Troutman Park Expert

Summer is the season of spending long days and nights out in the backyard and making home-cooked meals on the barbecue. Whether classic BBQ dishes like ribs and hamburgers or skewered grilled vegetables are more your style, these tips will help get your backyard in prime shape for grilling season.

Designing Your Backyard for BBQs

Some homeowners may choose to make their barbecue the focal point of their backyard, while others view it as something to accentuate more central features like a deck, patio, or outdoor kitchen. The grill alone will take up significant space, not to mention the crowd it can attract. With that in mind, avoid situating it in areas of high foot traffic, such as near the stairs of your deck or along a main walking path. You should also provide ample room between the barbecue and your backyard seating.

A simple charcoal grill is ideal for small spaces. It also allows you to be flexible with your barbecue setup. If you are hosting a gathering, you can simply move the grill if need be and rearrange your backyard to accommodate the occasion. Built-in barbecues provide a more robust grilling setup, while freeing up space on the deck or patio. Though built-ins are typically more expensive than a standalone grill, they are a hub for outdoor entertainment. For homeowners who enjoy grilling in the shade, or those who live in climates where it sometimes rains in the summer, covered barbecues may be the way to go. Pergolas, canopies, and awnings are all popular options for providing cover. Outdoor kitchens are the most comprehensive grilling setup. With countertop space, a sink, and the barbecue all within reach, all the prep work for your cookout can be done outside, right next to the grill.

Once you’ve chosen the best barbecue for your backyard, it’s time to start designing around it. The right combination of seating will add the social touch to your barbecuing setup. Bench seating is a popular option for barbecuing on the deck, while tables and chairs out in the backyard lawn create more of a picnic-style feel. Installing a fire pit will bring an added element to you outdoor entertaining, helping to make the transition from an afternoon or evening barbecue into a night spent under the stars. Experiment with different fire pit styles to match the surrounding elements of your backyard. For those with built-in barbecues and outdoor kitchens, consider matching your fire pit’s stonework to tie the backyard together.

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The following analysis of the Metro Denver & Northern Colorado real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

REGIONAL ECONOMIC OVERVIEW

The job recovery that appeared to be firmly in place in the summer has started to wane. Though Colorado has recovered more than 209,000 of the jobs lost due to COVID-19, employment levels remain almost 210,000 below the level seen last February. Even with employment growth stalling, the unemployment rate stands at a relatively respectable 6.4%, down from a peak of 12.2%. Regionally, unemployment levels range from a low of 5.4% in Boulder to a high of 6.9% in Greeley. Rising COVID-19 infection rates continue to impact the job recovery, and I do not see much in the way of palpable improvement until a vaccine becomes freely available, likely in the second half of this year.

COLORADO HOME SALES

❱ In the final quarter of 2020, 12,207 homes sold. This represents an increase of 21.8% compared to the fourth quarter of 2019, but 19% lower than in the third quarter. I am not concerned, though, because seasonal influences tend to impact sales in the winter.

❱ Sales rose in all markets other than El Paso compared to the fourth quarter of 2019. I believe sales are only limited by the number of homes on the market.

❱ Inventory levels remain well below what I would like to see. The average number of homes on the market in the fourth quarter was down 55% from the same period in 2019.

❱ Pending sales were 34% lower compared to the third quarter. Again, seasonality and a lack of homes to buy impact this figure. Pending sales are still 13% higher than a year ago.

COLORADO HOME PRICES

❱ Home prices rose significantly in the fourth quarter, with the average price increasing 13.7% year-over-year to $532,492. Prices were up 1.8% compared to the third quarter of this year.

❱ Interest rates are unlikely to drop much further and this will lead price growth to slow as we move through 2021.

❱ Year-over-year, prices rose across all markets covered by this report, with significant appreciation in Clear Creek, Gilpin, Park, and El Paso counties. Every county but Arapahoe saw double-digit price gains.

❱ Affordability in many Colorado markets remains a concern as prices continue to rise at well-above-average rates. That said, I anticipate we will see price growth moderate in 2021.

DAYS ON MARKET

❱ The average number of days it took to sell a home in the markets contained in this report dropped 15 days compared to the final quarter of 2019.

❱ The amount of time it took to sell a home dropped in every county contained in this report compared to the fourth quarter of 2019.

❱ It took an average of 26 days to sell a home in the region, down 3 days compared to the third quarter of 2020.

❱ The Colorado housing market continues to demonstrate solid demand, and buyers are clearly competitive as suggested by the short length of time it is taking to sell a home.

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Home sales and prices are significantly higher than a year ago, and demand for housing is very much in place. Naturally, this favors home sellers who are still in control of the market. I do expect to see some improvement in listing activity this year, which, in concert with modestly rising interest rates, will likely start to take some of the steam out of the market. However, any moderation in the market has yet to appear. Even given the possible headwinds mentioned above, I am moving the needle a little more in favor of sellers, as demand is likely to exceed supply for the time being.

ABOUT MATTHEW GARDNER

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.