BlogFun FactsNorthern Colorado Real EstateReal Estate Statistics August 20, 2021

Population Math

The brand new Census data has just been released and it is fascinating!

Colorado’s population now sits just below 6 million people at 5.773 million.  Just 20 years ago it was 4.301 million.

Northern Colorado is booming and now has 688,047 in Larimer and Weld Counties.  It grew by 135,592 people in just ten years.  If Northern Colorado grows at just 2% per year, it will have 838,725 people by 2030 and 1,022,402 by 2040.  

For several years we have been predicting that Northern Colorado would exceed by 1 million people by 2040 and it looks like that will come true.

Metro Denver is also booming.  For reference, we define ‘Metro Denver’ as Adams, Arapahoe, Denver, Douglas, and Jefferson Counties.

Population in Metro Denver is now 2.831 million and was 2.109 million in the year 2000.  It has grown by 722,000 people in 20 years.

If Metro Denver grows at 2% per year, it will hit 3.451 million in 10 years and 4.206 million in 20 years.

BlogColorado Real EstateEconomics 101Market News August 17, 2021

Q2 2021 Colorado Real Estate Market Update

The following analysis of the Metro Denver & Northern Colorado real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

REGIONAL ECONOMIC OVERVIEW

Although the post COVID-19 job recovery took a step backward last winter, it has since picked up again, which is very pleasing to see. At the end of the second quarter, the state had recovered more than 276,000 of the 376,000+ jobs that were shed due to COVID-19. Even though employment levels are still almost 100,000 lower than the pre-pandemic peak, they are heading in the right direction. Looking at the markets contained in this report, current employment levels in Colorado Springs are only 2.2% below the pre-pandemic peak, followed by Denver and Fort Collins, which are both down 3.6% from the 2020 peak. I would add that all markets showed jobs continuing to return. With total employment levels rising, the unemployment rate stands at 6.2%, down from the pandemic peak of 12.1%. Regionally, unemployment levels range from a low of 4.8% in Boulder to a high of 6.3% in Grand Junction. COVID-19 infection rates dropped during the quarter, which is certain to lead to employment levels continuing to rise unless we see another significant increase in infection rates due to the rise of new variants across the country.

 

COLORADO HOME SALES

❱ The late spring/early summer market was a good one for home sales, which were up 33.9% from a year ago. Comparing the current quarter to a period when COVID-19 was widespread is not that informative, but, with sales up more than 55% from the first quarter of this year, the market appears to be very buoyant.

❱ Sales were higher in all counties other than the very small Clear Creek County. Where sales rose, they did so at double-digit rates in all markets other than Weld.

❱ During the second quarter, 13,428 homes sold. This is very impressive but not overly surprising, given that the average number of homes for sale was up 45% from the first quarter.

❱ Another positive was that pending sales, which are an indicator of future closings, were 42.8% higher than in the first quarter. This suggests that closings next quarter should be positive as well.

 

A bar graph showing the annual change in home sales for various counties in Colorado.

 

COLORADO HOME PRICES

A map showing the real estate market percentage changes in various counties in Colorado.

❱ Prices continue to appreciate at an impressive pace, recording an increase of 28.1% year over year to an average of $615,409. Home prices were also 10.7% higher than the first quarter of this year.

❱ Buyer demand remains very strong, likely exacerbated by the drop in mortgage rates in the second quarter and improving levels of inventory.

❱ Year-over-year, prices rose across all markets covered by this report, with the exception of Clear Creek County. Of the markets that saw prices rise, all did so by double digits, with very notable gains in Boulder, Gilpin, and Park counties.

❱ Affordability levels continue to trouble me, and the pace of price appreciation has to slow at some point. The market is clearly still out of balance, but as long as the credit quality of buyers remains high, I do not see any cause for concern.

 

A bar graph showing the annual change in home sale prices for various counties is Colorado.

