Wednesday, January 30, 2013

Zillow: Home values up in all Colo. metros, most growth in metro Denver and Ft Collins metro

According to to most recent Zillow Home Values report, home values as measured by the Zillow Home Value Index,were up from December 2011 to December 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 December, increasing 5.9 percent from December 2011 to December 2012, rising to $157,400.

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

Change from December 2011 to December 2012 (in %):
Colorado statewide: +7.8
Boulder +5.3
Colo Springs +2.5
Denver metro +12.05
Ft. Collins +5.7
Grand Junct +3.0
Greeley +6.4
Pueblo +0.4

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 212,500
Boulder 320,900
Colo Springs 186,000
Denver metro 228,600
Ft. Collins 227,400
Grand Junct.161,000
Greeley 166,100
Pueblo 101,900

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" is just tone of many indices we consult, and it tends to show some of the largest growth rates. Indeed, the Zillow growth rates tend to be far above those of the FHFA and Case-Shiller indices. It is helpful as a means of comparing different metro areas.