Thursday, June 13, 2013

Zillow: Home prices up from last year in all metro areas of Colorado

According to to most recent Zillow Home Values report, home values as measured by the Zillow Home Value Index,were up from April 2012 to April 2013 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 April, increasing 5.2 percent from April 2012 to April 2013, rising to $158,300.

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

Change from April 2012 to April 2013 (by %):
Colorado statewide: +9.9
Boulder +6.5
Colo Springs +7.5
Denver metro +13.4
Ft. Collins +6.1
Grand Junct +4.0
Greeley +10.0
Pueblo +8.1

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. Prices in Denver metro, Ft Collins and Boulder are all now back above peak levels from before the financial crisis.

The Zillow home values in April 2013 for each metro area are (in $s):

Colorado 222,300
Boulder 327,800
Colo Springs 196,100
Denver metro 237,100
Ft. Collins 234,100
Grand Junct. 167,600
Greeley 176,100
Pueblo 105,600

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 165,000 since 2007. Greeley prices, on the other hand, have recently accelerated as new growth driven by oil has driven up demand for real estate in the region.

See the home price archive for comparisons with other indices.

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