colorado’s real estate market… · 2018-05-21 · northern colorado snapshot source: ires weld...
TRANSCRIPT
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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
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• National Outlook
• Regional Outlook
• Local Outlook
The Housing Market
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National….
What’s the Housing Market up to??
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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
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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)
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Up 6.5%
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Up 8.5%
(2016Up 10.6%)
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Where are Sales Happening??
NAR: Summary of December 2017 Existing Home Sales Statistics
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Regional….
The Housing Market
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WWW.FHFA.GOV
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2016…
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2017…
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Bottom ofThe Market…
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Front Range….
Housing Market
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2017
Up 4.0%
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2017
Up 9.3%
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2017
Down 5.0%
YOY
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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.
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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.
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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
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The
Luxury
Market
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Sales by Price Range
NAR: Summary of December 2017 Existing Home Sales Statistics
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Highest $$ Available in ColoradoAsking Price: $58.5 Million
Taxes: $37,020
1220 WATSON DIVIDE RD, ASPEN
7 Beds
11 Baths
18,000 sq. ft.
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Highest Priced Sold in
Colorado …
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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
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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
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Lowest Priced Sold (for fun)…
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Lowest Priced Sold…
Sold Price: $85,000
2 Beds
2 Baths
912 Sq. Ft.
Sold Nov. 17, 2017
1636 CHESTER ST, AURORA, CO
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Real Estate is a LocalPhenomenon…
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2017 Forecast…
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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!
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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? …..
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Is the Global and National Economy Really This Good and For How Long?
Elliot Eisenberg, Ph.D., Chief Economist and Global Business Consultant
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Percent Change in Sales From a Year Ago by
Price Range
NAR: Summary of December 2017 Existing Home Sales Statistics