Not As Different

Real Estate in the first part of 2023 along the Front Range is certainly different than the first part of 2022.  But, in terms of number of transactions, it is not as different as one might guess.

Yes, higher interest rates and lower inventory has caused the number of transactions to be less than last year.

Generally speaking, the number of homes that have sold so far in 2023 is 20% lower than the same time period last year.

This does vary by region.  Larimer County is down 15%, Weld County 29% and Metro Denver 21%.

It is important to keep in mind that the first 110 days of 2022 were unprecedented in terms of activity.

Some of the sensationalized media attention on real estate may imply that activity has come to a screeching halt, but that is simply not true.

There is still plenty of demand in the market for real estate on the Front Range.

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More Buyers Than Sellers

The real estate market today, quite simply, has more buyers than sellers.

Let’s be clear, this is not the heated market of 2021 and 2022.

However, the market is undersupplied in most price ranges and most locations.

The National Association of Realtors just reported that the number of new listings hitting the market each week has been lower than the same time the previous year for 40 weeks in a row.

There are roughly 20% fewer new listings hitting the market each week versus last year.

The result of low inventory is homes selling quickly in many cases.

Altos Research reports that of the 73,000 listings that have come on the market so far this week Nationally, 25% of those are already under contract- selling within days, if not hours.

Bottom line, the market needs more listings.

The post More Buyers Than Sellers appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

More Buyers Than Sellers

The real estate market today, quite simply, has more buyers than sellers.

Let’s be clear, this is not the heated market of 2021 and 2022.

However, the market is undersupplied in most price ranges and most locations.

The National Association of Realtors just reported that the number of new listings hitting the market each week has been lower than the same time the previous year for 40 weeks in a row.

There are roughly 20% fewer new listings hitting the market each week versus last year.

The result of low inventory is homes selling quickly in many cases.

Altos Research reports that of the 73,000 listings that have come on the market so far this week Nationally, 25% of those are already under contract- selling within days, if not hours.

Bottom line, the market needs more listings.

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Dropping Inventory

Breaking News – months of inventory has dropped significantly signifying an uptick in real estate activity along the Front Range.‘Months of inventory’ is an important statistic and something we commonly talk about in this blog. It simply measures how long it would take to sell all of the homes currently for sale at the current pace of sales.As a reminder, a market is ‘balanced’ when there is four to six months of inventory on the market.During the fast-paced market of June 2020 to June 2022, this statistic dropped to less than one month.During the market cooling of last Winter, it increased to over two months.Now, it is back to nearly one month of supply signaling a clear seller’s market.Of course, all markets are hyper-local and this number can vary based on specific price point and specific location.However, looking at ‘months of inventory’ from a big picture view, offers a good understanding of overall market conditions.Here is what months of inventory is for each Front Range market:Larimer County = 1.3 MonthsWeld County = 1.2 Months Metro Denver = 1.1 Months

The post Dropping Inventory appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Dropping Inventory

Breaking News – months of inventory has dropped significantly signifying an uptick in real estate activity along the Front Range.‘Months of inventory’ is an important statistic and something we commonly talk about in this blog. It simply measures how long it would take to sell all of the homes currently for sale at the current pace of sales.As a reminder, a market is ‘balanced’ when there is four to six months of inventory on the market.During the fast-paced market of June 2020 to June 2022, this statistic dropped to less than one month.During the market cooling of last Winter, it increased to over two months.Now, it is back to nearly one month of supply signaling a clear seller’s market.Of course, all markets are hyper-local and this number can vary based on specific price point and specific location.However, looking at ‘months of inventory’ from a big picture view, offers a good understanding of overall market conditions.Here is what months of inventory is for each Front Range market:Larimer County = 1.3 MonthsWeld County = 1.2 Months Metro Denver = 1.1 Months

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New Listings March 2023

Introducing 2186 Buena Vista Drive, a fantastic home in Greeley. This beautiful home features 4 bedrooms and 2 bathrooms, with a spacious and bright open-concept living, dining, and kitchen area. The cozy bedrooms provide enough space for everyone. The home also features updated bathrooms with new flooring and fixtures. The property sits on a large, landscaped lot with plenty of room to garden in the raised garden beds and relax in the fresh Colorado air. Off the sunroom/enclosed patio, you’ll find a built-in grill and bar area that is perfect for entertaining. This home also offers a two-car garage. Enjoy the many amenities nearby such as parks, schools, shopping, and dining. You’ll be in the perfect spot to explore the attractions and activities in Greeley, such as the Union Pacific Railroad Museum, the Greeley Creative District, and the Historic Downtown Greeley area. Conveniently located minutes from Highway 34, grocery shopping, schools, libraries, gyms, and parks, this location is hard to beat! Call (719) 310-9336 to schedule a private tour or click here for more information.

