Focus on Fort Collins
This week we will focus on Fort Collins and give you some Fun Facts about the “Choice City”.
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10,000 Short
Northern Colorado isn’t the only place with limited inventory.
Metro Denver is short by 10,000 listings.
The average number of homes for sale for this time of year in the Denver area, going all the way back to 1985, is 14,309.
Right now there are 4,084 residential properties on the market. This is a difference of 10,225 listings compared to the long-term average.
The peak was 2008 when there were 25,037 listings. The lowest year was last year with 3,878 (a drop of 21,159 in 9 years?!).
The good news for buyers is that inventory is up 5% compared to last year. Another piece of good news is that the Spring tends to produce the highest amount of inventory for buyers to pick from.
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Upscale Home With Impressive Finishes
Featuring 4 Bedrooms, 4 Bathrooms And 2 Fireplaces!
Overlooking the 7th green at The Greens @ Collindale. Upscale golf course neighborhood in an intimate setting. Beautiful with tons of upgrades! 2 fireplaces: great room and master. 2 laundries, main floor master. Large deck with gas grill looks onto green. 3-car garage. The list goes on and on…
For more information, please visit: http://windermerenoco.com/listing/76083407 or call Kyle Basnar at (970) 460-3033.
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Superb 2-Story Condo In a Quiet Neighborhood
Featuring 2 Bedrooms, 3 Bathrooms And 2 Master Suites!
This property features a unique and fantastic two master suite floor plan! This home has updated fixtures and flooring. Both bedrooms enjoy a walk-in closet and full bath. Large living room and kitchen, back patio, and at the end of a cul-de-sac making this a quiet location. Currently rented through June of 2018.
For more information, please visit: http://windermerenoco.com/listing/76058736 or call Paul Hunter at (970) 460-3033.
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At Least List
2018 is off to a flying start according to one measure we use frequently.
An interesting stat is one we call “At Least List.” It tracks how many homes sell for at least list price.
Because of low inventory in some price ranges and the high demand that exists in our market, many homes sell for exactly list price or even higher.
In February 47% of the single family homes in Larimer County and 69% of the single family homes in Weld County sold for at least list price.
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Fixer-Upper With Unimaginable Potential
Featuring 3 Bedrooms, 3 Bathrooms And A Finished Basement!
Unique opportunity in a quiet mid-town neighborhood. Great ranch for sweat equity/ regular investor in sought-after Indian Hills neighborhood. Beautiful lot with huge potential, great bones but needs updates throughout. Furnace replaced in 2015, roof in approximately 2012. Main floor includes: dining room with a backyard view, living room, family room with a gas fireplace, master bedroom/bath + 2 bedrooms and a utility room. Basement includes: 2 non-conforming bedrooms, large rec room, 3/4 bath and shop. Large backyard trees provide summer shade. Will sell quick!
For more information, please visit: http://windermerenoco.com/listing/75892738 or call Mike Hohl at (970) 460-3033.
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Spacious Town Home With Good Bones
Featuring 3 Bedrooms, 4 Bathrooms And Vaulted Ceilings!
Care free living in this spacious and central Fort Collins home. Big windows and great views of mature trees and greenbelts. High vaulted ceilings and an open floor plan make for a delightful home. The large beautiful swimming pool is about a block to the west and is part of the HOA.
For more information, please visit: http://windermerenoco.com/listing/75731946 or call Kyle Basnar at (970) 460-3033.
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Colorado Real Estate Market Update
This analysis of the Metro Denver and Northern Colorado real estate markets 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 us.
ECONOMIC OVERVIEW
Colorado added 45,300 non-agricultural jobs over the past 12 months, a growth rate of 1.7%. Although that is a respectable number, employment growth has been trending lower in 2017 as the state reaches full employment. Within the metropolitan market areas included in this report, there was annual employment growth in all areas other than Grand Junction, where employment was modestly lower. There was solid growth in Greeley and Fort Collins, where annual job growth was measured at 4% and 2.7%, respectively.
In November, the unemployment rate in the state was a remarkably low 2.9%, down from 3% a year ago. The lowest reported unemployment rates were seen in Fort Collins and Boulder, where only 2.5% of the labor force was actively looking for work. The highest unemployment rate (3.7%) was in Grand Junction.
The state economy has been performing very well, which is why the wage growth over the past year has averaged a very solid 3.3%. I expect the labor market to remain tight and this will lead to wages rising at above-average rates through 2018.
