Housing Statistics for Longmont Colorado —
Week of 2/25 to 3/4
# of Homes Newly Listed for Sale this week- 40
# of Homes that have gone Under Contract this week- 33 (average of 46 days to offer)
# of Homes that Sold this week- 36 (average of 76 days to sale)
The local market here in Longmont is VERY active. The buyers that I am showing homes to right now are all experiencing the same situation: they see a few homes online that they identify to go see, in a matter of days (sometimes even hours) the list of homes shrinks to a fraction of what it was because the homes are all under contract. Sellers are receiving offers faster than Buyers can schedule showings!
It takes an experienced, aggressive, and available agent to make sure that you secure the home you want. Call me if I can help you.
Interesting in depth article here, but I’ll highlight few of the key points, in my opinion at least:
Denver-area homes appreciated 12.1 percent in 2012 from 2011, twice the national average.
“It is an index,” he said, and not just a change in the average or median price of homes. “I don’t pay too much attention to average and median prices,” he said, as they are influenced by the mix of homes selling.
“Buying is cheaper,” Thibodeau said. “After you have been in your home for three years, it is cheaper than renting, given the mortgage-interest deduction and everything. But you have to plan to stay in your house for at least three years.”
Thibodeau also said that low mortgage rates are here to stay.
In fact, he said he doesn’t expect mortgage rates to skyrocket again in his lifetime.
He said he expects that Denver-area homes could rise another 6 percent or so this year from 2012.
Thibodeau said that Colorado homes did not have a bubble during the great recession.
“From peak to trough, Colorado homes fell by 14 percent,” Thibodeau said. “A 14 percent drop is painful, but not a bubble. There was no bubble in Colorado.”
Formerly battered real estate markets such as Miami and Phoenix are currently staging big percentage gains.
Miller’s “bottom line” projections include:
- User activity will remain strong — Landlord market coming soon.
- Investment activity to stay strong.
- Overbuilding not likely.
- Built-to-suit activity to continue.
Read the full article here: http://insiderealestatenews.com/2013/02/denver-saw-no-bubble/#more-22160
- More Coloradans paid off home loans in 2012 (denverpost.com)
- Colorado Real Estate Snapshot (legacyrealtor.wordpress.com)
- Metro Denver apartments scarce as rents soar (denverpost.com)
- Sellers Seem To Be In Control In Denver Real Estate Market (denver.cbslocal.com)
The following is a snapshot of Colorado’s housing market:
I. Nearly three quarters of 3.6 million or 67.6 percent of Colorado residents are homeowners.
II. CARHOF (Colorado Association of REALTORS® Housing Opportunity Foundation gave $132,308 in 2011 to non-profit housing agencies across Colorado totaling over 7 million since 1990.)
III. Colorado consistently receives top rankings nationally as a place to live and start and succeed in business. Bits of proof of this is supplied below:
a. Best State to Invest (OwnAmerican.com)- 1st
b. Technology Industry Employment Concentration (TechAmerica Cyberstates 2010)- 3rd
c. Research & Development Inputs (Milken Institute)-3rd
d. Best States for Business (Forbes Magazine)- 4th
IV. Colorado’s unemployment rate is currently at 7.9%
a. Service industries make up the largest portion of Colorado’s gross state product. The two largest service industries are real estate (10%) and health care (12%).
b. Tourism is the second largest industry in the State of Colorado.
c. The second-largest aerospace economy in the nation is right here in Colorado. The state’s aerospace economy consists of businesses providing products and services for commercial uses, the military, and space exploration.
d. Colorado is expected to add over 23,000 jobs in 2012, more than any other state.
V. How Does Real Estate Affect the Economy?
a. Real estate contributes 10% of the total U.S. economy’s output.
b. If real estate sales decline
i. Construction jobs decline
ii. Unemployment increases
iii. Real estate prices decrease
iv. The value of homes decrease whether they are being sold or not.
v. The amount of home equity loans the homeowner can get decreases.
c. In 2011, Colorado consumers spent more on goods and services, with retail sales increasing 6.5% for the year. In 2012, retail sales are forecast to remain relatively strong with a gain of 4%.
d. Colorado home builders, for the second year in a row, pulled more permits than they did the year before.
