Wednesday, November 28, 2012

Zillow: Home values increase in all Colorado metro areas

According to to most recent Zillow Home Values report, home values as measured by the Zillow Home Value Index,were up from October 2011 to October 2012 in all Colorado metro areas including Denver, Colorado Springs, Ft. Collins, Greeley, Grand Junction, Boulder and Pueblo metros.

Home values in the United States were up in October, increasing 4.7 percent from October 2011 to October 2012.

The year-over-year changes for Colorado metros were:

Change from October 2011 to October 2012 (in %):
Colorado statewide: +6.6
Boulder +4.6
Colo Springs +3.5
Denver metro +10.4
Ft. Collins +5.5
Grand Junct +3.8
Greeley +6.3
Pueblo +2.2

As can be seen in the graph, in recent years home values have shown the most stability and/or growth in Boulder, Fort Collins and in Denver metro, and those three metros also have the highest values.

The Zillow home values in July 2012 for each metro area are (in $s):

Colorado 212,400
Boulder 316,000
Colo Springs 187,700
Denver metro 224,700
Ft. Collins 226,600
Grand Junct.163,300
Greeley 165,200
Pueblo 104,000

Not surprisingly, Boulder has the highest home value level and Pueblo has the lowest. The largest decline in home values in recent years is seen in the Grand Junction area where home values have declined from about 220,000 to 160,000 since 2007. Price declines in other Colorado metros have been more mild as can be seen in the graph. Metro Denver, Boulder and the Ft. Collins area are all now back to, or very near to, previous peak levels

See the home price archive for comparisons with other indices.

Zillow home valuations, known as the median "Zestimate valuation" should be taken with a grain of salt (like all home price indices in which the method is not spelled out) but in this case they do appear to be in line with other home price indices and trends.