Condo Cyclone!

 

 

While the “Bomb Cyclone” closed roads and schools over the last two days, the “Condo Cyclone” is opening new opportunities for first-time buyers.

 

What’s the “Condo Cyclone” you ask. It’s the proliferation of multi-family inventory that has come on the market up and down the Front Range.

Compared to last year, multi-family inventory which includes town-homes and condominiums, has increased…

 

• 79% in Metro Denver
• 34% in Larimer County
• 45% in Weld County

 

This is terrific news for the market overall, as inventory has been unusually low for several months. It’s especially terrific news for first-time buyers who need this type of product as a stepping stone to home ownership.

 

What we notice is a $170,000 to $130,000 difference in average price between a single-family home and a multi-family home in Front Range markets.

 

Specifically, here’s the spread between multi-family and single-family average price:

• $349,801 vs. $512,312 in Metro Denver
• $312,493 vs. $469,294 in Larimer County
• $237,645 vs. $370,027 in Weld County

 

So as we dig out from the “Bomb Cyclone” we can be happy for the “Condo Cyclone” which brings more affordability and opportunity to our markets!

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Posted on March 15, 2019 at 5:47 pm
Jennifer Cuningham | Category: Blog, Fun Facts | Tagged , , , , , , , , , , , , , , , ,

Get Real: Colorado Real Estate Market Isn’t Slowing Down

A story ran this week which highlighted the number of people who have moved out of Colorado.

Let’s get real, there are still a large number of people moving to Colorado.

Empty room full of cardboard boxes and cleaning things for moving into a new home

In fact, 223,000 moved to Colorado from another state last year according to the latest American Community Survey from the U.S. Census Bureau.

The net migration into our state (after subtracting out people who left) was 30,859 people.

In Northern Colorado the net migration looks like this:

  • Larimer County = 7,001 people
  • Weld County = 7,117 people

So what does that mean for housing? Knowing that, on average, 2.5 people live in each household, the number of new housing units required for these new residents looks like this:

  • Larimer County = 2,800 new housing units
  • Weld County = 2,847 new housing units

Needing more real estate information? Check out Windermere’s Blog!

Posted on December 8, 2017 at 7:37 pm
Jennifer Cuningham | Category: For Buyers | Tagged , , , , , , , , , , ,