The Northern Colorado real estate market presented both callenges and opportunities for consumers in 2007. Home sales totaling 8,421 in the region were driven by low interest rates, good selection and value for buyers, and continued in-migration and job growth. "The region will face challenges again in 2008, but is poised to continue its recovery and will fare better than much of the country.
2007 HIGHLIGHTS
1. RECORD EMPLOYMENT - Employment in Larimer and Weld counties rose to 282,636 in 2007, an increase of 1.5%. Despite the increase in employment, the unemployment rate increased to 3.8% in Larimer County and 4.6% in Weld County, below state and national levels. There is a trend toward an increasing number of commuters and workers in home offices.
2. RECORD HOME PRICES - The average price of a home in Northern Colorado increased to $242,298, up 2% from $240,019 one year ago. New Homes averaged $321,100 in Larimer County and $286,500 in Weld County.
3. VACANCY DOWN, RENTS UP - After a year of higher-than-normal vacancy and declining rents in the residential market, improvements began occurring mid-year in 2007. In Fort Collins the vacancy rate was at 4.9%, down from 8.9% the previous year; in Loveland 5.9% down from 8.0%. Greeley saw a slight increase in vacancy rate from 7.3% in 2006 to 8.1% in 2007.
4. COMMERCIAL MOMENTUM- In 2007 almost 50% of the dollars spent on commercial real estate came from out of state buyers. National developers are making a major mark with retail growth. Industrial, office and retail vacancy are all lower than national levels.
5. NATIONAL RECOGNITION - Top rankings on national lists put Northern Colorado on the radar screen of companies and individuals thinking of relocating. Our educated workforce is attractive to biotech, energy and technology firms who have announced plans to begin or expand operations. Fast Company Magazine praised Northern Colorado and Fort Collins as a research center that has generated an exceptional number of patents (4 times the US Average).
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