Colorado – This Isn’t a “Rocky” Housing Market!
Colorado may be home to the Rocky Mountains, but real estate experts here say the housing market is anything but rocky. In fact, they say, the housing recovery here is in full swing. That’s a big milestone, considering the Centennial State lost more than 70,000 jobs between 2007 and 2009.
Despite all of the job losses, though, realtors around Colorado have been waiting for signs of life for awhile. Many of them thought the housing market would hit its stride in 2011, but that never happened. Now, however, it looks like 2013 will finally be the year that this housing market turns the corner.
Home sales around Colorado didn’t just go up throughout 2012; they stayed up. For example, Colorado Springs saw its highest number of home sales since 2007. Realtors in Boulder showed 70% more homes in the 4th quarter than they normally do. In Denver, buyers scooped up 18% more homes in 2012 than they did in 2011.
According to realtors around Colorado, these numbers aren’t just one-time deals. Instead, most of these sales figures actually got stronger as 2012 went on – meaning that momentum is building all over the Centennial State.
But the momentum isn’t just in the number of sales. Buyers are now willing to pay more than they were before.
By the end of 2012, the average selling price in Denver was nearly $280,000 – making it one of the brightest spots in the entire country! Realtors in Colorado Springs say median selling prices there rose more than 13% in 2012.
Part of the increase in selling prices came from a lower inventory. In Denver, for example, the inventory was less than two months at the beginning of 2013. That’s an all-time low that’s creating a smaller supply, driving up demand, and leading to an increase in prices.
However, another reason for the increase came from skyrocketing prices in the state’s rental market. Like many other parts of the country, Colorado is home to high rent prices. For example, the average apartment for rent in Denver was over $1,100 per month by the end of 2012. In Boulder, the average rent is even higher than that – more than $1,500 per month to be exact! Since no one expects those prices to go down anytime soon, more and more people are going to start transforming from renters to buyers.
Luckily, it looks like their investments will start gaining value right after they buy them!
Living in Colorado
If you enjoy the great outdoors and a vibrant change in seasons, then Colorado – with its sparkling rivers, rolling prairies, and gorgeous mountain views – may be perfect for you.
Colorado was named for the 1,450-mile Colorado River by early Spanish Explorers because of its red-colored silt brought from the mountains. It’s often called “Colorful Colorado” because of its striking natural colors.
The weather here varies greatly depending on elevation. Luckily, the entire state gets an average of 300 days of sunshine per year and lovely summer days! The winters, however, come with tons of snow. Up in the mountains, count on getting about 300 inches of snow each year. In fact, it’s said to snow somewhere within the state nearly every month of the year!
Weather aside, here are some of the state’s fast facts:
- What is the population of Colorado?
- The population of Colorado is 5,187,582
- What is the capital of Colorado?
- The capital of Colorado is Denver
- What is the largest city in Colorado?
- The largest city is Denver
While early industry in Colorado focused on the extraction and processing of minerals and agricultural products, business opportunities have expanded greatly over the years. Federal facilities, such as NORAD (North American Aerospace Defense Command), Schriever Air Force Base, Peterson Air Force Base, and the United States Air Force Academy also command a presence in the state.
If you find solace in nature, Colorado is the place to be! Mount Elbert’s is the highest point in all of the Rocky Mountains at 14,440 feet. Those mountains are striking, as they are mostly covered in aspen and conifer trees. From June to September, Colorado’s Alpine Loop Scenic and Historic Byway will give you a chance to view those gorgeous mountain landscapes along a 65-mile road.
But about one-third of Colorado is made up of flat, prairie-like land. These plains have buttes and canyons and beautiful deciduous trees which account for the gorgeous colorful fall views.
If you are adventurous, Colorado has endless opportunities in the summer for camping, whitewater rafting, kayaking, fishing, horseback riding, mountain biking, and ballooning. But if winter sports are your thing, Colorado is well-known for its downhill and cross-country skiing, ice skating, snowmobiling, snowshoeing, sledding, and snow tubing.
More of a city person? Denver’s got all of the trendy conveniences you expect in “big city life”.