Today’s inventory of residential properties along the Front Range is…
Double what it was in 2021 (the all-time low)
Half of the long-term average (going back to 1985)
One-fifth of what it was in 2006 (the all-time high)
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There is half of a month of inventory on the market. In other words, at the current pace of sales, it would take just two weeks to sell all of the homes currently listed for sale along the Front Range.
By definition, a market is balanced when there is 4 to 6 months of inventory. Anything less than that is a seller’s market.
The current inventory levels give us confidence about the future of price growth along the Front Range.
While we expect the pace of price appreciation to slow, the low supply of properties insulates us against any sort of price decline.
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This is not an April Fool’s joke.
Average prices in Metro Denver just exceeded $700,000 in Metro Denver. Larimer County isn’t far behind.
For the month of March, the average residential sales price in the 5-county Metro Area was $704,000. This does not include Boulder County.
Larimer County was $691,000 and we expect to see an average exceeding $700,000 in the very near future.
It’s also interesting to note the average price for properties currently listed for sale and not sold yet. In Larimer County it is $848,000 and in Metro Denver it is $1,100,000.
You might be asking, why have prices appreciated to this level? Quite simply, supply and demand.
The Front Range has a healthy, growing economy plus an incredibly high quality of life. Meanwhile, standing inventory is low which results in upward pressure on prices.
The post No Foolin’ appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
This is not an April Fool’s joke.
Average prices in Metro Denver just exceeded $700,000 in Metro Denver. Larimer County isn’t far behind.
For the month of March, the average residential sales price in the 5-county Metro Area was $704,000. This does not include Boulder County.
Larimer County was $691,000 and we expect to see an average exceeding $700,000 in the very near future.
It’s also interesting to note the average price for properties currently listed for sale and not sold yet. In Larimer County it is $848,000 and in Metro Denver it is $1,100,000.
You might be asking, why have prices appreciated to this level? Quite simply, supply and demand.
The Front Range has a healthy, growing economy plus an incredibly high quality of life. Meanwhile, standing inventory is low which results in upward pressure on prices.
The post No Foolin’ appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
The standing inventory of residential properties currently for sale is staggeringly low.
The number of active properties for sale is almost 90% below the average for this time of year.
In Metro Denver, there are 1,144 residential properties for sale today.
In Larimer County, there are 136 and in Weld County there are 174.
Current inventory along the Front Range is essentially half of what it was one year ago.
The low standing inventory bolsters our belief that nothing resembling a decline in housing prices is on the horizon. The low supply will continue to put upward pressure on prices.
It is time to register for our annual Market Forecast with Chief Economist Matthew Gardner. This year the event will be hosted online on Thursday February 3rd from 11:00 to 12:00.
You can register at www.ColoradoForecast.com
The post Standing Low appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
A review of the September market stats shows a slight increase in inventory along the Front Range.
The way we currently measure inventory is in days.
Meaning, at the current pace of sales, how many days would it take to sell all of the inventory currently for sale.
The results, based on September’s activity, shows only a slight increase compared to August. This increase can be tied to seasonality as we always experience a slight cooling off of the market heading into the Fall.
Here is what the residential inventory looks like in each of our markets:
Bottom line, the residential market is still very healthy.
The post Slight Increase appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
A review of the September market stats shows a slight increase in inventory along the Front Range.
The way we currently measure inventory is in days.
Meaning, at the current pace of sales, how many days would it take to sell all of the inventory currently for sale.
The results, based on September’s activity, shows only a slight increase compared to August. This increase can be tied to seasonality as we always experience a slight cooling off of the market heading into the Fall.
Here is what the residential inventory looks like in each of our markets:
Bottom line, the residential market is still very healthy.
The post Slight Increase appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
By definition, a real estate market is balanced when there is 4 to 6 months of inventory currently for sale.
Anything less than 4 to 6 months means a Sellers’ market, anything more means a Buyers’ market.
For example, if there are 1,000 closings per month in a market, the market would be balanced if 4,000 to 6,000 homes were available for sale.
Here is a staggering stat for you…
At the current pace of sales, the Front Range market would need 6 to 7 times more inventory for the market to be balanced.
This is why we don’t see any sort of significant market correction or anything resembling ‘the market crashing.’ Bottom line, the market is still undersupplied.
Here are the numbers:
• Larimer County has 441 properties for sale and would need 2,200 to be balanced.
• Weld County has 322 properties for sale and would need 2,000 to be balanced.
• Metro Denver has 3,023 properties for sale and would need 20,000 to be balanced.
The post Staggering Stat appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
While our temperatures felt like record lows this week, real estate prices have been hitting record highs along the Front Range.
Here is the average price for residential sales so far this year in each of our Front Range markets (includes both single-family and multi-family):
These prices are generally up 10% or more compared to last year.
If you are curious to know what your personal property is worth today, even if you aren’t considering moving any time soon, we are happy to do the research for you. Just let us know!
At Windermere Real Estate we are taking Social Distancing very seriously and are following our Safe Showings protocol.
The post Record Highs appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
“How could the real estate market be so strong in the middle of a pandemic?”
That is a fair question and one we hear frequently from our clients.
There are several reasons for this but two stand out.
Employment has bounced back much quicker than most people expected. When COVID first showed up, the expectation was that many industries would be hit hard for a prolonged period of time.
The reality is that only a few industries were severely impacted by COVID and the rest were able to get back to a near-normal level of business relatively fast.
Additionally, what we find along the Front Range is that our ‘job bounce’ is even better than the national average.
Here are the numbers…
The COVID-peak unemployment rate for the Front Range looked like this:
Today it looks like this:
Nationally, unemployment peaked at 14.8% and now stands at 6.7%.
So, a main reason why demand is high now is because jobs have bounced back, and the bounce is even higher than the average across the country.
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