In Colorado's metro areas, from April 2011 to April 2011, home prices increased in Boulder, Denver metro and in the Ft. Collins metros. Prices decreased in Colorado Springs, Grand Junction and Pueblo over the same period. Grand Junction and Pueblo dropped by 7.2 percent and 5.7 percent, respectively.
Greeley data was not included in the report.
Change from April 2011 to April 2012:
Boulder+0.9
Colo Springs -1.4
Denver metro+1.9
Ft. Collins+2.5
Grand Junct-7.2
Pueblo -5.7
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.
Estimated home value for each metro area for February 2012:
Boulder $308,300
Colo Springs $179,400
Denver metro $208,000
Ft. Collins $218,100
Grand Junct $154,300
Pueblo $101,000
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 valuations, known as the median "Zestimate valuation" should be taken with a grain of salt, but in this case they do appear to be in line with other home price indices and trends. The metro trends presented here match up well with the metro trends provided by FHFA's quarterly reports on home prices in Colorado.
The strongest Colorado job markets, found in Boulder, metro Denver and the Ft. Collins area correspond with the highest home value estimates. The continued small declines in prices reflects other indices, although the Case-Shiller and CoreLogic indices did show some small increases for prices during January and February, respectively.
