May 5--Greeley-Evans housing prices have sunk more than any other market in northern Colorado in the last year, and in the last decade, according to a report release today by Colorado State University's Everitt Real Estate Center.

The good news, though, is that price depreciation has helped the area blow away sales volumes in other markets.

The Greeley-Evans area was one of only two markets in northern Colorado where home sales increased, said John Gerhard, a research analyst with real estate center. The other was Johnstown-Milliken.

The report details 11 markets in northern Colorado, noting just five markets experienced appreciation in just the last year. Though all appreciated since 1997, Greeley-Evans experienced the least appreciation at 7.9 percent, while Boulder-Gunbarrel experienced the greatest appreciation at 89.1 percent. Fort Collins came in at 53.9 percent, while Loveland's housing appreciated 39.6 percent in that time.

Gerhard and Sriram Villupuram, an assistant professor in the Department of Finance and Real Estate, collected data somewhat different than most indices. This report tracked sales prices by individual home sales, not by county or by statistical areas, like other indices. The report also included all transactions of home sales, giving a truer picture of the markets.

In the Greeley-Evans market, housing price depreciated in all areas except three. The Arrowhead neighborhood south of 37th Street between 35th and 83rd Avenues, appreciated 22 percent. The worst performing neighborhood in Greeley was in downtown Greeley in the southeast corner of 11th Avenue and 16th Street, with prices dropping 59.7 percent.

For more of this story see Wednesday's Tribune.

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