Great news for buyers! There are more homes to choose from. It seems there is relief from the days of drastically low inventory levels.
Compared to a year ago, residential inventory levels are up:
• 9% in Northern Colorado (Larimer & Weld Counties)
• 45% in Metro Denver (wow!)
You can get many more fun facts like these plus get our predictions on the 2019 market by joining our annual Market Forecast. Just click the link below!
Last week, Windermere Real Estate was honored to host a delegation of top reporters from China as part of the East-West Center’s 2018 US Study Tour for Chinese Journalists. Nine journalists, hailing from Beijing, Chengdu, Chongqing, Hong Kong, and Shanghai, visited Washington D.C., Des Moines, Iowa, and Seattle, Washington over 10 days to study the China-U.S. relationship in trade, security, media, and culture.
Their visit to Seattle connected them with Windermere and our Chief Economist, Matthew Gardner, to lean on his expertise about Seattle’s economy and real estate market. Mr. Gardner discussed the economic influence of Seattle-based companies Amazon and Boeing, as well as other internationally impactful companies like Facebook and Google, both of which have a sizable presence in Seattle. He also discussed the factors that caused the real estate boom of the past half-decade and what we can expect from the housing market in 2019.
Mr. Gardner shared data on the rising percentage of Chinese and East Asian-born individuals making up the population of the greater Seattle area, the factors that have contributed to that number’s rise in recent years, and the impact on our real estate market. Citing the differences between real estate norms and financial realities in much of China compared to Seattle, Mr. Gardner enjoyed a productive dialogue with the visiting delegation of journalists.
Windermere was honored to host the East-West Center’s 2018 US Study Tour for Chinese Journalists and to have the opportunity to discuss the role of Chinese foreign nationals in Seattle’s economy and housing market. As much as we shared, we also enjoyed learning more about China’s housing market and the evolving relationship between our two countries.
The Front Range may have lost out on Amazon’s HQ2, but that doesn’t mean their company won’t affect our economy.
Denver was in the running for Amazon’s massive new second headquarters that supposedly would bring 50,000 new high-paying jobs and $5 Billion of investment.
In the end Amazon chose to split the headquarters among two East-Coast cities and many in Colorado breathed a sigh of relief.
But they are will continue to be an economic force in our state.
Over the past two years, Amazon has greatly expanded its footprint in Metro Denver, opening up a sorting center in Aurora, fulfillment centers in Aurora and Thornton, a Prime Now center in Denver and a new delivery center in Centennial.
They will soon have 3,000 workers here and that number is expected to grow significantly.
Pretend you have been driving on the Interstate at 100 miles per hour.
Also, pretend you have been doing that for a long time.
Now pretend you slow down to 83 miles per hour.
How would that feel?
It would probably feel slow, right?
83 miles per hour is a 17% decrease from 100. It may feel slow, but it’s still pretty fast.
How does this relate to real estate?
Well, the market has been moving fast for a long time.
It’s been going 100 miles per hour for at least two years (some would argue even longer).
We’ve recently seen a 17% change in terms of number of transactions that are occurring.
There were 17% fewer sales in October 2018 versus October 2017 in Metro Denver.
It feels slow because we’ve been driving so fast for so long. But, our market is still moving.
For example, prices are still up. So, remember, that it’s all relative.
Virtually all of the experts we follow put rates above 5% going into next year and some see rates approaching 5.5% by the middle of 2019. What’s certain is that there are economic forces at work that are pushing rates higher.
So, how about a little history lesson? How do today’s 30- year mortgage rates compare to this same date in history going all the way back to 1990?
• Today = 4.85%
• 2017 = 3.94%
• 2015 = 3.82%
• 2010 = 4.27%
• 2005 = 5.98%
• 2000 = 7.84%
• 1995 = 7.75%
• 1990 = 10.22%
While today’s rates feel high only because they are higher than 2017, they are quite a bit lower than at many times in history.
This home at 212 10th St is a phenomenal value as zoning allows for conversion to commercial. Close to schools and shopping. All brick ranch 4 bed 3 bath with attached garage. This home features a large living area and covered back porch. Freshly painted interior and new hardwood floors. Central A/C is not currently working. Call for your private showing at 970-541-1003 for more information or click the link below for more details.