U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Colorado
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-11-2016, 05:03 AM
 
Location: Eastern Colorado
3,768 posts, read 4,620,844 times
Reputation: 4893

Advertisements

It is to early to call this a trend, but inventory is staying on the market longer and home prices dropped for the 1st time in a very long time in all cities throughout northern Colorado. With jobs often paying much less than even the low paying Denver metro area, sooner or later prices had to stop climbing, and it could be starting now.

Quote:
LOVELAND Median home prices as well as the number of homes sold in the Boulder Valley and Northern Colorado declined slightly during July compared with June, according to a report released Wednesday by Loveland-based Information and Real Estate Services.
The median home price dropped in Boulder to $900,000 in July, compared with a year-high of $992,500 in June. The median price for a home in Fort Collins declined to $360,000 in July, down from $372,000 in June.
In Longmont, the median price declined to $340,625 in July from $345,000 in June. Median prices dropped from $350,000 to $346,000 in the Loveland/Berthoud market; $251,000 to $250,000 in Greeley/Evans; and $361,500 to $359,500 in the Estes Park region, which includes the communities of Allenspark, Meeker Park, Raymond and Riverside.
Median prices, number of homes sold decline slightly in July - BizWest
Reply With Quote Quick reply to this message

 
Old 08-11-2016, 10:09 AM
 
1,246 posts, read 919,712 times
Reputation: 1433
With all the new building going on, supply is catching up with demand.
Reply With Quote Quick reply to this message
 
Old 08-12-2016, 10:51 AM
 
1,822 posts, read 1,390,553 times
Reputation: 2087
I'm suspicious of those numbers, especially in Fort Collins. From what I've heard (from numerous sources in town), the prices are continuing upward. And I still see new homes going in "Starting in the 400s". With the Internet, the data sources, data gathering methodology, and supplemental information are almost always missing. Whatever the case, the prices are still insane in this area in my opinion. Where I used to live - and will someday be back to - great homes start around $230-250k, and that's with better paying jobs as well.

Last edited by Sunderpig2; 08-12-2016 at 11:02 AM..
Reply With Quote Quick reply to this message
 
Old 08-12-2016, 11:54 AM
 
Location: Eastern Colorado
3,768 posts, read 4,620,844 times
Reputation: 4893
Quote:
Originally Posted by Sunderpig2 View Post
I'm suspicious of those numbers, especially in Fort Collins. From what I've heard (from numerous sources in town), the prices are continuing upward. And I still see new homes going in "Starting in the 400s". With the Internet, the data sources, data gathering methodology, and supplemental information are almost always missing. Whatever the case, the prices are still insane in this area in my opinion. Where I used to live - and will someday be back to - great homes start around $230-250k, and that's with better paying jobs as well.
These type of studies are based on actual sold homes which are available both through the MLS and through county records, numerous sources and asking prices are not nearly as factual especially when a downturn 1st starts.

One month is not a trend and can easily be a slight bump, but 3 or more months and it will be a trend. New subdivisions are in a position where they cannot just drop their prices, between homes already ordered and the terms of their loans they have to keep the higher prices as long as possible, and home sellers and Realtors are more interested in ignoring possible downturns and pushing the prices higher, but as I have said for years Fort Collins especially is way overdue for a correction with the low paying jobs and overall tough business market.

When houses are over 6 times the average household income, and very few new jobs are being created, even with a huge population wanting to move here, sooner or later something has to give. The panic of having to buy before you are priced out seems to be over asart t homes are starting to sit on the market longer. If the trend is starting down when people start to realize it the next panic will set in. Which is going to be people wanting to get out before they get stuck if they are not happy in Fort Collins, and from many I have talked too there are plenty that will be throwing their house on the market.
Reply With Quote Quick reply to this message
 
Old 08-13-2016, 01:24 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,403 posts, read 39,732,014 times
Reputation: 23426
~1% change is only noise, no trend. (Yet)

There are plenty of warning signs / opportunity for a correction, hopefully to 'right-pricing'. There is too much interest in moving / staying on NO CO and momentum will keep most markets higher than normal. Fringe places will show trends first, but there is still a lot of excess building going on. Counties and municipalities best be budgeting and planning for sustainable revenues when the gravy train slows down. This will create lots of pain and auguish, but it shouldn't.
Reply With Quote Quick reply to this message
 
Old 08-13-2016, 02:02 PM
 
Location: CO
2,591 posts, read 5,988,228 times
Reputation: 3407
Have you heard about this yet?

Aspen real estate in a first-ever sustained nosedive
Quote:
Brokers struggling to explain sudden, precipitous drop in luxury real estate market. . .This year, a slowdown in January turned into a free fall. Sales volume — the total of all residential real estate sold — in Pitkin County is down 42 percent, according to data compiled by Land Title Guarantee Co. Almost all of that decline is coming from Aspen, where the market is frozen. Sales in the Aspen-Snowmass market in the first half of the year were the bleakest since the first half of 2009, and inventory soared to levels not seen since the recession.

Single-family home sales in tony Aspen are down 62 percent in dollar volume through the first-half of the year. Sales of homes priced at $10 million or more — almost always paid for in cash — are down 60 percent. Last year, super-high-end transactions accounted for nearly a third of sales volume in Pitkin County.

Many Roaring Fork Valley brokers say the luxury market across the country is slowed, from Manhattan to Palm Beach. . .
Reply With Quote Quick reply to this message
 
Old 08-13-2016, 07:08 PM
 
Location: The Berk in Denver, CO USA
13,950 posts, read 20,207,715 times
Reputation: 22581
Quote:
Originally Posted by suzco View Post
Have you heard about this yet?
Falling sales volume ≠ falling prices.
Reply With Quote Quick reply to this message
 
Old 08-14-2016, 07:31 AM
 
Location: CO
2,591 posts, read 5,988,228 times
Reputation: 3407
Quote:
Originally Posted by davebarnes View Post
Falling sales volume ≠ falling prices.
Quite true, though the article includes this snippet:
Quote:
. . .Aspen has never experienced such a sudden and precipitous drop in real estate sales. Even more disconcerting for brokers who have always trumpeted Aspen as a safe and lucrative place to park a huge pile of money: Prices are dropping.
In the first half of this year, the average price per square foot of Aspen homes dropped 22 percent to $1,095 from $1,338 in 2015. Recent Aspen sales also closed at more than 15 percent below listing price, a rare discount. . .
Reply With Quote Quick reply to this message
 
Old 08-14-2016, 08:41 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,403 posts, read 39,732,014 times
Reputation: 23426
Quote:
Originally Posted by suzco View Post
This is an investment / 'safe harbor' for $USD problem rather than 'housing costs', Look at the macro economic picture of where high net worth individuals can park large chunks of cash.

Many dynamics are putting a strain on 'safe harbor' cash camping spots.
Reply With Quote Quick reply to this message
 
Old 08-15-2016, 09:49 AM
 
1,822 posts, read 1,390,553 times
Reputation: 2087
Yeah, it's too easy to look at numbers and make quick assumptions and jump to conclusions, especially when one is in a wishful-thinking and/or promotions mindset. It's far better to think about what the numbers really mean.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Colorado
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 04:16 AM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top