Highly Active

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In addition to tracking the average price for sold properties, it is also interesting to track the average price for active properties.

Asking prices are up across all markets when compared to the same time last year.

Here are the average list prices for residential properties along the Front Range:

  • Larimer County = $893,000 (8% higher than last year)
  • Weld County = $702,000 (6% higher than last year)
  • Metro Denver = $847,000 (5% higher than last year)

These asking prices are higher than average sales prices by approximately 30%. This is because there are many high-end properties on the market which take longer to sell and which pull up the average.

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A Rate-Induced Pop

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The recent drop in mortgage rates triggered a measurable uptick in sales activity.

So far through the first 10 days of November, pending activity in Northern Colorado is up versus the same 10 days last year.

This is despite interest rates being higher than they were last year.

Mortgage rates just had their biggest one-week drop in over a year and buyers clearly responded.

Pending sales through November so far are up versus last year:

48% in Larimer County

20% in Weld County

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MOI is Still LOW

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Despite decreased buyer activity driven by normal seasonal patterns plus higher interest rates, the key stat of Months of Inventory continues to stay relatively low.

Months of Inventory (MOI) is the simple measurement of how long it would take to sell the current inventory of homes for sale at the current pace of sales.

Along the Front Range, this stat ranges from roughly 2 ½ months to just over 3. A market is considered ‘balanced’ when there is 4 to 6 months of inventory for sale.

Here are the specific numbers for Front Range markets:

Larimer County = 3.1 Months

Weld County = 2.7 Months

Metro Denver = 2.4 Months

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