The Metro Denver Association of Realtors hosted it’s Annual Economic Summit this month. Good news about the state of the Colorado economy and the outlook for 2020 greeted Realtors from across Denver and the suburbs. Of course, a good economy also implies a good real estate too.
Colorado currently ranks #10 in the states for economic growth. Colorado’s unemployment rate now sits at an historic low of 2.5%. That’s much lower than the national rate. And, some counties more rural counties in the state enjoy unemployment rates actually below 1%.
Job growth in urban counties continues to grow at the fastest rate. Boulder county ranks first in the state. It is followed by Greeley, Ft Collins, Colorado Springs, Grand Junction, Denver and then Pueblo.
Strong Education In Colorado
Coloradoans outpace the national workforce in education too. And, the upcoming generation in Colorado ranks above the national average in college entrance exam testing. That suggests a strong future and deep reservoir of well education workers.
Currently, 63 schools in Colorado claim national Blue Ribbon Award status. And, Colorado ranks number 19 of all states in size of its public schools. But, Colorado ranks #17 in school quality and #10 in public school safety.
US News and World Report does an excellent job ranking individual schools throughout the state for quality.
What This Means For Real Estate
Economic conditions are forecast remain good at least for the next six months. Companies are still moving to Colorado and relocation into the state is brisk. Unlike some other states, Colorado, and Denver continue to show population growth every year.
As a result, demand for new homes and resale homes remains high. In addition, inventory of homes for sale is low. For example, in the last week home sales in the Metro Denver area outpaced homes coming on the market by 150%. That’s creating a tight real estate for buyers. And, prices are remaining steady at the highest levels ever. Sometimes, sellers even receive multiple offers when well-priced.
However, some homes for sale are lowering their asking prices. Why? The Denver real estate is so good that some Sellers are trying to get a higher price than previous sales. So, they are forced to lower their prices if their listing doesn’t sell quickly. Because, the average home in the Denver market sells in less than a month on average. That is a Seller’s Market. It’s just not a Greedy Sellers Market.