HOME SALES ACTIVITY
- In the fourth quarter of 2017, there were 14,534 home sales—a drop of 2.0% compared to a year ago.
- Sales again rose the fastest in Boulder County, which saw sales grow 17.9% versus the third quarter of 2016. There were also reasonable increases in Weld and Larimer Counties. Sales fell in all other counties contained within this report because there is such a shortage of available homes for sale.
- As I discussed in my third quarter report, sales slowed due to the lack of homes for sale. The average number of homes for sale in the markets in this report is down by 8.2% from the fourth quarter of 2016.
- The takeaway is that sales growth has moderated due to the lack of homes for sale.
HOME PRICES
- With continued competition for the limited number of available homes, prices continued their upward trend. Average prices were up 9.8% year-over-year to a regional average of $431,403, which was slightly higher than the third quarter of 2017.
- There was slower appreciation in home values in Boulder County, but the trend is still positive.
- Appreciation was strongest in Weld County, which saw prices rise 14.3%. There were also solid gains in almost all other counties considered in this report.
- The ongoing imbalance between supply and demand persists, which means we can expect home prices to continue appreciating at above-average rates for the foreseeable future.
DAYS ON MARKET
- The average number of days it took to sell a home rose by two days when compared to the fourth quarter of 2016.
- Homes in all but three counties contained in this report took less than a month to sell. Adams County continues to stand out, where it took an average of just 21 days for homes to sell.
- It took an average of 29 days to sell a home last quarter. This is up nine days over the third quarter of 2017.
- Housing demand remains strong in Colorado and this will continue with well-positioned, well-priced homes continuing to sell very quickly.
CONCLUSIONS
This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
For the fourth quarter of 2017, I have chosen to leave the needle where it was in the previous quarter. Listings remain scarce, but this did not deter buyers who are still active in the market. As much as I want to see more balance between supply and demand, I believe the market will remain supply-constrained as we move toward the spring, which will continue to heavily favor sellers.
Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.
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Bubbly?
Because our Northern Colorado market has been so active over the last four years, clients often ask us if we think there is a housing bubble forming.
There are several key statistics which we track closely in order to answer that question.
Here is one fact that we find to be insightful…
One of the root causes of the last housing bubble was the glut of inventory, and specifically new home inventory. Quite simply, the market was being oversupplied with new homes. The rules of economics say when there is oversupply, prices must come down.
Today, there are far fewer new home starts compared to 2004 and 2005 when the last bubble was forming – despite there being a larger population.
According to our friends at Metrostudy who track the new home market, Northern Colorado has had 4,452 new home starts in the last 12 months.
That number is only 60% of what it was at the height of construction in early 2005.
It is also interesting to note that over the last 12 months there have been 4,473 new home closings which shows that demand is keeping up with supply.
So when you drive around Northern Colorado and notice all the new homes being built, know that construction activity is far less than what is was during the bubble and that demand is keeping up with supply.
In case you missed our annual real estate Forecast event, you can reach out to us to see the presentation slides or receive a video recap of the information. Just email us at colorado@fortcollins.com
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Well-Maintained Condo With New Hardwood Floors
Featuring 3 Bedrooms, 2 Bathrooms And A Gas Fireplace!
Desirable southeast location. Three bedroom/ two bathroom unit features beautiful mountain views from large covered balcony. One-car attached garage, crown molding, french doors, high ceilings and built-in bookcases. Lots of NEW – new vinyl hardwood plank floors, new furnace, new hot water heater and new appliances. Backs to greenbelt and within steps to pool and clubhouse. A must-see!
For more information, please visit: http://windermerenoco.com/listing/74059873 or call Kelly Swift at (970) 460-3033.
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Keep Updated!
- Best Places September 9, 2022U.S. News & World Report just released their ‘Best Places to Live’ rankings and two Colorado cities made the top five list. They rank the 150 most populated metropolitan areas on criteria such as employment, quality of life, and strength of the housing market. Here are the top 5: 1. Huntsville, AL 2. Colorado Springs, […]
- New Rankings September 2, 2022The latest Home Price Index report has just been released by the Federal Housing Finance Authority. They track home price appreciation for the largest metropolitan areas in the U.S. plus state by state appreciation. Here is the ranking of the top three states for price growth over the last twelve months: 1. Florida = 29% […]
- Like 1993 August 26, 2022Here’s a trivia question… The number of new, single-family homes completed in 2022 will most closely resemble which prior year? If you guessed 1993, you are correct. Yes, the number of homes built and completed this year is no more than the number from 30 years ago. In 2022, there will be just over 1 […]