The Listing Solstice

Wednesday marked the first official day of summer and the longest day of the year.

Coincidentally, the research shows us that listings are taking far longer to sell than one year ago.

Specifically, days on market has increased by the following amounts in our market versus exactly one year ago:

 

Larimer County: 210%

Weld County: 100%

Metro Denver: 122%

 

Even though days on market is up significantly over one year ago, properties are selling faster on average than what is considered ‘normal.’

Over the last 10 years, average days on market has been between 70 and 50 days. So, while properties are taking longer to sell versus the market of one year ago, they are still selling much faster than normal.

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High Active

The average price of all active listings is likely much higher than you think.

For example, the average listing price of the nearly 5000 properties for sale in Metro Denver is nearly $1,000,000.

Here is the average price of all active listings along the Front Range:

Larimer County: $886,000

Weld County: $736,000

Metro Denver: $939,000

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High Active

The average price of all active listings is likely much higher than you think.

For example, the average listing price of the nearly 5000 properties for sale in Metro Denver is nearly $1,000,000.

Here is the average price of all active listings along the Front Range:

Larimer County: $886,000

Weld County: $736,000

Metro Denver: $939,000

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A New Change

There is a new type of change to be prepared for.

One interesting way to track the market is to measure the year-over-year difference in inventory.

Quite simply, this looks at how many homes are available today versus the same time one year ago.

For the past several months in a row, the difference as measured by percentage change, has been significant.

That is because inventory levels between May of 2020 and May of 2022 were rock-bottom low.

For example, inventory in March of this year was up over 120% compared to March 2022.

When measured against historical numbers, inventory in the first half of this year is incredibly low.  But, when measured against the first half of 2022, inventory is significantly higher.

Well, that is about to change because inventory increased in June and July of 2022.

So, now when we look at inventory levels versus a year ago, the percentage change will be more modest.

For example, Northern Colorado inventory today is up only 8% compared to one year ago.

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Not What Many Thought

Despite higher interest rates, prices did not decrease like many people thought. They certainly have not crashed like many thought.

Average prices along the Front Range have seen only a slight decrease versus last year.

The average price in May this year has decreased versus May of last year by:

 

2.5% in Larimer County

3.2% in Weld County

2.8% in Metro Denver

 

When we take a closer look, what is apparent is that average prices have decreased based on the type of properties that are selling versus last year.

Specifically, there were more $1,000,000 – plus homes selling a year ago versus today. Those higher-end transactions in 2022 increased the average price.

In May of 2023, $1,000,000- plus transactions decreased versus May of 2022 by:

 

33% in Larimer County

29% in Weld County

35% in Metro Denver

 

So, we don’t see that prices have gone down. We see that average price has slightly decreased because they aren’t as many luxury sales pulling up the average.

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New Listings May 2023

Holy Garage Batman!! Seriously, if you have enough cars, trucks, boats, trailers, bikes, & gear to fill THIS garage, I wanna be friends. And yes, there’s even a Tesla charging station! The charging station can be fitted to other electric vehicles with simple adaptation. The garage height w/ storage loft will dazzle you as well. The 4 car garage totals 840 Square Feet, come see it to believe it. Now for the home; so much space, & location, location, location! 516 Dakota Way is just across the street from the new Windsor Elementary School (not yet named) set to open for the 2024-2025 school year. A quick bike ride will take you to Windsor Lake, Northern Lights Park, & Downtown Windsor. This large home features 6 bedrooms and 4 bathrooms. The primary bedroom is delightfully large & has 2 closets! In addition to all the bedroom space, you still have a main level office, & giant bonus living area in the basement. The kitchen features granite countertops and plenty of storage. The charming front porch is an ideal place to enjoy friendly neighbors or opt to relax in the soothing hot tub in your new cozy backyard. This home offers convenience and a Colorado lifestyle you will love! Call (970) 215-6768 to schedule a private tour or click here for more information.

