Mike J. Gold
Managing Broker
RE/MAX Horizons Group
Office: 303.327.6880
Fax: 303.327.6890
Toll Free: 1.800.626.1419

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Buyers and Renters Come Home To Colorado

Recent job growth in Colorado is impacting the local real estate  market in a positve way.  This is good news for the Colorado economy and most notably-the local real estate market.
As Colorado's businesses and state economy see gains, the trend for property prices stabilizing will turn towards increased home sales and rentals.  The equation is quite simple - More Jobs = More Demand for real estate.

JOB GROWTH AND LOCAL ECONOMY

Colorado's economy will experience growth in 2008, and should outpace the national economy, according to economist Richard Wobbekind, of the University of Colorado at Boulder's Leeds School of Business.
In 2008, Colorado will add 43,300 jobs, an employment growth rate of 1.9 percent compared to a national rate of 1.1 percent, according to Wobbekind.

Job growth in the state will be led by the professional and business services sector, which will add 15,500 jobs, many of which are high-paying jobs including engineers, computer systems designers and scientific research and development groups. "However, in terms of relative growth, far and away the fastest growing sector in the state is natural resources and mining," Wobbekind said. "The strength in this sector is a big part of the reason for the growth in professional and business services because we're seeing the need for design people, accountants and all sorts of support businesses that are serving this sector."

Click Here for additional information about recent companies coming to Colorado

POPULATION GROWTH

Colorado's education and health-care services, leisure and hospitality sectors also are expected to be strong in 2008. Colorado's population is expected to grow at a rate of 2.1 percent in 2008 with a net migration of 62,500 people to the state. Colorado's population is expected to exceed 5 million for the first time during 2008.

First quarter figures are in for northern Colorado. The number of homes for sale dropped consistently over the last three years. This is good news for sellers, as a tightening market is key to stabilizing prices and shortening the average days on market. Check out the Northern Colorado News Briefs to learn how parts of the northern Colorado region are outperforming national trends.

The Numbers

Source: IRES - Ft Collins (Area 9), excl condos. Loveland-Berthoud (Area 8), excl condos; Greeley/Weld (Area 10), excl condos County Housing Market Snapshots 2007 4th Quarter Trends

In the third quarter, employment increased by 2,452 jobs in Larimer County during October and November while jobs increased by 1,850 jobs in Weld County during the same period. However, the number of job seekers also increased in both counties. The combined effect of these trends is no change in the average monthly unemployment rate from 3.2% in the third quarter for Larimer County, and 3.9% for Weld County. In both counties, the new jobs should help to strengthen demand, while historically low mortgage rates should continue to spur sales.
Source: IRES “Economic and Market Watch Report, 4th Quarter 2007"

 
Larimer County, 4th Quarter 2007

*prepared by www.MoreTimeYourTime.com
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