 

DAYS ON MARKET

❱ The average number of days it took to sell a home in the markets contained in this report dropped 14 days compared to the second quarter of 2020.

❱ The amount of time it took to sell a home dropped in every county contained in this report compared to the second quarter of 2020. The exception was Gilpin County, where it rose by only two days.

❱ It took an average of only 14 days to sell a home in the region, which is down 11 days compared to the first quarter of this year.

❱ The Colorado housing market remains very tight, as demonstrated by the fact that it took less than a month for homes to sell in every county other than one.

 

A bar graph showing the average days on market for homes in various counties in Colorado.

 

CONCLUSIONS

A speedometer graph indicating a seller's market in Colorado.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
Sales rose on the back of lower mortgage rates and higher levels of homes available to buy. Although this should signify a move back to a more balanced market, we are not there yet as price growth remains well above the long-term average.

With solid demand and favorable financing rates, the market is expected to remain active as we move through the balance of the year. That said, housing affordability is becoming an increasingly large concern. According to the Colorado Association of REALTORS®, statewide affordability for single-family homes has dropped almost 20% year-over-year and is down 17.8% for multi-family homes.

At some point, an affordability ceiling will be reached, which will slow home-price appreciation—but not yet. As such, I am moving the needle a little more in favor of home sellers, as they remain in the driver’s seat, for now.

 

ABOUT MATTHEW GARDNER

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

BlogColorado Real EstateFun FactsMarket News August 13, 2021

100 / 90 / 60

As you’ve probably heard, prices have gone up quite a bit along the Front Range.

Low interest rates, strong demand, lower supply, and a healthy local economy are all contributing to increased prices.

It may interest you to see exactly how much prices have increased since one year ago in the markets where we have the most activity.

Over the last year, Weld County has increased roughly $100,000, Metro Denver $90,000 and Larimer County $60,000.

Specifically, here are the average prices one year ago vs. today:

  • Weld County = $426,000 vs. $523,000
  • Metro Denver = $523,000 vs. $612,000
  • Larimer County = $532,000 vs. $592,000
BlogDesignLiving August 10, 2021

Windermere Living: Board it Up

For an intimate gathering or celebration, or just to change up a weeknight dinner, charcuterie boards are impressive crowd-pleasers.

Once an innocuous appetizer, charcuterie boards are stealing the show as stunning smorgasbords studded with salami roses and a rainbow of ripe vegetables, flamboyant fruits, and sweet and savory snacks. Traditionally, charcuterie boards are composed of meats and cheeses—the name even comes from the French for “cooked flesh.” A part of French culinary art since at least the 15th century, they were considered the food of the bourgeoisie for hundreds of years before catching on with higher-end cooks. Now, they return to accessibility as people find ways to customize their boards and feature all sorts of spreads. Trays and wood blocks can be artfully piled with everything needed for a build-your-own brunch buffet, a vegan midday meal, or an elegant soirée starter. Boards tap into a host’s creative side as an easy, fun way to put out an incredible spread that pleases every type of person. “I love making them for entertaining,” says Amy Holt of Peas Thank You in Venice, California, “because it’s a centerpiece for conversation.”

 

Photography by Carly Diza – Food Styling by Anne Parker

 

At cocktail parties, casual gatherings, or before a sit-down dinner, charcuterie board–style spreads allow people to create their own bites and discuss what they paired and how they ate it—functioning as both food and icebreaker. The chameleon of catering, boards fit in as easily at a small family picnic as they do at an upscale event, while also giving people more flexibility than a set menu: hungrier guests can make almost a full meal of the offerings, while lighter eaters can sparsely snack. But the ultimate asset of an attractive board to anchor an event is the freedom to indulge artistic whims in building a creative, edible assortment. Expert charcuterie board makers from around the West talk about how they design their signature creative boards with both classic snacks and unorthodox offerings in elegant arrangements for family, friends, and gatherings large and small.