Reba Tipton | MLS# 986948

Highly respected, rarely available, Highland Hills home in a serene community; an ideal Fort Collins setting featuring rolling hills, large lots, wide streets,& friendly neighbors. This idealistic neighborhood is perfectly located just East of I-25 & South of 392, zoned for sought-after schools. At 8025 Scenic Ridge, the grand entryway is an inviting prelude to the superb floorplan, offering a formal dining area, 2 main-level living spaces, & well-equipped kitchen with a family gathering feel. This custom Spanjer Home offers space & private areas for everyone, reflecting exemplary craftsmanship & decorator-inspired interior selections. The home sits on a large 0.87 acre lot, fully fenced & meticulously landscaped, it’s mature trees offering park-like privacy. The spacious primary bedroom suite is conveniently located on the main level & features a newly remodeled bathroom with 2 walk-in closets. From the primary suite, you can step outside & enjoy the natural beauty that surrounds you by way of an all-seasons room, the perfect private spot for a little morning reading. The elegantly appointed office will inspire you & is fit for creative productivity. Upstairs, you’ll find 3 spacious bedrooms & 2 bathrooms, with large walk-in closets & a convenient laundry chute! The oversized garage (959 Square feet!) offers a separate basement entry directly from the garage. Let’s talk about this basement! The cleverly designed basement opens worlds of opportunity for this home’s next owners, including multi-generational living. Featuring a second kitchen, family room, theater, 2 more spacious bedrooms with tons of closet space, & it’s own laundry room. Not to mention an additional 572 square feet of unfinished storage! This is truly a remarkable home that provides the Colorado lifestyle of your dreams. Call (970) 215-6768 to schedule a private tour or click here for more information.

Reba Tipton | MLS# 986845

42 Tracy Trail Road is a well maintained home on 2.24 Acres with an oversized, attached 2 car garage. Plenty of level property to put up a large outbuilding for all your toy storage. The house is outside the flood plain so flood insurance is not required. Fully fenced back yard with a nicely covered deck to enjoy all the beauty of the Big Thompson Canyon from. Inside there is a fireplace in the living room and a wood stove in the study as well as forced air heating to keep you warm in the winters. This home has never suffered from flood damage. Call (970) 215-1573 to schedule a private tour or click here for more information.

Brandon Bidwell | MLS# 986871

2133 Krisron Road Unit D-304 is a move in ready condo and the perfect blend of style and functionality. New Laminate Flooring, Furnace and Washer/Dryer in 2019. Enjoy the views of Horsetooth Rock from your living room or balcony. The open floor plan features vaulted ceilings and a living room fireplace. The kitchen showcases SS appliances with a brand new refrigerator, and plenty of storage space. Lots of natural light throughout. The primary bedroom has a huge walk in closet. All within walking distance to shopping, dining and the community swimming pool. Call (970) 215-1573 to schedule a private tour or click here for more information.

Brandon Bidwell | MLS# 986842

Welcome Home to 4058 Braidwood Drive. This beautiful property has been well cared for and is ready for you to move into. Plenty of room on just over 2 acres surrounded with wonderful views . Enjoy private lake rights for boating and fishing! This home features wood flooring that is in immaculate condition and Brand New Carpets. The kitchen is a chef’s dream, with an island, SS appliances, leathered granite countertops and beautiful cabinetry. You’ll love the panoramic views from the private balcony off of the primary suite. Other features include a Walk Out Basement, Oversized 3 Car Garage, Gas Fireplace, hot tub ready deck space and a 5 piece primary bath with a huge walk in closet. All of this just minutes from Downtown Ft Collins! Call (970) 215-1573 to schedule a private tour or click here for more information.

Brandon Bidwell | MLS# 986857

Escape to Storm Mountain and enjoy the breathtaking views from this one-of-a-kind cabin! 167 Spruce Mountain Drive is situated on 1.6 acres of pristine land, you can bask in the natural beauty that surrounds you. The outdoor kitchen and pool table allows for plenty of entertainment options when hosting family and friends. Enjoy a leisurely day outside under the beautiful pergolas and arbors — perfect for grilling up a delicious meal or just taking in nature’s beauty with a cup of coffee. Whether it’s your vacation getaway or full-time residence, you can enjoy all the comforts this property has to offer while taking advantage of nearby climbing, hiking and reservoir access – truly a one-of-a kind opportunity.

Jared Foster | MLS# 986893

NO METRO TAX and LOW HOA fees! Welcome home to 1373 Sage Drive, a gorgeous 4 bedroom, 2 bath home located in the desirable Governor’s Ranch community. With a spacious 3-car garage and over 3,700 square feet of space you’ll have more than enough room for a growing family and friends. You’ll love the engineered wood and tile floors throughout, cozy fireplace, and granite countertops; eat-in kitchen is perfect for entertaining or just relaxing with family. Enjoy easy access to nearby cities such as Greeley, Severance, Timnath, and Windsor while taking advantage HOA irrigated water – perfect for keeping those lawns looking lush all summer long! Includes an active radon mitigation system. Don’t miss this opportunity! Call (970) 690-5707 to schedule a private tour or click here for more information.

