Real Estate Showdown Week 6 Denver Vs Jacksonville

Real Estate Showdown Week 6 Denver Vs Jacksonville

Real Estate Showdown Week 6: Denver’s Toughest Test Yet

Week 5 definitely turned into one of the most exhilarating and, frankly, most nerve-racking weeks for Broncos fans. Last minute heroics have not been seen for Broncos fans since we had Tim Tebow under center. Unlike that roller coaster season two years ago, Broncos fans had a real QB to rally behind (sorry Tebow fans). Clearly last week’s real estate showdown was not quite the close contest the Broncos and Cowboys fans were treated to.

This week’s Real Estate Showdown proves to be a closer match than the upcoming Broncos v. Jaguars game may offer. Does a strong real estate market directly correlate with the city’s NFL team? That’s for you to decide but consider this: Denver  has proven to be the strongest real estate market so far and the Broncos are 5-0. I’ll bet my luck rabbits foot that this is no coincidence. This week’s Real Estate Showdown features Denver, Colorado versus Jacksonville, Florida.  As we did last week, we will focus on 7 key factors to make our determination on which market is truly the winner (stats gathered via National Association of Realtors).

Denver, Colorado 
Median Home Price: $242,480 
Percent Change in Median Home Price (Previous Month): 1.17% Increase 
Percent Change in Median Home Price (Previous Year): 11.23% Increase 
Percent of Home Ownership: 52% 
Home Vacancy Rate: 4.34% 
Income Per Capita: $32,051 
Unemployment Rate:  7.2%  

Jacksonville, Florida 

Median Home Price: $105,520 
Percent Change in Median Home Price (Previous Month): 6.58% Increase 
Percent Change in Median Home Price (Previous Year): 7.67% Increase 
Percent of Home Ownership: 63% 
Home Vacancy Rate: 5.49% 
Income Per Capita: $25,716 
Unemployment Rate:  7.5%

This is a tough one this week. Denver has the edge with average home price by more than double. Jacksonville, however has the lead on month over month appreciation. There’s a few things to consider in this regards. First, when you study the historical trends, you will find Florida as a whole took a much larger hit than Colorado did. Speculative buying and a larger proportion of second homes has lead to Florida becoming a veritable ground zero for housing recovery. The nation across the board is steadily recovering from the housing crisis and it stands to reason Florida would be the fastest to recover from record low home prices. As a real estate academic told me years ago in regards to Colorado and lack of hyper appreciation during the housing boom, “You don’t get drunk if you don’t go to the party. ”

Another aspect to keep in mind in regards to the lower month over month appreciation in Denver,   we have seen a significant inventory increase as more home owners dip their toes in the market. Basic economics dictates that when supply rises, prices will tend to stay the same or even lower. We are starting to see the market balance out more. We are not seeing prices fall because demand still remains relatively high.

Lastly, keep in mind the seasonality of the real estate market. In markets, Such as Denver, weather often plays a factor in real estate. Fewer buyers and sellers like to engage the market as the winter months approach. A more fair weathered market tends to be less sensitive to seasonality than markets susceptible to the effects of winter. To compare apples to apples, I take higher stock in the year over year, which Denver has the definitive edge.

Check out next week when we dissect the Denver market versus the Indianapolis market. In the meantime, give me a call if you are thinking of buying or selling a home and would like help squashing the competition!

Matthew Koller is part of the Carr Peck & Associates at Keller Williams. Carr Peck & Associates were 6th in Denver Metro home sales out of 5,000 agents and has been recognized by the Wall Street Journal and Real Trends as one of the top selling teams in the country. For more information feel free to  
contact him   or call 303-704-3286. 

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Dated: October 11th 2013
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