Your Real Estate Connections (Issue 22): Lindsay Chacon

You r Real E state Connec ti o n

A PRODUCT OF C3 REAL ESTATE SOLUTIONS, LLC

ISSUE 20

LO C AL R E AL ES TAT E

INSIDE THIS ISSUE

Statistics

ANNUAL APPRECIATION 1977-2018 HOME PRICE INDEX ANNUAL APPRECIATION CHARTS

TERMINOLOGY TIP:

25%

GREELEY

20%

FORT COLLINS LOVELAND

15%

10%

FHA LOAN 5%

FUN FACT/QUOTE

0

-5%

STRONG

2019

2018

2014

2010

2006

2002

1998

1994

1990

1986

1982

1978

OUTLOOK REMAINS

-10% 1977

COLORADO ECONOMIC

TERMINOLOGYTIP FHA LOAN: Loans insured by the Federal Housing Administration (FHA). With attractive

FEATURED LISTINGS

financing rates and less stringent lending requirements than conventional mortgages, FHA loans are often appealing options for buyers with lower credit scores and/or smaller down payments. They do, however, require two types of mortgage insurance: an upfront premium and an annual premium, which is wrapped into monthly mortgage payments.

R ES ID E N TIAL | COMMERCI AL | PRO PERTY M ANAG EM E N T

FUNFACT / QUOTE

There’s an island in Alexandria Bay, NY called “Just Enough Room”. It has just enough room for one house and one tree.

Colorado Economic Outlook Remains Strong Maintaining a multi-year growth period, Colorado’s 2019 economic outlook remains cautiously positive, according to Colorado Business Economic Outlook Forum committee chairpersons.

The bright spot for Coloradans is personal income, which rose 5.1 percent in the first quarter of 2019, making it fifth in the nation.

Per capita personal income grew 3.6 percent – the twelfth highest gain in the U.S., says the recently released Mid-Year Economic Report by the Business Research Division at CU-Boulder’s Leeds School of Business.

Colorado also outpaced the U.S. in home price and employment increases.

Economic growth continued through June 2019, though slower since strong reacceleration in 2018. Over that period, year-over-year employment growth slowed to 1.5 percent from 2.8 and real GDP growth slowed to 3.5 percent from 4.5.

Though slowing, Colorado continues to outpace the nation’s real GDP growth of 2.9 percent.

Forecasts predict slower U.S. growth of 2.6 percent in 2019, due in part to the waning effects of the tax cuts and uncertain foreign policy.

Business leaders maintain more confidence in the Colorado economy than the national economy, according to the Leeds Business Confidence Index.

Job growth across the state continues to grow with a 1.9 percent increase predicted for the year. Unemployment rates are the 13th lowest in the nation, posting three percent in June 2019, which continues to outperform the overall U.S. unemployment rate of 3.7 percent.

Boulder and Fort Collins-Loveland have the lowest unemployment rates in the state, with 2.3 percent, followed by Greeley at 2.5 percent, and Denver-Aurora-Lakewood at 2.7 percent.

Colorado Springs and Grand Junction are each at 3.3 percent unemployment.

Boulder also topped the state for year-over-year employment growth. At 2.9 percent, Boulder was followed closely by Grand Junction with 2.5 percent, Greeley with 2.4 percent, and Colorado Springs with 2.4 percent. Denver-AuroraLakewood, Fort Collins, and Pueblo rounded out the metropolitan areas with 1.4, 1, and 0.6 percent growth, respectively.

Professional and business services led with 6.2 percent job growth. The remaining employment growth is: • Other Services: 4 percent • Natural Resources and Mining: 2.1 percent • Leisure and Hospitality: 2.1 percent • Education and Health Services: 2 percent • Government: 1 percent • Construction: 0.9 percent • Manufacturing: 0.8 percent • Information: 0 percent • Financial Activities: Minus 1.3 percent

OU R NO RT HE RN C OL OR A D O F E AT U R E D

869 S. Edinburgh Dr - LVLD $315,000 MLS#893817 3 Bed, 2 Bath, 1794 SF

2600 Avocet Rd - FTC $384,900 MLS#894007 4 Bed, 2 Bath, 1797 SF

2577 ECR 60 - WLLINGTN $2,700,000 MLS#881763 6 Bed, 6 Bath, 9766 SF

87 Jasper Lake Rd - LVLD $2,100,000 MLS#883896 5 Bed, 5 Bath, 5615 SF

5833 Northern Lights Dr - FTC $650,000 MLS#894128 4 Bed, 4 Bath, 4560 SF

2332 Copper Crest Ln - FTC $680,000 MLS#893495 5 Bed, 4 Bath, 5215 SF

Listings

7092 NCR 15 - FTC $1,450,000 MLS#885111 5 Bed, 3 Bath, 5720 SF

1441 Shelby Dr - Berthoud 1712 Cottonwood Point Dr - FTC 2133 Krisron Rd, E205 - FTC $1,075, 000 MLS#892654 $1,000,000 MLS#868884 $285,000 MLS#891085 6 Bed, 5 Bath, 5156 SF 3 Bed, 4 Bath, 7488 SF 3 Bed, 2 Bath, 1194 SF

Population growth continues placing Colorado as the seventh fastest growing state and 21st in total population overall. But the Boulder metropolitan area is one of the slowest growing in the state, along with Grand Junction and Pueblo. Growth rates were 0.6 to 1.2 percent.

To meet the continued demand for housing, new units increased 13 percent. For singlefamily housing, contracts and starts decreased sharply in the latter half of 2018, but permits increased 7.4 percent over 2017. Through May 2019, single-family permits decreased 18.4 percent year-over year, while multifamily permits slid 30.3 percent.

industry employment increased 0.9 percent year-over-year.

Average annual pay for state construction workers in 2018 was $62,414, above the average Colorado pay of $58,942. Constraints include an increasing number of construction workers retiring with fewer younger individuals filling those jobs, and an unstable U.S. immigration policy limiting workers entering the workforce.

Source: Reporter Herald

ANNUAL APPRECIATION 1977-2018 HOME PRICE INDEX 25%

Despite the decrease in permit activity, there is still a lot of unsatisfied demand, report members of the Colorado Business Economic Outlook Forum.

DENVER COLORADO

20% 15% 10% 5% 0

2019

2018

2014

2010

2006

2002

1998

1994

1990

1986

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-10%

1978

-5%

1977

Construction employment grew 5.3 percent in 2018 and 1.4 percent year-to-date as of June 2019. The skilled labor shortage is an ongoing challenge for the industry. According to the Bureau of Labor Statistics, total construction

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Lindsay Chacon

Realtor®, CNE, CMRS 970-631-3458 lchacon@c3-re.com www.lindsaychacon.com

Information is deemed reliable, but not guaranteed. © 2019 C3 Real Estate Solutions, LLC.