Jared Foster | MLS# 986715

2144 Clipper Way is Move in Ready with Brand New Luxury Vinyl flooring and Carpet less than a year old! You’ll notice the open feeling right from the entry courtesy of the 9′ ceilings and abundance of natural light on the main level. The spacious kitchen features plenty of countertop space, all black appliances, and ample cabinet space. The primary bedroom is complete with plush carpeting, a walk-in closet, and an en-suite bathroom that features a soaking tub and shower. Enjoy the low maintenance yard and spend your time on the covered patio or at one of the neighborhood’s beautiful parks. All of this just minutes from Downtown Fort Collins and I-25. Call (970) 215-1573 to schedule a private tour or click here for more information.

Brandon Bidwell | MLS# 987416

Don’t miss 9076 Painted Horse Lane, a substantial 2-story with space for everyone and a 3 car garage! Located just minutes away from the Wellington Community park, this 5 bed, 4bath home features a main floor office, large living area and kitchen with brand new appliances and Alder cabinets. Relax in the serene primary suite with a 5 piece bath including a soaking tub! Experience a fun move night in the newly finished basement that includes two bedrooms, a full bath, and a large finished storage area. Call (970) 402-7509 to schedule a private tour or click here for more information.

Jacqueline Feil | MLS# 987452

Welcome to paradise! 8785 Longs Peak Circle is a stunning 2.5 acre home on an interior lot in the highly coveted Steeplechase neighborhood has it all. From mountain views and open space to a fully updated equestrian property with a 6 car outbuilding, workshop and horse stalls including RV and boat storage. You can have your own personal piece of paradise. Experience luxurious living inside this 4-bedroom, 5 bath dream home with custom stone accents throughout the kitchen, living room and basement. The primary suite is bright and open with a 5-piece master while two additional bedrooms share a Jack and Jill bathroom. Every Bedroom in this home has a bathroom! You’ll love hosting parties or family gatherings in the finished basement complete with a wet bar. Sit on your large deck overlooking two outdoor water features, fire pit and an orchard area that grows grapes, raspberries, cherries, apples, peaches, pears and plums. The chef’s kitchen boasts stainless steel appliances including double ovens and gas range- perfect for cooking delicious meals any day of the week! Other amenities include an office located on the main level, solid hardwood floors throughout the main level, newer furnace, AC unit and roof (blacktop driveway resealed April 2023) plus plenty of room for entertaining both indoors & out. Don’t miss this opportunity to make this YOUR HOME today! Call (970) 310-6999 to schedule a private tour or click here for more information.

Alexis Foster | MLS# 987501

35054 County Road 55 is a remarkable property that offers a unique opportunity to own a picturesque countryside retreat just 8 miles east of Highway 85. With its impressive amenities, spacious living areas, and tranquil surroundings, this home provides a peaceful escape from the hustle and bustle of city life. Step inside and be greeted by an inviting interior that exudes warmth and character. The eat-in kitchen features a pantry and all appliances included. The bedrooms are generously sized and provide a cozy haven for rest and relaxation. The bathrooms are tastefully designed, featuring updated fixtures and stylish finishes. Outside, the property showcases the beauty of rural living, with its expansive land and breathtaking views of the surrounding countryside. The vast outdoor space allows for endless possibilities, featuring a fully fenced back yard. Create your own garden, raise livestock, build your own shop, or simply enjoy the serenity of nature. Gill, Colorado itself is a charming rural town, known for its friendly residents, scenic beauty, and agricultural heritage. With its proximity to larger cities, such as Greeley and Fort Collins, you can enjoy the best of both worlds – the quiet serenity of the countryside and the amenities and services of nearby urban centers. New Roof 2018. New water heater March 2023. Heated, fully finished garage with winch. Two outbuildings are located on the property, providing plenty of extra storage. New poured concrete patio and sidewalk. Call (970) 534-5440 to schedule a private tour or click here for more information.

