Wednesday, June 20, 2012

Zillow: Denver metro, Ft. Collins lead state in home price increases for May 2012

More than half of local markets appreciated or remained flat month-over-month in November according to Zillow Real Estate Market Reports

Home values in the United States were largely unchanged in May 2012, decreasing a marginal 0.9 percent from May 2011 to May 2012.  According to May's Zillow Real Estate Market Reports, the Zillow Home Value Index for the US fell from $149,500 to 148,100 year over year for May.

In Colorado's metro areas, all areas except Boulder, Ft. Collins and the Denver area showed year-over-declines from May 2011 to May 2012. Grand Junction and Pueblo showed the largest drops.

Greeley data was not included in the report.

Change from May 2011 to May 2012:
Boulder +0.7
Colo Springs -0.2
Denver metro +2.8
Ft. Collins +2.6
Grand Junct -3.5
Pueblo - 7.8

As can be seen in the graph, in recent years, home prices have shown the most stability in Boulder, Fort Collins and in Denver metro. These three areas also have the highest median estimated value, according to Zillow.

Overall, the strongest markets, in terms of home prices, are Boulder, Ft. Collins and Denver, while the weakest markets are Grand Junction and Pueblo. 

The Grand Junction area has showed the most bubble-like behavior in its run-up in prices in 2007 and 2008 before a significant decline over the past 2 years.

Zillow home value estimate for each region:

US $148,100
Boulder Metro $307,300
Colorado Springs Metro $181,700
Denver Metro $209,700
Fort Collins Metro $219,100
Grand Junction Metro $156,200
Pueblo Metro $98,900