Small is the New Big

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The average size of new homes is dropping.  This is after a two-year period that saw size increase significantly.  This is according to the National Association of Home Builders’ Eye on Housing.The COVID-19 pandemic changed how much time people spent in their homes and also how they used their homes. Homeowners discovered a need for more residential space as work-from-home became more prevalent.  This caused a demand for larger space.Now, as housing affordability has become more important, that trend is reversing.  Median single-family square floor area fell to 2,203 square feet during the fourth quarter of 2022, and is now the lowest it has been since 2011.

The post Small is the New Big appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Small is the New Big

/in , , , , /by

The average size of new homes is dropping.  This is after a two-year period that saw size increase significantly.  This is according to the National Association of Home Builders’ Eye on Housing.The COVID-19 pandemic changed how much time people spent in their homes and also how they used their homes. Homeowners discovered a need for more residential space as work-from-home became more prevalent.  This caused a demand for larger space.Now, as housing affordability has become more important, that trend is reversing.  Median single-family square floor area fell to 2,203 square feet during the fourth quarter of 2022, and is now the lowest it has been since 2011.

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Expert Opinion

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This week, take a listen to Matthew Gardner, Windermere’s Chief Economist as he discusses the current state of the housing market.​​​​​​​

 

He takes a deep dive into interest rates, price appreciation and where the market is headed.

 

You can watch his video HERE

 

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Stat of the Month

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Wooden Bridge Through Autumn Woods

We just completed a review of the September numbers in our market.

Here is the one number that is standing out to us – average price.

Prices are way up over last year.  Here are the specific average price increases in each of our markets compared to September 2019:

  • Metro Denver = 13.2%
  • Larimer County = 16.9%
  • Weld County = 7.4%

This change in prices has of course generated questions from our clients.

To help our clients answer questions about prices and other real estate topics, we have set up a private online event with our Chief Economist Matthew Gardner.

The event is set for Tuesday from 9:00 to 10:00.

Simply reach out to any Windermere broker to receive your registration link.

Matthew will be addressing these questions as well as many others:

  • What effect will the election have on the economy and on real estate?
  • How long can interest rates stay this low?
  • Can prices keep appreciating at their current pace?

This online event is for the clients and friends of Windermere.  If you would like to register, please connect with your Windermere broker.

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Ranked!

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The latest report from the Federal Housing Finance Authority is hot off the press. They rank 241 major metropolitan areas across the U.S. for yearly home price appreciation.

They show that, nationally, home prices have gone up 4.99% over the last 12 months.
Here’s how the major cities rank in Colorado among the 241:
 
#22 Greeley = 7.94%
#27 Colorado Springs = 7.64%
#63 Fort Collins = 6.34%
#133 Denver = 4.83%
#188 Boulder = 3.41%
 
** Interesting fun fact: In the WORST economy of our lifetime (2008 recession), home appreciation in Fort Collins only went down 2.2%. Compare that to places like Las Vegas that went down by over 35%! Now that’s a stable economy.**

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