Anali Roath | MLS# 982832

Welcome home to 5842 Calgary Street! You don’t want to miss out on this Prairie model home in the desirable Summerfields neighborhood of Timnath Ranch. This spectacular open floor plan features 2 beds PLUS a dedicated office/study (or potential 3rd bedroom) on the main with a large master suite. The professionally finished, permitted basement has 9 foot ceilings and boasts 2 more large bedrooms, a beautiful bathroom, generous rec room with built-ins and a wet bar. This home is lush with upgrades including 42 inch cabinets, REAL hard wood floors, a great butler’s pantry/coffee bar with tons of cabinets and a large eat-in kitchen/dining room. The kitchen features double ovens, solid surface countertops, some newer appliances and a gas line if you wish to switch out the electric cooktop. The soaring ceilings accentuate the spacious 1,800 SF main level. Enjoy a morning cup of coffee on the southeast facing covered patio next to a community greenbelt. The home also has an active radon system, security system pre-wire, high end Hunter Douglas blinds, a whole house fan and a spacious 3 car garage for your toys. This home has been impeccably maintained! Of course, the neighborhood is loaded with amenities with a top-rated school right in the community, a fantastic pool w/ big water slide, clubhouse with gym, walking trails and so much more – you don’t want to miss it! Call (970) 646-3035 to schedule a private tour or click here for more information.

Aaron Pearson | MLS# 983625

475 Mount Belford Drive is a beautifully updated home with a fantastic layout. Large kitchen, lots of light, and wood floors. Open floor plan allows a great interaction of space between the kitchen and living room, with tall ceilings and open feel. Covered patio provides a great space to enjoy the backyard. Partially finished basement with a bonus room! Easy access to all of northern Colorado and amazing finishes that make this THE home for you! Call (970) 673-7285 to schedule a private tour or click here for more information.

Paul Hunter | MLS# 983495

Welcome to 3773 Mount Flora St. in the charming town of Wellington. Almost everything is new in this 3 bed, 2 bath ranch floorplan. New flooring, new paint, new appliances, new countertops, new windows, remodeled bathrooms, and a new roof. Enjoy the Colorado lifestyle with the property’s outdoor amenities. The large backyard offers plenty of room for outdoor activities and relaxation, including a patio perfect for summer barbecues. With easy access to nearby parks and trails, you’ll be able to take in the area’s natural beauty. All lawn irrigation water provided by HOA. Irrigation water fees included in the HOA dues are low at $30 a month and No Metro District. Call (970) 232-4844 to schedule a private tour or click here for more information.

Phil Cooper | MLS# 983659

8456 W Quarles Place is a pristine paired patio home in the coveted Ridge at Stony Brook- a quiet, low traffic 55+ community. Inviting wide entry and hall lead into gourmet kitchen featuring high end cabinets with slide out drawers, gas stove, spacious pantry and granite countertops with breakfast bar. Open dining and living area with cozy gas fireplace offer a place to gather. Large primary suite with coffered ceiling, walk in closet, and spa like tub. Custom plantation shutters throughout, gorgeous hardwood floors, study with french doors, ceiling fans and new carpet all contribute to the beauty and comfort of this home. Outside the front covered patio looks out over the courtyard, and in the back there is an enclosed patio perfect for relaxing on summer days Located in a highly desirable Littleton neighborhood, this home is just a short drive away from local attractions such as Chatfield State Park, Red Rocks Amphitheater, and the convenience of C470. Enjoy a wide variety of restaurants, shops, and parks, and take in the stunning mountain views that surround the area. Call (970) 449-2652 to schedule a private tour or click here for more information.

Nancy Harwood | MLS# 984077

0 Sunrise View Place has spectacular lake, foothills and city views! This east facing lot, just up the hill from Soderberg Trailhead, looks out over Inlet Bay and the marina at Horsetooth Reservoir. Great access to boating, fishing, and trail recreation. Close to electric, buyer to look into well and septic. Pending ILC report. Steep sloping lot, no driveway so please park on street. Road is steep, drive slowly up the road, and only all-wheel or 4 wheel drive vehicles. Call (970) 541-4802 to schedule a private tour or click here for more information!

Natalie Parsons | MLS# 984175

Welcome to your dream home at 5517 Bexley Drive in beautiful Windsor, CO! Featuring 3 bedrooms and 3 bathrooms, this spacious home provides a really great space. The open-concept living area is perfect for entertaining, while the modern kitchen boasts high-end appliances and plenty of counter space. Step outside to your own private oasis, complete with a beautiful patio and a lush green lawn – perfect for summer barbecues and family gatherings. The unfinished basement provides additional space that could be used as a game room or home theater. This home is just minutes away from shopping and restaurants. Windsor is a thriving community that offers a high quality of life for its residents. From its excellent schools to its world-class parks and recreation facilities, there is something for everyone in this vibrant city. Don’t miss out on the opportunity to own this stunning home in one of Windsor’s most attractive neighborhoods. Schedule your showing today and see for yourself what makes this property so special! Call (970) 673-7285 to schedule a private tour or click here for more information!

