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  Economic Snapshot

June 2013

In recent years, bloggers, columnists and other experts have explored the up-and-coming trends that we all share a part in creating - our home. Lifestyles, technology, and economy are all factors that contribute to what's considered "in" in the world of home design & living. Before the market crash in 2006, "McMansions" were all the rage, soon followed by new "green" homes being built. During the market downturn, we saw features such as "downsizing", or making the most with a limited space become trends that everyone was following. Today, with the market on the rebound, we see a mixture of all these past trends making their way into our lives. While "green" homes used to be an added luxury of a newly constructed home, now energy-saving features are becoming standard. The age of McMansions hasn't completely died out as homeowners are still seeking high-end finishes and luxury features. And as for the latest trend? Technology is playing a larger role in your home's design like never before. Things like, controlling your fireplace or security system from your smartphone are key features that any trendy homeowner is seeking. Be sure to read this article from Realtor.com on their top picks for 2013.

Units Listed - Single Family & Attached Dwelling

YTD* Units Sold - Single Family & Attached Dwelling

Source: Ires, LLC | *YTD represents through the month of April

In the span of less than two years the Front Range real estate market has shifted from a buyer’s market, to a balanced market, to a seller’s market. Driven by pent-up demand and affordable mortgage interest rates, the Front Range real estate market regained its mojo. Sometimes the wheels of change move quickly.

The question becomes can the Northern Colorado real estate market sustain itself? The available inventory of single family homes in Northern Colorado continues to creep-up, but at a snail’s pace. When comparing the end of April 2013 to the end of April 2012, available single family & attached homes in Northern Colorado are down 18.1 percent.

Across the Front Range the real estate market is beginning to experience the trickle-up effect where more expensive homes are selling. The average single family home through April 2013 in Northern Colorado has sold for $259,356. This compares to $248,513 through April 2012, an increase of 4.36 percent. Entry level homes continue to sell well and now the market is undergoing an upper movement in buyer confidence. That’s a positive sign for the market as a whole.

As we enter the peak real estate selling season here are some things buyers and sellers will need to focus on. For buyers, available inventory will continue to remain at a low level with well-priced homes selling quickly. Get your financing in place before you make an offer. This bodes well in the mind of sellers to know they have a qualified buyer. It also makes sense in terms of timing. The early bird catches the worm, or in this case makes the home purchase.

For sellers, be aware of changing market conditions. Home values are trending up in most areas and price segments. Take advantage of that shift by pricing your home competitively, but also knowing this is not a discount housing market. There will still be “bottomfeeders” out there looking for “deals”. Don’t feel like you need to buy into that scenario.

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