translateTranslate

Colorado Market Insights

Colorado Front Range Market Insights

View individual Market Insights for regional areas

 

Adams County •  Aurora •  Boulder County •  Broomfield/Westminster •  Douglas County •  Jefferson County
Metro Denver •  Mountain Suburbs •  Northern CO •  South Denver

 

Traditionally, homeownership has been seen as a settling down process. Single or married, with or without family, buying a home is the planting of roots in a community. Becoming part of something bigger than yourself, buying a home says, “I have a future here."

By becoming an integral part of a community you gain many advantages in return. Schools, medical facilities, auto repair shops, grocery stores, and retail outlets. All of these are real estate fields that yield a harvest to those who invest in them. Not to wax overly emotional, but real estate is as crucial to the health of any community as vital organs are to the health of our bodies! A body cannot thrive without a strong beating heart, and a community cannot thrive without a strong base of homeowners.

Whatever your motivation for becoming a homeowner, the stage of life you are in will impact what type of home you will shop for when the time to buy arrives. As an example, first time home buyers, perhaps because they tend to be younger and at the beginning of their careers, usually purchase smaller houses. The idea is to trade up to a larger home as life circumstances change. Making more money, adding family members and even social considerations change living arrangement needs.

Recent studies have uncovered that multi-generational home demand is greater than ever. We aren’t talking about the standard multi-family building, but a single family home built to accommodate two or more generations. This style home allows privacy but provides the inhabitants with commonly shared spaces.

We don’t have specific statistics on how many of the 9487 homes available for purchase in the Colorado front range this past April fit that description, but we do know 6294 people made the decision to become part of the community, closing on a home this past month. Sales prices were slightly higher than last year, at an average of $493,860. With average Days on Market sitting at 37, real estate activity remains strong and growing. Increasing inventory is easing the stress for home buyers, and new home construction is a welcome addition to inventory.

Though new homes are generally more expensive than purchasing an existing home, affordable mortgage interest rates appear to be inspiring strong sales numbers. The appeal of choosing your own color scheme, flooring options, appliances, kitchen and bath upgrades and designs combined with affordability all contribute to a busy market.

For the past several years we’ve seen builders primarily targeting high-end properties. The main issue was that there was more demand for new homes among luxury buyers following the housing crash of the early 2000s. It took builders a few seasons of playing catch up, but the good news this spring, for those interested in brand new homes that may not have a luxury-home budget, is that construction has surged and there are homes in more affordable price ranges available.

On the opposite end of multi-generational, smaller single family homes are trending. However, small doesn’t mean tiny or cramped. This refers to less square footage with an emphasis on allowing natural light to flood the space. Also trending are Smart features you can control from your Smartphone. Thermostats, appliances, garage doors and lighting top the list of wants for new build buyers. With an eye on prices, practicality, multi-generational and energy efficiency, the real estate marketplace all along the Front Range continues to move in a positive direction this spring.

 

January 2019 Stats:

Area New Listings Sold Listings Average Sales Price Average Days on Market
Adams County 2019 1123 757 $381,020 27
2018 956 758 $368,950 17
Aurora 2019 982 655 $359,280 22
2018 917 643 $342,150 18
Boulder County 2019 842 428 $706,800 54
2018 734 444 $683,960 40
Broomfield/Westminster 2019 412 288 $458,430 24
2018 371 255 $460,050 19
Douglas County 2019 1061 638 $545,230 30
2018 1020 693 $563,100 26
Jefferson County 2019 1199 867 $482,980 23
2018 1168 872 $468,680 20
Metro Denver 2019 1892 1305 $542,370 27
2018 1734 1301 $526,300 19
Mountain Suburbs 2019 110 87 $650,280 25
2018 94 59 $657,090 32
Northern CO 2019 1809 1191 $398,480 58
2018 1786 1175 $387,610 63
South Metro Denver 2019 1043 748 $637,140 28
2018 1003 737 $579,380 23
Front Range CO* 2019 9487 6294 $493,860 37
2018 8846 6264 $484,910 33

* Front Range area includes Adams County, Arapahoe County, Broomfield County, Denver County, Douglas County, Jefferson County, Larimer County and Weld County.

 

Source: IDC Global and Datafloat. Information deemed reliable but not guaranteed.

 

 



keyboard_arrow_up

RE/MAX Alliance Colorado Real Estate is powered by IDC Global and Datafloat
Real Estate website solutions | Big data and market report products for the real estate industry