1%)
• Homes for Sale: Up 5.6%
• Still relying on new construction to help meet the buyer demands (especially in Larimer
County areas north of Fort Collins – Wellington/Timnath
• Multiple offers continue however, interest rate increases are diminishing buyer’s price target.
Southern Colorado Snapshot
El Paso County/COS & Pueblo – YOY 2017/16• Active Inventory 1,787 Down 19.5%
• Median Sales Price $276,600 Up 10.7%
• Sales Units: 17,073 Up 6.1%
Note: Inventory continues to remain low with a large gap between first time
homebuyer price ranges and what is available to choose from. Builders are
building homes at a very fast pace.
Market Inc/Decr Ranking• Seattle-Bellevue +14.15% 1• Greeley +10.69% 18• Den-Aurora-Lakewood +10.24% 24• Colorado Springs +10.22% 30• Fort Collins-Lov +9.64% 43• Boulder +8.76% 57• Grand Junction + 6.40% 123• Atlantic City, NJ -2.77% 253
The
Luxury
Market
Sales by Price Range
NAR: Summary of December 2017 Existing Home Sales Statistics
Highest $$ Available in ColoradoAsking Price: $58.5 Million
Taxes: $37,020
1220 WATSON DIVIDE RD, ASPEN
7 Beds
11 Baths
18,000 sq. ft.
Highest Priced Sold in
Colorado …
Highest Priced Sold in ColoradoAsking Price: $42.5 Million
Sold Price: $30.0 Million
5 Beds
7 Baths
9,613 sq. ft.
Taxes: $32,979
343 WILLOUGHBY WAY, ASPEN
Highest Priced Sold in Metro Denver
Asking Price: $4.0 Million
Sold Price: $8.1Million
6 Beds
9 Baths
9,906 sq. ft.
Taxes: $63,243
466 HOUNDSTOOTH CT
HIGHLANDS RANCH, CO
Lowest Priced Sold (for fun)…
Lowest Priced Sold…
Sold Price: $85,000
2 Beds
2 Baths
912 Sq. Ft.
Sold Nov. 17, 2017
1636 CHESTER ST, AURORA, CO
Real Estate is a LocalPhenomenon…
2017 Forecast…
2018 Forecast… • Number of Homes Sold will increase
slightly, unlike 2017 • Prices will move UP, but modest! • Standing Inventory will remain low • Luxury Home Market will continue to
strengthen• First-Time Buyer will continue to feel
the squeeze – But there is good news!
Strategies for 2017 - 2018
• If Buying…Need a Loan? Pick an agent that knows the NeighborhoodWaiting is NOT a good strategy
• If Selling….If your happy with your current house…Pricing Matters Staging Matters Moving up? Time isn’t your friend Moving down? …..
Is the Global and National Economy Really This Good and For How Long?
Elliot Eisenberg, Ph.D., Chief Economist and Global Business Consultant
Percent Change in Sales From a Year Ago by
Price Range
NAR: Summary of December 2017 Existing Home Sales Statistics