Ben Barnhart | MLS# 988027

Situated right on the 9th hole of Mariana Butte Golf Course, (as well as on a Cul-De-Sac!) this exceptional custom home offers a blend of elegance, comfort, and style. Get ready to experience a lifestyle of luxury and tranquility in this remarkable residence. The main floor primary bedroom provides a peaceful sanctuary for rest and rejuvenation with a beautiful 5 piece bath with heated floors. The professionally finished basement with wet bar gives more space to entertain or relax, and the bathroom in the basement also features heated floors. There are spacious and inviting living areas, filled with natural light that illuminates the open floor plan. The gourmet kitchen is a chef’s dream, equipped with top-of-the-line appliances, custom cabinetry, and a large center island. Don’t miss the chance to own 4958 Saint Andrews Ct., a truly remarkable residence in west Loveland near trails and natural areas. Experience the perfect blend of luxury, comfort, and convenience in this extraordinary home. Call (970) 673-7285 to schedule a private tour or click here for more information!

Paul Hunter | MLS# 988761

Welcome home to 1124 Lin Mar Drive, a relaxing setting in Dean Acres with a huge backyard with space for entertaining and gardening. Close to trails and only a block to Lee Lake, and minutes to Old Town and Horsetooth Reservoir. Lower level has its own living space. Kitchen is open to the living room, and lots of light make this a rejuvenating place to spend your time. Main level bathroom has been upgraded, and wood floors in the dining and kitchen. Come see this home today! Call (970) 673-7285 to schedule a private tour or click here for more information.

Paul Hunter | MLS# 988783

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2.5 Per Household

On average, up and down the Front Range, there are 2.5 people living in each household.

This is an important number to know as you read the stories about census data and population growth.

Obviously, as population grows, housing needs also grow.

For every 100 people added to the population, there needs to be 40 more housing units to accommodate those people.

Those housing units come in all shapes and sizes of course.  Some are for sale and some are for rent.

The projection is that by 2040, Northern Colorado (Larimer and Weld Counties) will have 1,000,000 people which is 300,000 more than today.

So, Northern Colorado needs a total of 120,000 more housing units or 7,000 per year.

Metro Denver will grow by 500,000 people in that same time frame and will need 200,000 more housing units or 12,000 per year.

Big population growth means big growth for housing.

The post 2.5 Per Household appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

2.5 Per Household

On average, up and down the Front Range, there are 2.5 people living in each household.

This is an important number to know as you read the stories about census data and population growth.

Obviously, as population grows, housing needs also grow.

For every 100 people added to the population, there needs to be 40 more housing units to accommodate those people.

Those housing units come in all shapes and sizes of course.  Some are for sale and some are for rent.

The projection is that by 2040, Northern Colorado (Larimer and Weld Counties) will have 1,000,000 people which is 300,000 more than today.

So, Northern Colorado needs a total of 120,000 more housing units or 7,000 per year.

Metro Denver will grow by 500,000 people in that same time frame and will need 200,000 more housing units or 12,000 per year.

Big population growth means big growth for housing.

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Months of Supply

As measured by months of supply, we have a strong Seller’s market in Northern Colorado.

Both Larimer County and Weld County measure at 1.6 months of supply.

That means, at the current pace of sales, it would take only about 6 weeks to sell all of the existing homes for sale.

The measurement becomes even more interesting when we look at specific price ranges.

Under $500,000 is 1.0 months in Larimer and 0.9 in Weld.

$500,000 to $700,000 is 1.6 months in Larimer and 2.0 in Weld.

$700,000 to $1,000,000 is 2.0 months in Larimer and 3.0 in Weld.

And, over $1,000,000 is 3.6 months in Larimer and 5.3 in Weld.

We are not surprised to see higher months of inventory in higher price ranges.

It is interesting that even $1,000,000 properties have less than 6 months.

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More New

Nationally, new home inventory as a percentage of the total inventory just hit a record high. 26% of all properties currently available for sale are brand new homes.

To put this in perspective, in 2018 it was 14%. From 2000 to 2008 it bounced between 10% and 15%

Locally, we notice even higher numbers.

In Larimer County, 29% of all inventory is brand new. In Weld County, it is a whopping 35%.

The reason why the percentage is high is not so much because of a surge in new construction, but because the amount of re-sale properties listed for sale is so low.

The Front Range has an under-supplied market, especially when it comes to re-sale properties.

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