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Whether you're looking for homes for sale in Evergreen and are considering moving to our beautiful mountain community or just curious what you might be able to sell your Evergreen home for in the current real estate market - get the latest market news, things to do and find out what's happening around town by following my blog below. Enjoy!


Millennials Drive Seller’s Market

Brad Eich - Saturday, January 24, 2015

 

As you can see by the illustration below if you bought property in 2010 you have most likely done well as far appreciation over the last 5 years.  In our local *Foothill market of Conifer, Evergreen and Golden we have seen a difference in average sale price increase by 18% and in Denver a whopping 35%!  Has Denver appreciated too quickly?  Perhaps, but if the Denver area population growth continues and interest rates remain low, we should see more increases in 2015 and beyond.  Earlier in 2014 Forbes magazine rated Colorado # 7 and Denver #6 as fasting growing regions.  The state demography office forecasts Colorado to have a population of 7.7 million by 2040, an increase of 3 Million people.   The Denver Business Journal reported that the Millennials, the incoming generation of workers with an age range of 20 to 34, number about 80 million people, and they make up about 22 percent of Denver’s population; that they have come here for quality of life and jobs, most of which are in oil and gas.  They go on to say,  “The five-state Rocky Mountain region is experiencing a 4.6 percent unemployment rate, 25 percent less than the national rate; and “Denver’s population has grown 23 percent since 2000, and 6.1 percent since 2010 and the city is third behind Houston and Austin for population growth”. It’s to no surprise that the number of homes on the Market (Listing Inventory) has dramatically decreased and number of sales year over year has increased dramatically.  The lack of homes for sale and increase in Buyer activity has driven prices upwards, giving the reasonable Seller the upper hand creating a Seller’s market.  If you are considering Selling, now is an excellent time.  Many potential Sellers are on auto searches in hopes of identifying their new home prior to sale.  Reasonable poised Sellers are most likely to execute this strategy and get asking or close to asking price timely, particularly if coming from inner city markets. 

Most all Real Estate Agents that I work with have Buyer’s waiting for homes to come on the market and it’s no easier to find a home for rent than it is one for sale. Potential renters often times find it’s cheaper to buy than it is to rent, putting even more upward pressure on prices and downward pressure on inventory. The Denver Post and Zillow recently reported that Denver rents are up 10.8 % from 2013 to 2014 and number 2 to San Francisco with a 13.5% increase in rents. Landlords are fairing well and in my opinion with higher rents, low interest rates and continued growth, it’s an ideal time to purchase a second home or investment property in the city or elsewhere.  The major developer’s seem to have the corner on the commercial market and new apartment builds but there is still opportunity for growth in the suburbs, foothill areas and ski communalities.   Skier traffic alone will push the population westward in the secondary Real Estate market. Picking up an investment property in Genesee or a ski condo in Summit County might have its upside in coming years.   I’m also confident that our primary resident Real Estate market will continue to grow in the Foothills as the Millennials continue to grow and migrate westward.

Community

Listing Inventory  December

# Of Sales

Year End

Average Price

Year  End

 Price Change

2010 to 2014

Conifer 2010

Conifer 2014

175

53

134

219

$354,000

$408,000

+15.2%

Evergreen 2010

Evergreen 2014

500

151

367

607

$428,000

$481,000

+12.4%

Golden 2010

Golden 2014

659

135

631

786

$352,000

$431,000

+22.4%

*Foothills 2010

*Foothills 2014

1334

340

1132

1612

$377,000

$446,000

+18.3%

Denver 2010

Denver 2014

9236

1163

10,106

14,045

$254,000

$343,000

+35%

Sources

Denver Matrix

http://www.bizjournals.com/denver/blog/earth_to_power/2014/09/denver-posied-for-growth-from-energy-sector-and.html?page=all

http://www.denverpost.com/portal/business/ci_27228290/denver-metro-had-second-highest-rent-increase-nationwide?_loopback=1

http://www.denverpost.com/portal/business/ci_27228290/denver-metro-had-second-highest-rent-increase-nationwide?_loopback=1         

http://www.kunc.org/post/are-you-ready-denver-top-10-fastest-growing-us-cities   

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