Magnificent Morning

When a client for her charcuterie board business requested a bagel spread for a bar mitzvah, Sylvie Stulic, of the Bay Area’s On the Board Gourmet, saw it as the perfect opportunity to get creative. Now it’s part of her standard offerings, and she’s gained knowledge on the best way to build a bagel board.

Functional Design

The big size and flavor of caperberries always draws wows, says Stulic, while she adds extra brightness with red sweetie drop peppers. “I love to include a floral element,” she says, which may be actual (edible) flowers or cucumbers styled into roses. One standard bagel fixing not found on the bagel boards, though, are onions. “They contaminate the other flavors,” Stulic explains.

Tips of the Tray

Unless the board is enormous, Stulic slices and cuts the bagels in half so that they don’t visually overwhelm everything else. She uses the halves to create a line down the middle and creates symmetry with the colors around it. Aim to keep the bagels surrounded by dry ingredients so they don’t get soggy on the board. For serving a crowd or an event, bagels work well because they are traditionally eaten at room temperature. But at home, she branches out, creating similar breakfast spreads for her family out of crepes, waffles, and pancakes.

 

Photography by Carly Diza – Food Styling by Anne Parker

Creative Colors

The rainbow platters made by Amy Holt of Peas Thank You in Venice, California, stand out for their bold use of patterns, whether as a fun fruit display, a vegan snack selection, or a traditional meat and cheese board.

Shop Savvy

“Start at the farmers market,” says Holt. That’s the best place to find natural-looking fruits and vegetables, like radishes with their stems and broccolini with flowers. But even if limited to a grocery store, she can look for the same effect with tomatoes on the vine and celery with nice leaves to use as a garnish. Instead of buying pre-sliced meats or trying to slice them at home—especially for small boards that only need a few slices of each type of meat—Holt uses the deli counter at the grocery store, which will cut them to order. Holt uses honeycomb on cheeses and tops a chia seed pudding with toasted coconut to add special touches.

Tips of The Tray

Bring variety in shapes as well as color by cutting and stacking the food creatively: put berries on a skewer, clip the grape bunches into manageable sizes, and fold the meat in different ways. Start with the biggest things first by plating any dips or spreads. Holt uses a coconut chia seed pudding as the anchor to her fruit boards and hummus on her vegan spread. Arrange foods in groups of three, and always use odd numbers, as they are more naturally pleasing to people. Use triangle formations to direct the eye across platters, drawing attention to the whole board, rather than a single spot or line. Finish by tossing a small, attractive garnish all over the board—berries, little tomatoes, or cilantro flowers—to add a decorative touch.

 

Photography by Carly Diza – Food Styling by Anne Parker

Edible And Upscale  

When the fashion industry slowed down during the pandemic and the events Rona Argana once planned dried up, she used her sharp eye for design to craft grazing boxes as gifts to send to her friends. That turned into For Love and Graze, her North Hollywood, California business that spins casual snack platters into eye-catching displays.

Ingredients for Elegance

Use the green color of leaves to signify freshness, says Argana. She likes mint sprigs in the spring, rosemary and sage in the winter. (Keep them well hydrated ahead of time, so they last longer.) Fancy can still be fun, and she loves to use letter-shaped cookie cutters and slices from a log of mozzarella cheese to add celebratory messages. Savory needs a balance of sweet, so even her traditional snack boards always include a sugary nibble like chocolate-covered almonds or yogurt-covered pretzels.

Tips of the Tray

Start by setting out a neutral color palette of the crackers, meats, and cheeses. Then bring in a limited range of colors, sticking to greens, oranges, and reds. Balance each color with multiple tones and items: use both olives and grapes for green and offset the reds from berries with similar shades of citrus. Most of all, Argana says, don’t forget the purpose of the creation, and consider the flavors as much as the colors: “Make sure it tastes as good as it looks.”

BlogFun Facts August 6, 2021

A List Not Made

Us Coloradoans are used to making many top-10 lists.

