A Look Back at the 2017 Foothills Real Estate Market©

2017 Foothills Real Estate Market Reflection

 

In 2017, we saw the average monthly inventory decrease and the average home price increase. This has been a trend for the past couple years. Here are some statistics for 2016 and 2017 in a few selected areas:

 

INVENTORY 2016 Average Inventory 2017 Average Inventory Percentage Decrease
Denver 1,784 1,786 >1%
Jefferson 1,142 1,104 4%
Park 223 168 25%
Clear Creek 66 54 19%
Gilpin 39 38 3%
Genesee 14 18 Increased 3%

 

SALES PRICE 2016 Average Sold Price 2017 Average Sold Price Percentage Increase
Denver $426,354 $462,498 28%
Jefferson $399,141 $427,090 7%
Park $296,076 $325,350 9%
Clear Creek $349,655 $399,597 13%
Gilpin $348,453 $366,721 5%
Genesee $698,152 $904,018 30%

*11 months reported for 2017

 

There are currently only 38 homes for sale in all of Clear Creek. In Denver, there are approximately 1,220; 724 in Jefferson County; 112 in Park County; 21 in Gilpin County; and, 10 in Genesee. These numbers are staggeringly low. The above statistics also mean that we can expect to see our real property taxes increase again in the next valuation cycle. County Assessors are keenly aware of these data.

 

We continue to see the average number of homes on the market go down and the average sold price go up. We even looked at various communities in the area and we would be happy to send you the statistics if you would like them. Please email us at info@AlarisProperties.com and we will send the information for your community.

 

Further, the overall Colorado economy is strong, including one of the highest median income numbers in the country with a solid jobs report to back it up.  I have seen many write about a potential real estate bubble; however, local, regional and national economists seem to disagree. With the number of people moving to the area, combined with the solid numbers, I predict a very strong real estate market for 2018.

 

The one area where we received some cautionary input was from the rental market.  The overall vacancy rate for the entire Denver metro region is at 5%. This time last year, it was at 5.4%. Nonetheless, rents continue to rise. The average rental amount in the Denver metro region is $1,419. We will be watching this market segment to see what happens.

 

In the mountain metro area, homes sell relatively quickly, when homes are priced correctly. We fully expect this trend to continue because the relief of new construction neighborhoods does not reach Genesee or the Idaho Springs, Georgetown, Evergreen, Conifer, Bailey and Pine areas. There are only a few new construction listings in these areas.

 

Those thinking of selling in the mountain metro area could benefit greatly by doing so now or in the near future as buyer demand drives up the listing price and property tends to sell relatively fast.

 

It may surprise you to know that there are over 150 new home communities in the greater Denver metro region. New home builders understand this huge demand, leading to a burst of new construction. With population anticipated to grow, new home builders are pushing inventory onto the market as fast as possible. Just look at the Denver skyline and you will see all the cranes. One report published recently indicated there are 84 cranes gracing the Denver skyline.

 

We are excited to see how this market changes with the classic battle of supply and demand. Call me with any questions about the market or to interview me about listing your home. You can reach me by email at Jon@AlarisProperties.com or by calling me at 303-907-7668. At Alaris, Knowledge is Key.


 
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