New data shows Denver(and CO) housing not slumping much at all (Colorado Springs: real estate)

[bhcompy]

Denver-Aurora, CO
rank 198 q4-07:0.20% 2007:-0.49% 5yr:10.13%

Boulder, CO
rank 100 q4-07:1.28% 2007:2.89% 5yr:14.10%

Colorado Springs, CO
rank 192 q4-07:-0.28% 2007:0.06% 5yr:21.26%

Fort Collins-Loveland, CO
rank 145 q4-07:1.16% 2007:1.80% 5yr:12.98%

Grand Junction, CO
rank 3 q4-07:0.85% 2007:12.03% 5yr:66.15%

Greeley, CO
rank 254 q4-07:-1.04% 2007:-4.80% 5yr:2.23%

Pueblo, CO
rank 203 q4-07:-0.31% 2007:-0.74% 5yr:15.53%

what i find interesting is that denver only jumped 10% on avg in 5 years, while the rest of the major metro areas in the us were jumping 40-50%, but it also didnt fall much recently at all either, showing how fairly priced the market really is. buying in denver seems to be a great value all around.

Grand Junction, CO is in the top 10 for growth last year(12%). I don't really understand it, especially with 66% growth in the last 5 years. There isn't too much out there as far as large business or industry, but it does seem like a cool place to live right next to the Colorado and stuff. Utah, Idaho, North Dakota, and Washington are also on the top 10 list from the area(maybe ND not so much).


link:
Office of Federal Housing Enterprise Oversight report on Home Prices

[tfox]

Originally Posted by bhcompy

Grand Junction, CO is in the top 10 for growth last year(12%). I don't really understand it, especially with 66% growth in the last 5 years. There isn't too much out there as far as large business or industry, but it does seem like a cool place to live right next to the Colorado and stuff. Utah, Idaho, North Dakota, and Washington are also on the top 10 list from the area(maybe ND not so much).

GJ is in the middle of a boom period in energy, so supply is outstripping demand. That same energy boom is a secondary factor in supporting Denver's economy as well, as many of the energy companies in Western Colorado have regional headquarters in Denver.

[Katarina Witt]

what i find interesting is that denver only jumped 10% on avg in 5 years, while the rest of the major metro areas in the us were jumping 40-50%, but it also didnt fall much recently at all either, showing how fairly priced the market really is. buying in denver seems to be a great value all around.

True, but there have been years of much greater appreciation. Denver is not immune to such happenings.

[Charles]

Originally Posted by Katiana

True, but there have been years of much greater appreciation. Denver is not immune to such happenings.

From the Case Schiller housing index. Data from 2/2008.

[dj32]

thanks for posting...I think it is great that we are still trying post some good, accurate figures here.

[Katarina Witt]

Well, in the case of my own personal home, we bought at rock bottom in 1989. In two years, our home was appraised at 33% more than what we paid for it, whereas the graph shows virtually no appreciation during that time. Again about 10 (?) years ago, prices went up pretty fast in our area. All in all, our house is worth about 3X more than we paid for it.

[formercalifornian]

There are other factors to consider when evaluating Denver's vulnerability to a slump, including cost of housing vs. average salary (affordability), building rates vs. population growth, the number of non-performing loans held on Denver real estate, level of consumer debt, loan availability, and job growth & security. A major recession isn't going to spare Denver, nor is the market psychology that goes hand in hand with such a retraction.

[bhcompy]

of course noone is truely free of recession. as long as denver is a destination for intelligent folk and places like california, seattle, and portland keep driving out western based companies from high rent and high taxes, denver should be better insulated than those economies are from recession.

i like it really because to me it makes denver a destination for people that want to stay because there isnt as much profit to make from real estate speculation

[formercalifornian]

Bernanke's lowering rates again. Who still believes a recession isn't imminent, if not already here?