VI. Homes Sold by Colorado REALTORS®- Year End 2011 (based off same time period in 2010)
a. 57,730 Single Family Units were sold in 2011, an increase of 3% compared to 2010. 12,476 Condos/Townhomes in 2011 were sold, a decrease of 1% compared to 2010.
b. The median price for Single Family homes was $196,667 in 2011, a 2% decrease from 2010. The median price for Condos/Townhomes is $126,667 for 2011, a 10% decrease from 2010.
c. About 80 percent of homeowners in Colorado have lived in their house over 1 year and more.
VII. Who were the Buyers?
a. 50% of recent home buyers were first-time buyers
b. The typical first-time home buyer was 30 years old, while the typical repeat buyer was 49 years old.
c. The median income was $59,900 among first-time buyers and $87,000 among repeat buyers.
d. 20% of recent home buyers were single females, and 12% were single males.
e. When considering the purchase of a home, commuting costs were considered very or somewhat important by 76 percent of buyers.
f. New home purchases were at the lowest level in nine years—down to 15% of all recent home purchases.
g. The typical home purchased was 1,780 square feet size, was built in 1990, and had three bedrooms and bathrooms.
h. 11% of buyers over 50 purchased senior related housing or in an active adult community.
a. Colorado is ranked 11th in the nation for its foreclosure rate according to the Denver Post.
b. The state Division of Housing says that foreclosures are down 28 percent at the end of 2011. Many predict the number will continue to slowly decline in 2012.
c. Foreclosure-related properties, which made up roughly one in five home sales in the third quarter of last year, sold for an average 34 percent less than homes that were not “distressed sales,” according to the latest data from RealtyTrac.
Sources: Bureau of Economic Analysis; National Association of REALTORS®; Macroeconomic Advisors; Harvard Joint Center for Housing Studies, Colorado Multiple Listing Services, Realty Trac, U.S. Census Bureau, State Division of Housing; EconPost, Everitt Real Estate Center, Leeds School of Business, Denver Business Journal, Denver Post, Wall Street Journal, Colorado Office of Economic Development
#6- Louisville, Colorado
Median Income: $85,979
Median Home Price: $349,500
Households with Kids: 39%
Student/Teacher Ratio: 17:1
Great Schools Rating: 9
Yes, the views of the Rocky Mountains are downright spectacular. But for Kathy Pollicita, 52, a retirement center administrator, the real beauty of Louisville, located some 20 miles outside Denver, is the sense of camaraderie. Her neighbors all belong to a book club, wine club or other group. Kids gather at the 57,000-square-foot rec center, where her son David, 17, shoots hoops and daughter Lexi, 14, swims. And just about everyone shows up for the summer street fair, when the town throws itself a huge block party with music and games on Friday nights. “Teens even hang out with their parents, which is pretty neat,” says Kathy. She and husband Jim, 63, an education consultant, also appreciate the robust school system, where students regularly score above average on ACT and SAT exams. Voters have opened their pocketbooks to offer support, approving a property tax hike in 2010 that generated $22 million to restore state cuts and keep teacher salaries competitive. Says Jim: “We’ve got great weather, terrific schools and wholesome, inspiring surroundings—it would be tough not to be happy here.”
Good Deeds: For the past three years, Louisville Middle School has hosted a Winter Slam basketball game where eighth-graders square off against teachers, policemen and firefighters. The admission charge per person? One donated toy, which the students later wrap up and give to underprivileged kids.
“Garry was as dedicated as I was toward resolving whatever issues came up. He made my problems his own and worked with me until they were resolved. I experience this attitude/ethic very rarely and am always thankful to see that it’s still out there. His availability and consistency in problem solving went far in reducing the stress that I was under. I never had a doubt regarding any aspect of his performance. Without exception, every task they undertook, whether at my request or their volunteering, was carried out promptly and properly.”
Boulder, July 2012
“Garry listened to what I wanted in a house and didn’t try to push me towards a specific thing that he “thought” I would like or try to push me higher then I wanted to go price wise. He worked very hard to help me find exactly the house I was looking for at a price I was comfortable with.”
Longmont, March 2012
“Professionalism was always applied, whether it was in person, on the phone, in a message left or an email sent. The information provided regarding properties we were interested in was beyond that which was expected and sincerely appreciated.”
Thornton, April 2012
“Garry was very professional and helpful. He also marketed the house very well-we feel it’s one of the reasons it sold so quickly.”
Longmont, May 2012