Hello faithful readers, welcome to a quick market update. Things continue to be great for home owners along the Colorado Front Range. For those just getting here, it can be a bit pricey. Case in point – the newest article from WalletHub ranks Thornton as one of the 300 best real estate markets in America.
Thornton Colorado Hot Real Estate Market
Thornton came in at 11th, just after Denver – Top 10 – and Aurora, at number twelve.
This is surprising news, because generally, Thornton hasn’t been the hot “it” market. But, you look at affordability, access to Denver, the airport, the commute times to the High Country (not the “high times country,” but the high ski country!). Thornton offers a lot for consumers seeking well priced housing close to it all.
First Time Home Buyers Increasing
The number of first time home buyers entering the US market continues to increase from highs set in 2015. I’m not certain how much of this we are seeing along the Front Range. I say this because our market is outpacing the preferred price point – $200-$250,000 – of first time home buyers nationwide.
With Boulder home values averaging a million bucks, we just aren’t going to see the same percentages as more affordable portions of the country. Still, this is good news for the marketplace. And, Colorado has seen a tremendous amount of immigration the last few years. So some of the newbies are definitely buying homes, at any price!
Q2 2017 was the single best quarter for 1st time home purchases since 1999. You can read the entire article at Builder Online.
Young people continue to relocate to Colorado for the lifestyle, healthy economy and jobs. Smart Asset reviewed 2015 census data and saw, no surprise, that Denver had a net gain of nearly 4500 Millennials in 2015. That’s about twelve people a day. I’ve heard numbers as high as thirty people a day relocating to Denver metro. Bottom line: Denver/Boulder is the Hot Spot to live and people are moving here!
Teachers Benefit From New Twist On Permanently Affordable Housing
Actually, not just teachers. Ski lift operators too. Up at Aspen, the ski company is showing off a Tiny Home model to entice workers. In Denver, there is a conversation of opening luxury apartments to teachers at a serious discount. The idea is to get control of the one chunk of the market with a glut of inventory: luxury. Believe it or not, very high end/luxury apartments are experiencing a ten percent vacancy ratio. The idea is create a public private venture to fill up this unused housing for a two year test run. I’m not sure what happens after that, but any effort that helps alleviate the housing crunch around the metro idea is a good idea imho!