For all of us living in Colorado, the question has been – what’s it like there now after the flood? I’m always happy to share with people the amazing stories of communities pulling together and helping each other out. Neighbors assisting neighbors, and people from all communities reaching out to lend a hand. And as epic as it has been for the communities that have been impacted, these areas make up just a small portion of our great state. Read below for more information on the future of Real Estate in Colorado.
Colorado Real Estate Future is as Bright as Ever!
Last week it was about 80 degrees without a cloud in the sky and I just so happened to be lucky enough to be zipping around on a golf cart at the wonderful Inverness Hotel and Golf Club in Englewood, Colorado. The sun was brilliant and the buzz in the air was real estate! Since the flood I have heard many agents talk about the need to reiterate the fact that all of Colorado’s real estate is not underwater and the future market outlook is as bright as ever. This time of year is statistically slower than any other, and of course the areas that were hit the hardest by the flooding will see a temporary diversion in interest by potential buyers, but in general, real estate in the Denver Metro, Boulder Valley, Colorado Springs, and Fort Collins areas still offer some of the best investment opportunities in the nation!
Having said that, recent stats released by Land Title for September 2013 show that single family residential sales where up 18% over the same time in 2012. According to their findings the total number of these homes sold in September 2013 was 3,714 for all MLS areas in comparison to 3,147 in September 2012. Likewise, the year to day statistics show a 20.2% increase in sales indicating substantial market growth over the last year. In addition, average days on the market has decreased since September 2012 by 39.1% from 64 days to 39 days in September 2013. All in all, not bad considering the second half of September was a wash.
The fact is that many of the mountain areas that were hit hard by the flood are confident that in the near future these neighborhoods will be 100% restored. When people first saw the flood footage, naturally many were shocked and concerned about their Colorado real estate ventures. The truth is that a flood like the one we experienced in September of 2013 is extremely rare, not only in the state of Colorado, but just about anywhere. With that being said, most local real estate experts do not foresee a further decline in sales do to backlash resulting from the flood. Furthermore, many investors will see the sale of flood damaged properties as a great opportunity.
The last thing anyone wants is their home to damaged or destroyed because of a natural disaster, but as harsh as it is sometimes, life does go on. The areas that were hit the hardest have begun to put things back together, while the rest of the communities in Colorado reflect on the whole crazy phenomenon. But, unless you drive past a pond that didn’t exist previously or you talk to someone who is dealing with insurance companies, everything seems like business as usual. In fact, I can’t help but to notice how gorgeous and lush everything looks outside. Personally my lawn has not looked better all year and my yard seems to be experiencing a second spring with tons of plant growth.
If you were put off by real estate in Colorado after hearing news of the flood, I highly encourage you talk to an experienced agent who can give you solid statistics that clearly show Colorado’s real estate market forecast is sunny and bright heading into the new year!