New Opportunity

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One of the many opportunities for buyers today is new construction.

In Northern Colorado, just under 25% of all available homes for sale are brand new homes.

That percentage is roughly 50% more than normal.

Buyers who are looking for a greater selection can consider new homes.

New homes offer obvious advantages like trendy finishes and new appliances.

They also often offer attractive incentives like lower mortgage rates.

So, in a time when it feels like there is less to choose from, new homes are a great option.

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New Opportunity

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One of the many opportunities for buyers today is new construction.

In Northern Colorado, just under 25% of all available homes for sale are brand new homes.

That percentage is roughly 50% more than normal.

Buyers who are looking for a greater selection can consider new homes.

New homes offer obvious advantages like trendy finishes and new appliances.

They also often offer attractive incentives like lower mortgage rates.

So, in a time when it feels like there is less to choose from, new homes are a great option.

The post New Opportunity appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

A New Change

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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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Months of Supply

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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

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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.

More New

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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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Not As Different

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Real Estate in the first part of 2023 along the Front Range is certainly different than the first part of 2022.  But, in terms of number of transactions, it is not as different as one might guess.

Yes, higher interest rates and lower inventory has caused the number of transactions to be less than last year.

Generally speaking, the number of homes that have sold so far in 2023 is 20% lower than the same time period last year.

This does vary by region.  Larimer County is down 15%, Weld County 29% and Metro Denver 21%.

It is important to keep in mind that the first 110 days of 2022 were unprecedented in terms of activity.

Some of the sensationalized media attention on real estate may imply that activity has come to a screeching halt, but that is simply not true.

There is still plenty of demand in the market for real estate on the Front Range.

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More Buyers Than Sellers

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The real estate market today, quite simply, has more buyers than sellers.

Let’s be clear, this is not the heated market of 2021 and 2022.

However, the market is undersupplied in most price ranges and most locations.

The National Association of Realtors just reported that the number of new listings hitting the market each week has been lower than the same time the previous year for 40 weeks in a row.

There are roughly 20% fewer new listings hitting the market each week versus last year.

The result of low inventory is homes selling quickly in many cases.

Altos Research reports that of the 73,000 listings that have come on the market so far this week Nationally, 25% of those are already under contract- selling within days, if not hours.

Bottom line, the market needs more listings.

The post More Buyers Than Sellers appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

More Buyers Than Sellers

/in , , , , , /by

The real estate market today, quite simply, has more buyers than sellers.

Let’s be clear, this is not the heated market of 2021 and 2022.

However, the market is undersupplied in most price ranges and most locations.

The National Association of Realtors just reported that the number of new listings hitting the market each week has been lower than the same time the previous year for 40 weeks in a row.

There are roughly 20% fewer new listings hitting the market each week versus last year.

The result of low inventory is homes selling quickly in many cases.

Altos Research reports that of the 73,000 listings that have come on the market so far this week Nationally, 25% of those are already under contract- selling within days, if not hours.

Bottom line, the market needs more listings.

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Dropping Inventory

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Breaking News – months of inventory has dropped significantly signifying an uptick in real estate activity along the Front Range.‘Months of inventory’ is an important statistic and something we commonly talk about in this blog. It simply measures how long it would take to sell all of the homes currently for sale at the current pace of sales.As a reminder, a market is ‘balanced’ when there is four to six months of inventory on the market.During the fast-paced market of June 2020 to June 2022, this statistic dropped to less than one month.During the market cooling of last Winter, it increased to over two months.Now, it is back to nearly one month of supply signaling a clear seller’s market.Of course, all markets are hyper-local and this number can vary based on specific price point and specific location.However, looking at ‘months of inventory’ from a big picture view, offers a good understanding of overall market conditions.Here is what months of inventory is for each Front Range market:Larimer County = 1.3 MonthsWeld County = 1.2 Months Metro Denver = 1.1 Months

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