Whether it be best place to live, best place to retire, best place to raise a family, or best place to own real estate, you can usually find a Colorado town or two on these types of lists.

But, here’s one we didn’t make…

The 10 Most Expensive Places to Live

The recent list, put together by Bungalow.com, uses data from M.I.T. and the U.S. Bureau of Labor Statistics.

Colorado is thankfully nowhere to be found in the top 10.

Predictably, Hawaii is at the top followed by New York, Massachusetts and California.

So, while it may feel costly to live here in Colorado, it is not as expensive at many other places.

BlogColorado Real EstateFun FactsMarket News July 30, 2021

Listing Averages

While a lot of attention has been paid to increasing sales prices along the Front Range, it is also interesting to look at the average price of properties currently listed for sale.

Did you know, for instance, that the average list price of all the properties currently for sale in Metro Denver is $887,000. Meanwhile, the average closed sales price is $613,000.

In Larimer County it is $793,000 versus an average closed sales price of $601,000.

In Weld County it is $669,000 versus $488,000.

What is causing this? The high number of high-end properties currently for sale pulling up the average.

You might be surprised to hear the number of $1,000,000-plus listings active listings in our market looks like this:

  • Metro Denver = 527
  • Larimer County = 75
  • Weld County = 44
BlogColorado Real EstateFun FactsHousing Trends July 23, 2021

2 to 3

Along the Front Range we have gone from two weeks of inventory to three weeks.

For much of the Spring, there was only two weeks of inventory on the market in most areas. Meaning, it would only take 14 days to sell all of the homes currently for sale.

Now, because the pace of sales has slightly slowed down and there is a bit more inventory, there is roughly three weeks.

We can actually measure inventory in number of days based on the pace of sales in July so far:

  • Metro Denver = 23 Days
  • Larimer County = 22 Days
  • Weld County = 22 Days

This is obviously good news for buyers as they have better selection and slightly less competition.

BlogcommunityWindermere Foundation July 21, 2021

Windermere Foundation Evergreen Tailgate Party 2021

At Windermere, giving back to our communities is the cornerstone of who we are. Over the past 30 years, our owners, staff and agents have worked together to organize events, raise funds, and spread awareness about worthy causes to strengthen our communities and lend a hand to those in need.

Last week, our team in Evergreen hosted their first annual tailgate party to raise funds for the Rotary Wildfire Ready Campaign, a community-based project whose mission is to build wildfire awareness in mountain communities.

 

John Putt, Cindy Latham, Chuck Ridings

Wildfires pose a major threat to mountain communities due to the enormous volume of trees in the surrounding area. Archuleta County, Jefferson County, La Plata County and Montezuma County are just a few areas that face the threat of wildfires each year. Rotary Wildfire Ready helps residents assess their wildfire risk, learn how to harden their homes with fire resistant materials, and create an evacuation plan to keep their families safe.

 

The Rotary Wildfire Ready Truck

 

With the help of our sponsors (pictured below): Kate Higgins with BW Mortgage, Laura Roberts with Chicago Title of Colorado and Otterbox, we were able to raise $2,200 of which 100% of the proceeds were donated to the Rotary Wildfire Ready Campaign.

 

Yvette Putt, John Putt, Kailee Harvey, Dave Gorsuch

 

Kate Higgins, JT Putt, Dave Gorsuch, John Putt, Yvette Putt, Laura Roberts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Click here to donate to Rotary Wildfire Ready or to learn more about the organization.

BlogFun Facts July 16, 2021

Double Up

Here’s an interesting stat based on the most recent U.S. Census.

(although you won’t be surprised to hear this)

Since 1990, Colorado’s rate of population growth is double the Nation’s rate of population growth.

Here are the numbers since 1990:

30.3% growth in the U.S.
62.3% growth in Colorado

So, the Nation grows at roughly 1% per year and Colorado grows at roughly 2% per year.

It appears Colorado is twice as popular as compared to the Nation as a whole.

