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In Demand
For evidence that the Front Range is a desirable place to live and own real estate, look no further than the average price of our real estate.
According to the National Association of Realtors, the average price of a home in the United States is $486,000.
Compare that to the average price in our major markets:
- Larimer County = $662,000
- Weld County = $535,000
- Metro Denver = $670,000
This means prices along the Front Range are 10% to 38% higher than the National Average.
While interesting, this is not surprising given our employment growth, economic health, and quality of life in our markets versus the Nation as a whole.
Jobs Bounce
As the job market goes, so goes the housing market. This is a fact about any primary housing market.
If employment is growing, the housing market will keep growing.
One of the many positive indicators of the healthy Northern Colorado economy is the fact that the jobs lost during the pandemic have bounced back.
Not only has employment recovered, it now exceeds pre-pandemic levels.
Northern Colorado unemployment is now down to 4.1%.
These facts were reported by our Chief Economist Matthew Gardner during our annual Market Forecast event.
If you would like to see any of the slides from the presentation, please let us know.
Construction Openings
It’s not just the availability of materials impacting home builders today, it’s also the availability of labor.
The market could use more inventory. Home builders are trying to catch up.
You’ve likely read the stories about the cost and availability of materials making an impact on home builders’ ability to keep pace with demand.
It turns out they have another factor impacting them as well- labor.
There are more construction job openings than ever before in history.
This is according to a new report from the Bureau of Labor Statistics.
There are 410,000 job openings in the Construction Sector.
A year ago there were 253,000.
If you know of anyone looking for work, there is a good chance a home builder could use the help.
Economic Update with Matthew Gardner
Exclusive Invitation!!!
Tune in on Tuesday, October 6, 2020 at 9:00am to meet with Matthew Gardner, Windermere Real Estate’s Chief Economist LIVE and get your chance to ask him questions. He’ll be discussing the housing market, employment and the effects of COVID-19 on the local and national economy.
As one of the only real estate companies in the US that has a Chief Economist on staff, we have exclusive insights into the housing market, economy and government happenings. This is a one of a kind event for clients and friends of Windermere Real Estate in Colorado.
To sign up, please contact your Windermere Agent or message us to get the link. Seating is limited in digital meeting room so get your seat!
(If you can’t attend live, you can register to automatically get the recording.)
Matthew Gardner Weekly COVID-19 Housing & Economic Update: 5/11/2020
Job growth is critical to the health of the housing market, so on this week’s episode of “Mondays with Matthew,” Windermere Chief Economist Matthew Gardner analyzes the effect of COVID-19 on employment and what we can expect for the duration of the year.
