The Berkshire Group
The Pulse

Denver’s Housing Economy, August 18, 2010

August 20, 2010 by Larry D. McGee · Leave a Comment 

Key Economic Statistics

The Pulse is a review of key economic statistics that affect the real estate market.  The Pulse is offered monthly as part of The Berkshire Group’s Monthly Update, and is current based on the information  offered by the credited sources. The database is the 7 county Metropolitan Denver SMSA:

New Home Starts through June

Area Building Permits issued through June, 2010:  1920, a 64% increase vs. 1170 through June, 2009.

Average Single Family Home Sales Statistics through July, 2010:

Prices                     % of Change                     Days on Market               Year

$276,654                                                           100.37                              2009

$297,218                  +7.43%                             85.73                              2010

  • Source: Metrolist, Inc.

Employment Statistics for the Denver-Aurora MSA through June:

Year                            Labor Force               Employed        Unemployed       Rate

2009                             1,410,664                1,287,332            123,332              8.2%

2010                             1,368,253                1,253,801             114,452              8.4%

  • Source: Colorado Department of Labor

Mortgage Rates as of August 18, 2010

30 Year      15 Year            5/1 Arm              1 yr ARM

4.44%          3.92%                3.56%                     3.53%

All rates include a 0.7 % discount point. Rates quoted by any lender may not reflect momentary changes.

Denver’s Housing Economy, July 17, 2010

July 17, 2010 by Larry D. McGee · Leave a Comment 

Key Economic Statistics

The Pulse is a review of key economic statistics that affect the real estate market.  The Pulse is offered monthly as part of The Berkshire Group’s Monthly Update, and is current based on the information  offered by the credited sources. The database is the 7 county Metropolitan Denver SMSA:

New Home Starts through May

Area Building Permits issued through May, 2010:  1580 vs. 910 through May, 2009.

Average Single Family Home Sales Statistics through June:

Prices                     % of Change                     Days on Market               Year

$283,312                                                           100.18                              2009

$299,375                  +5.67%                             82.21                              2010

  • Source: Metrolist, Inc.
 
 

 

Employment Statistics for the Denver-Aurora MSA through May:

Year                                                Labor Force      Employed       Unemployed      Rate

2009                                                 1,401,174                1,285,751             115,423         8.2%

2010                                                  1,359,206                1,254,206            104,960        7.7%

  • Source: Colorado Department of Labor

Mortgage Rates:

30 Year      15 Year            5/1 Arm              1 yr ARM

4.57%          4.06%              3.85%                     3.74%

All rates include a 0.7 % discount point.

Denver’s Housing Economy, The Pulse, June 23, 2010

June 25, 2010 by Larry D. McGee · Leave a Comment 

Key Economic Statistics

The Pulse is a review of key economic statistics that affect the real estate market.  The Pulse is offered monthly as part of The Berkshire Group’s Monthly Update, the database is the 7 county Metropolitan Denver SMSA:

 

New Home Starts

Area Building Permits issues through May 2010:  1580

Average Single Family Home Statistics:

Prices                     % of Change                     Days on Market               Year

$273,285                                                         105                               2009

$262,066                   4.28%                               79                               2010


Employment Statistics for the Denver-Aurora MSA through May:

Year                                                Labor Force      Employed       Unemployed      Rate

2009                                                 1,401,174                1,285,751             115,423         8.2%

2010                                                  1,359,206                1,254,206            104,960        7.7%

Mortgage Rates:

30 Year      15 Year            5/1 Arm              1 yr ARM

4.69%          4.13%              3.84%                     3.77%

The Pulse, May 18, 2010

May 18, 2010 by Larry D. McGee · Leave a Comment 

The Pulse is a review of key economic statistics that affect the real estate market.  The Pulse is offered monthly as part of The Berkshire Group’s Monthly Update, the database is the 7 county Metropolitan Denver SMSA:

Key Economic Statistics

New Home Building Permits YTD Through March:

2010                        2009                        % Change

1030                        460                        125% increase

Mortgage Rates:

30 Year      15 Year            5/1 Arm_              _1 yr ARM

5%             4.36%                  3.97%                  4.07%

Rates quoted are from Fannie Mae/Freddie Mac, and required .6% in fees, as of May13

Avg. Single Family Home:

Prices                     % of Change                     Days on Market               Year

$254,442                                                         102                                2009

$274,253                    7.8%                               79                               2010

Employment Statistics: Labor Force      Employed       Unemployed      Rate

2009                                                 1,384,874                 1,267,463             117,411          8.5%

2010                                                  1,354,700                1,240,189             114,511          8.5%

Consumer Price Index

The index stands at 217.7 for the United States, an increase of 2.4% over STLY.  Local data will be available in July.

What’s Up In Denver? April 18, 2010

April 19, 2010 by Larry D. McGee · Leave a Comment 

The Denver MSA

After a flap with Forbes.com over the available homes for sale inventory in Denver  it seems a good time to discuss just what the statisticians consider is, in fact, ” Denver”.  The Denver Metropolitan Statistical Area or MSA is shown in red on the map.  The official Denver MSA includes 10 counties:Denver, Jefferson, Adams, Arapahoe, Broomfield, Douglas, Elbert, Park, Clear Creek, and Gilpin.  Some of those are really Metropolitan Denver, connected by the umbilical cords of jobs, transportation corridors, sporting and entertainment venues, and continuous urban/suburban civilization.  Others, such as Park and Gilpin, are rather disconnected from Denver proper.  Parts of  Weld and Boulder County are connected to Denver, but rate an MSA of their own.

In those 10 counties live approximately 2.8 million people.  The Colorado Demographer predicts there will be another 500-600 thousand more people living in the Denver MSA by 2020.  That will keep the builders busy, because there are not enough dwelling units for all of those new people.  Of course, all of those people will need services, roads, schools, and the hundreds of other things that make daily life possible.  Many people move to Denver because it is perceived as a good place to live, with good schools, an active and education population, 4 seasons, skiing an hour away, and good smart jobs.

Key Economic Statistics

Area Building permits issued through February of:

2010 = 620    2009= 320

Employment (information obtained from the Colorado Dept. of Labor Web site)

March 2010

Area Civilian Labor Force Number Employed Number Unemployed Unemployment
Rate
Preliminary Data
Denver – Aurora MSA 1,354,700 1,240,189 114,511 8.5% Yes
Colorado 2,645,366 2,423,645 221,721 8.4% Yes

Single Family (detached) Home Price

March 2010 – $274,950

March 2009- $251,583

Current Interest Rates as of April 15:
30 year fixed rate mortgage = 5.07%

15 year fixed rate mortgage =4.40%

5/1 year ARM                              = 4.08%

Rates are from Freddie Macs website. Mortgage interest rates are still historically low.


Next Page »

The Berkshire Group