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.
- Source: Freddie Mac National Website
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.
- Source: Freddie Mac National Website
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.
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