Everyone is looking to move to Colorado
Whether it be legalized marijuana sucking in non-natives, 300+ days of sunshine, majestic snow-capped mountains, the simple life-style, or that Colorado may again rank among the top ten states for job growth: it seems as though EVERYONE is looking to move to this beautiful state.
In fact, it is well known that Colorado’s real estate market has been trending on an upward rise.
Windmere Market Analysis
Matthew Gardner, Chief Economist of Windmere Real Estate, and a specialist in real estate market analysis, claims that “in many parts of the region, prices are well above historic highs and continue to trend upward”. His full story can be found here.
Gardner’s market research depicts how the annual change in home prices has seen lofty growths over the past year. He further goes on to suggest that although home price growth may slow during 2017, Colorado can still expect to remain a strong market.
Gardner’s graph portraying the annual change in home prices is just one of the many market analysis that proves the rocketing Colorado real estate market.
Front Range Real Estate Market Analysis
The Multiple Listing Service (MLS), a private offer of cooperation and compensation by listing brokers to other real estate brokers, and a great source for data for Colorado’s Front Range, further indicates how the analysis of the Colorado real estate market remains lofty.
Throughout Colorado, the inventory for February Homes for Sale has decreased over the past three years. This shows decreased supply.
The number of days on market has also decreased.
This portrays that people want homes sooner, in this quicker turnover market.
Lastly, month’s supply of inventory has also fallen short.
Basic economics insinuates that decreased supply and increased demand causes prices to increase. This is depicted in the MLS’s bar graph of February Median Sales Prices for Colorado.
The IRES’ data of the Front Range shows that Colorado’s real estate market as a whole is by far a seller’s market. However, the real question is what is to come.
What is to come?
Some fear the trending increase in mortgage rates will cause this “housing bubble” to pop.
Others aren’t as skeptical and believe there simply will be a slowdown in home price growth and that eventually the market will become more neutral.
Although I’m not sure what side I stand on, my only hope is that homes will become more affordable for me upon graduation. This way I can start my life and career with ease!
My name is Joleen Najjar and I am a Colorado Native and senior at CU Boulder, studying Finance and Real Estate. My passions include learning, travel, skiing, and sports.I was asked to write this blog by my boss, Bob Gordon. I did all the research for this blog.