Colorado Real Estate Market: When will My Home Value Return?

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Colorado Real Estate Market: When will Home Values Return?

There are many reasons to love Colorado, and their nicely rebounding housing market is just one of them.

Many of the states in the West, including Colorado, have seen home prices make their way up. Prices in this region of the U.S. grew 0.6 percent from June 2009 to June 2010.

Modest Home Price Increases Experienced

If you own a home in Colorado, overall prices saw an increase year over year from 2009 to 2010; the only slight blip in the radar was seen between May and June of this year, when prices fell 0.1 percent.

In terms of home values, according the Case-Shiller home index, if you own a property in Northern Colorado, expect its value to return to 2001-2008 peak by 2013; however, if you are in Central Colorado, home values are not expected to return until between 2015 and 2025.

The fairly stagnant home values for Colorado have been driven by a weak demand for a wide variety of goods and services, which therefore translates into job losses across the region. Consumer confidence has fallen to its lowest levels since August 2009, thereby clearly reflecting the sentiment about the state’s economic conditions.

The housing prices for Colorado, and for much of the West in general, have been driven by poor growth in median home prices and rent prices.

Steady Activity in Local Markets

Most real estate agents across Colorado, however, have noted that they are experiencing steady activity in their local markets since the beginning of the year. Resort areas in Colorado seem to have nothing to worry about if sales are any indication.

In Telluride, for example, the real estate market saw 28 real estate sales in May that totaled $33.7 million. That’s a whopping 155 percent increase in the number of sales and a 165 percent increase in dollar volume from last year at the same time. At this point, Steamboat and Telluride are the biggest players in terms of resort real estate sales. Aspen and Vail are close seconds.

The wealth and cash sales associated with the sale of resort homes help to stabilize the housing market in Colorado. It is still important to point out, however, that home prices in resort areas are still down 20 to 40 percent from their 2006-2007 peak levels. In other words, it is still very much a buyer’s market.

In short, there are plenty of reasons for you to remain hopeful about rebounding home values across Colorado, especially in and around resort areas.


10 Largest Cities in Colorado

1. Denver 554,636   6. Arvada 102,153
2. Colorado Springs 360,890 7. Pueblo 102,121
3. Aurora 276,393 8. Westminster 100,940
4. Lakewood 144,126 9. Boulder 94,673
5. Fort Collins 118,652 10. Thornton 82,384

 

 

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