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Real Estate Economic Indicators
The Northern Colorado Business Report releases Economic Indicators
FC = Fort Collins; LVLD = Loveland; GRLY = Greeley
Note: Unless otherwise indicated, all statistics are for Larimer and Weld counties combined.
* Projected population numbers from the Colorado Division of Local Government; U.S. Census Bureau
Source: Northern Colorado Business Report, “Economic Indicators—August 1, 2008”
http://www.ncbr.com/section.asp?secID=27
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County Housing Market Snapshots
2008 1st Quarter Trends
In the first quarter, employment
decreased in Larimer County, however, the job market continues to remain strong.
That combined with historically low interest rates means home sales should continue
at a strong pace. In Weld County, jobs increased by 427 jobs, however, the number
of job seekers also increased so the unemployment rate did rise. Like Larimer County,
however, the relatively strong job market and low interest rates should continue
to spur sales.
Please note: The second quarter 2008 column (Q2 ‘08) shows forecasted movement. Actual
second quarter 2008 numbers will be available in follow-up issues of the “Key Word”. Source: IRES
“Economic and Market Watch Report, 1st Quarter 2008”
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1st Quarter 2008: Fewer Homes For Sale
First quarter figures are in for northern Colorado. The number of homes for sale dropped consistently
over the last three years. This is good news for sellers, as a tightening market is key to stabilizing prices and shortening
the average days on market. Check out the Northern Colorado News Briefs to learn how parts of the northern Colorado region
are outperforming national trends.
The Numbers
Source: Source: IRES - Ft Collins (Area 9), excl condos Loveland-Berthoud (Area 8), excl condos;
Greeley/Weld (Area 10), excl condos
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County Housing Market Snapshots
2007 4th Quarter Trends
In the third quarter, employment increased by 2,452 jobs in Larimer County during October and November
while jobs increased by 1,850 jobs in Weld County during the same period. However,
the number of job seekers also increased in both counties. The combined effect of
these trends is no change in the average monthly unemployment rate from 3.2%
in the third quarter for Larimer County, and 3.9% for Weld
County. In both counties, the new jobs should help to strengthen demand,
while historically low mortgage rates should continue to spur sales.
Source: IRES “Economic and Market Watch Report, 4th Quarter 2007"
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Larimer County, 4th Quarter 2007
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Weld County, 4th Quarter 2007
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Local Housing Market Looking Up, Economist Says
In his January presentation to Longmont-area
Realtors, Lawrence Yun, chief economist for the National Association of Realtors,
reviewed extensive national and local market data. In one graph, he
displays potential "Pent-Up Demand" in the housing market, see chart below. The
chart shows that while over the last several years people have withdrawn from participating
in the home sales market (reflected in the decrease of total home sales), the number
of jobs and household wealth had increases, home prices have decreased, and we are
experiencing record low interest rates. Buyers who have stayed out of the home sales
market for the past few years now not only have more to spend, but also more spending
power.
Click on the following link to read full coverage of Yun's presentation: http://69.59.180.86/news_story.asp?ID=14380
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NCEDC 2008 Economic Forecast
Economic Outlook & Population Growth
Excerpt from the Northern Colorado Economic Development Corporation (NCEDC) Executive Summary: Better times may be just around the corner. Our employment forecasts for 2008 show the regional economy should grow at a modest 1.9% rate, but it is expected to add a substantial number of jobs in high paying sectors such as professional, scientific, and technical services, finance,
and health care. By comparison, we expect state employment to increase by 1.0%. Additionally, our models predict an end to the slide in manufacturing, with the sector forecasted to add 137 jobs in 2008. Further, with an emerging clean energy sector, we expect worker earnings to rebound somewhat.
According to the state demographer, the Northern Front Range will add nearly 60,000 new residents from 2008 to 2012, a 2.6% average annual increase (Chart 1). Despite the slowdown, projected annual growth rates still exceed both Colorado (2.0% per year/7.9% overall) and the U.S. (0.9% per year/
3.5% overall). Click here to read the complete 2008 Northern Colorado Economic Outlook!
Source: "2008 Northern Colorado Economic Outlook:
Trends in the Economy & Clean Energy" by Martin Shields, Associate Professor of Economics David Keyser, Research Economist
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Bargain Properties >Diamonds in the Rough
There are a lot of "diamonds in the rough" for sale. A property with incredible potential may be in a great location, have large sunny rooms and a big yard, but it may also have dated wall paper, worn carpeting, and uninspired bathrooms. If you can look beyond the surface, you may see a house that could be transformed by a little "elbow grease", paint, and new carpets.
A house that is structurally sound with all the systems in good condition may be only a few cosmetic repairs away from being fantastic! A home that does not show well is usually priced accordingly. If the price doesn't reflect the condition of the house, the seller may be more willing to negotiate than a seller who has made a considerable investment in preparing a home for the market.
Bring your imagination with you on your next house hunting trip! You may be pleasantly surprised to find a diamond in the rough.
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| Q |
What famous American sign was originally erected as a real estate ad?
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| A |
The Hollywood sign, built in 1923, was conceived as a real estate ad that originally read, "Hollywoodland." |
 See More Real Estate Trivia > |
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