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
The post High Active appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
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.
The post A New Change appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
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.
The post Not What Many Thought appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
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.
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.
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.
The post Months of Supply appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
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.
The post More New appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
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.
The post More New appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
This week’s fun fact is that you just received your new valuation from your County Assessor and you have until June 8th to protest the value.
By statute, properties in Colorado are re-assessed every two years and owners are given their new Assessed Valuation in early May.
This year, many Colorado property owners are surprised by the amount their property’s value went up in just two years.
An important reason why many increases are substantial is based on the timing of comparable sales.
By statue, each County will only consider comparable sales used for the valuation between 7/1/2020 and 6/30/22.
This particular 24-month period happens to be one of the most active and robust real estate markets in history.
It can also be confusion that a new valuation received in May 2023 is based on comparable sales from way back in 2020, 2021 and the first half of 2022.
If you do plan to protest, comparable sales during that same 24-month period are the only ones which can be considered.
You may have questions about your new valuation and you may want to protest.
In any case, we are happy to help you.
Simply reach out to us!
The post TAX ASSESSMENT TIME appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
This week’s fun fact is that you just received your new valuation from your County Assessor and you have until June 8th to protest the value.
By statute, properties in Colorado are re-assessed every two years and owners are given their new Assessed Valuation in early May.
This year, many Colorado property owners are surprised by the amount their property’s value went up in just two years.
An important reason why many increases are substantial is based on the timing of comparable sales.
By statue, each County will only consider comparable sales used for the valuation between 7/1/2020 and 6/30/22.
This particular 24-month period happens to be one of the most active and robust real estate markets in history.
It can also be confusion that a new valuation received in May 2023 is based on comparable sales from way back in 2020, 2021 and the first half of 2022.
If you do plan to protest, comparable sales during that same 24-month period are the only ones which can be considered.
You may have questions about your new valuation and you may want to protest.
In any case, we are happy to help you.
Simply reach out to us!
The post TAX ASSESSMENT TIME appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
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