In This Issue:
Last minute Halloween decorating ideas
Halloween is just around the corner -- are you ready yet? Beyond the costume planning and stocking up on mass amounts of sugar and candy for the kids, be sure you don't forget to do a little decorating outside your house. Halloween is one of the most fun holidays do spruce up your front porch & yard with a little festive decor. Check out this article from House Logic for a little inspiration that will also won't send your electric bill through the roof in November.
Top 10 home projects for fall
Fall is finally upon us, the leaves have turned and are one short snowfall away from being gone for the rest of the year. Here’s a list from Bob Vila
of the top 10 home maintenance projects that you should do before that first snowfall hits. Things like cleaning out the gutters, inspecting your roof, and sealing doors, windows, and any other elements that potentially let that cold air creep inside need to be checked. If nothing else, your electric bill will thank you for doing this annual maintenance. For the full list of items, check out the full article on Bob Vila’s website.
Northern Colorado Economic Snapshot
Units Listed - Single Family & Attached Dwelling
YTD* Units Sold - Single Family & Attached Dwelling
Source: Ires, LLC | *YTD represents through the month of August
As the sun drifts lower in the sky and the days give way to longer nights, a settling begins. Summer transitioning into fall is a time of quiet reflection. The leaves begin to change, the days grow cooler, and real estate buyers and sellers turn their thoughts to school activities, sporting events, and family affairs. Home buyers are still buying and home sellers are still selling, but the overall activity level begins its seasonal shift into a lower gear. This is an opportune time to look back on what has happened thus far in 2014 to the Northern Colorado real estate market.
The average sales price of a single family home has increased year to date 6.98% through August 2014 compared to through August 2013 ($288,026 vs. $269,216). Sales of single family homes and attached units are up 2.7% for the same timeframes (5,725 vs. 5,571).
Available inventory continues to be in short supply. At the end of August 2013 there were 2,073 active single family homes and 272 active attached units in Northern Colorado. Those numbers in August 2014 were 1,750 for single family homes and 248 for attached units – an overall decline in active inventory of around 17%.
Home mortgage rates spent the year in the 4% to 5% range, with only subtle shifts. There’s no indication mortgage rates will trend up significantly in 2015, but the days of 3.5% and lower are cemented in the rear view mirror.
Looking ahead isn’t always an easy thing to do when it comes to foreseeing what might happen. The world has grown smaller these past few decades and what occurs in the Middle East or Europe or China can have an impact on what transpires here in Colorado and across the country. With the information overload that embodies modern society, we’ve become much more attuned to the constantly changing face of the world’s economic climate.
In Northern Colorado, Metro Denver, the mountain communities, and the Boulder Valley, we are experiencing a balanced real estate market. Homes are continuing to increase in value, although at a slower rate than the market experienced in 2012 and 2013. Homes are selling close to or slightly above the list value, depending on the price range and location. Days on the market have trended up this year over last, but homes continue to sell in a reasonable amount of time.
New home construction continues in pocket areas across the Metro Denver area, Boulder Valley, and Northern Colorado. The focus being on entry level homes and empty nester product. Many custom home builders didn’t survive the economic downturn of 2005 to 2010. Those that did are still licking their wounds and building spec custom homes is not something we’ll see any time soon (ever).
As winter is borne again in the far north, look for the Northern Colorado real estate market to continue on a stable path. Inventory levels will shrink a bit more as the snow flies, but will rebound as spring makes its presence known. The keys to a vibrant, healthy real estate market are manageable mortgage interest rates, which they have been for the past two plus years, and reasonably priced homes for sale. Look for those two elements to be part of the real estate landscape as 2014 rambles over the horizon.