(but you aren’t surprised to hear this)

BlogDesign July 14, 2021

7 Vintage Design Elements That Are Still Popular Today

Adding the right touch of vintage décor to your home is a matter of balance. It brings that decades-old, well-traveled quality that gives the spaces in your home a special character. A common concern with vintage décor is that it will make a home feel outdated. Fortunately, certain design elements and trends have stood the test of time.

We tend to think of vintage décor in terms of well-known objects, like shag carpets and Eames chairs, but it is so much more than that. Some of the most iconic design concepts of eras past continue to influence how we design our homes today. From features to furniture, here are just a few that have maintained their popularity with homeowners and interior designers alike.

 

7 Vintage Design Elements That Are Still Popular Today

1. Built-Ins

The history of built-ins dates back to the Arts & Crafts movement of the late nineteenth century to the early twentieth century. In contrast to the Victorian period that preceded them, the Arts & Crafts designers looked to simplify home design by working features into the structure of the home itself. The clean aesthetic look of built ins, as well as their functionality and the storage they provide, have kept them relevant for decades.

2. Exposed Brick

Exposed brick has maintained its popularity through the years, sometimes used to compliment certain modern design trends, such as Industrial, a common design choice for open-concept, non-traditional living spaces such as lofts. Whether it’s stripping away a wall to reveal a chimney or using it as a backsplash for open shelving, exposed brick creates a vintage lived-in quality. Its natural pattern and textured surface work well as either a focal point or an accent piece in large and small spaces alike.

3. Crown Molding

With roots dating back to ancient Greece, crown molding is both decorative and functional. It provides a visual transition for the surfaces in a room by embellishing the space between the ceiling and wall. It can also be a decorative piece for architectural elements such as bookshelves, doorways, etc. Although crown molding is a small detail, it plays a significant role in tying a room together.

 

An empty living room with a chandelier, crown molding, and a hardwood floor.

Image Source: Getty Images

 

4. Marble Countertops

From ancient Rome to the European Renaissance, marble has been widely used throughout history in countless homes throughout the world. Heat resistant and easy to clean, marble countertops have become a staple of kitchens and bathrooms. Due to their large surface area and durability, they are often the centerpiece of kitchen renovation projects. Because marble is porous, it’s best to seal them at the time of installation to prevent damage.

5. Wicker Style Furniture

With origins tracing back thousands of years, wicker-woven furniture is still ubiquitous today. Made from the sturdy and flexible material rattan, wicker furniture is lightweight and weather resistant. It makes for the ideal outdoor patio chair or lounge seat, or the perfect rocker by the fireplace in the living room. A combination of functionality and beauty, wicker furniture’s popularity has showed no signs of slowing down.

 

A wicker chair holding a book, a hat, and a blanket.

Image Source: Getty Images

 

6. Checkerboard Tile

Checkerboard tile is a classic element of vintage design, often used on kitchen floors and in bathroom tile work. Designers have always found a way to incorporate this eye-catching black and white pattern into the latest trends. In the home, it can be applied on a large or small scale. If a whole kitchen floor is a bit much for your taste, incorporate it in smaller areas, such as a bathroom backsplash or a backdrop for your shelves.

7. Mid-Century Modern Furniture

The evidence of the Mid-Century Modern (MCM) movement’s relevance is all around us, but in the home, it lives on in its signature furniture pieces. MCM designers took the concepts of modern design—clean lines, minimalism, multi-functionality—and created sleek, interesting furniture pieces that blend into a room and make a statement simultaneously. Common items such as teak desks, Eames chairs, Tulip chairs, credenzas, and raised-legged dressers skyrocketed in popularity during the fifties and sixties. MCM has proven to be timeless, and to this day, its influence can be seen in homes everywhere.

 

A living room decorated with mid-century modern furniture.

Image Source: Getty Images

 

For more information on home design styles, check out our Interior Design page on our website.