Paul Hunter | MLS# 984324

Welcome to 5551 29th St. #3521, a beautiful and well-maintained condo located in the thriving city of Greeley, CO. This stunning property boasts two bedrooms and two bathrooms, offering a comfortable and low-maintenance living space. As you step inside, you’ll be greeted by a light-filled and open living area featuring modern finishes and neutral tones and brand new carpet throughout. The kitchen is well-equipped with stainless steel appliances and plenty of storage space, making it perfect for preparing meals at home. The adjacent dining area is perfect for enjoying a cozy meal with loved ones. The primary bedroom features an en suite bathroom, while the second bedroom is spacious. There is also a second bathroom, providing plenty of space and privacy for all residents. This condo offers many amenities, including a laundry room, a balcony, and access to a community pool and fitness center. The building is secure and well-maintained, providing peace of mind to residents. Greeley is a vibrant city with plenty of local attractions, including the Greeley Stampede, the University of Northern Colorado, and the beautiful Poudre River Trail. You’ll also love the city’s excellent dining and shopping options, as well as its vibrant cultural scene. Located in West Greeley, this condo is ideal for those looking for a low-maintenance lifestyle and easy access to local amenities. Don’t miss your chance to make 5551 29th St. #3521 your new home! Call (970) 310-6999 to schedule a private tour or click here for more information.

Alexis Foster | MLS# 984391

Views, location, and enormous potential! Endless opportunity awaits with two separate nearly 1 acre parcels located just minutes from downtown Fort Collins and from the trail head to Claymore lake. The two acres allow you to build a new home on one acre and fix up or start fresh with the existing home on the other parcel. 3720 Michaud Lane is perfect for multigenerational living or just having some extra space. This property is being sold with 0 Michaud Lane see MLS#984532. Call (970) 402-7509 to schedule a private tour or click here for more information.

Jacqueline Feil | MLS# 984533

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Picking up Steam

In a market that seems abnormal to a lot of people we notice a very normal trend right now.  As we head into Spring, activity is picking up.

This happens pretty much every Spring and it is happening again.

When we measure the number of properties under contract, which are set to close in the next 30 to 45 days, we see that it is significantly higher than just one month ago.

Bottom line, many more properties went under contract in March than in February.  Specifically:

Larimer County is up 27% month over month.

Weld County is up 16%.

Metro Denver is up 18%.

This increase is noteworthy especially considering interest rates dropped only slightly during the month.

We expect this trend of increased sales activity to continue, as it normally does, through the Spring and into the early Summer.

The post Picking up Steam appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Picking up Steam

In a market that seems abnormal to a lot of people we notice a very normal trend right now.  As we head into Spring, activity is picking up.

This happens pretty much every Spring and it is happening again.

When we measure the number of properties under contract, which are set to close in the next 30 to 45 days, we see that it is significantly higher than just one month ago.

Bottom line, many more properties went under contract in March than in February.  Specifically:

Larimer County is up 27% month over month.

Weld County is up 16%.

Metro Denver is up 18%.

This increase is noteworthy especially considering interest rates dropped only slightly during the month.

We expect this trend of increased sales activity to continue, as it normally does, through the Spring and into the early Summer.

The post Picking up Steam appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

No Middle Class

“The middle class is going away” is an often-used adage when talking about society. It is also a good way to describe today’s real estate market.  When it comes to properties for sale, the middle class has gone away.There is a class of listings which are priced to the market, in great condition, with world-class marketing.Then, there are those that are overpriced, not in good condition, with sub-par marketing.Properties in the first class are selling quickly, sometimes with multiple offers and sometimes even over list price.Properties in the second class are sitting on the market.Sellers, who want a successful result, must be in the first class.Buyers, who want a bargain or who want to ‘wheel and deal,’ can typically only find those opportunities in the second class.Here’s the thing.  Rising interest rates have caused buyers to be more picky.  Yet, low inventory has caused competition for the best properties.Both sellers and buyers need to know there is no middle class when it comes to listings.

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March Madness

When things get crazy on Wall Street, it’s often good for real estate.

Uncertainty in the stock market attracts investors to the stability offered by Treasury Bonds.

Higher demand for bonds means lower interest rates which is obviously good for real estate buyers.

“Turbulence in the financial markets is putting significant downward pressure on rates” said Sam Khater, Freddie Mac’s chief economist.

After peaking at just over 7% at the end of October, rates have been trending down.

The current rate on a 30-year loan is 6.6%.  A year ago it was 4.16%.

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