Versus 2019

Because 2021 and 2020 were such unique years in real estate because of the considerably low interest rates, many people in our industry believe it makes sense to compare 2022 to 2019 when looking at the key statistics.

Here’s how 2022 looked along the Front Range compared to 2019:


                                             Prices                   Number of Transactions                Properties for Sale

Larimer County                 +41%                    -6%                                                     -37%

Weld County                     +39%                    +2%                                                    -16%

Metro Denver                   +40%                    -14%                                                   -6%


Generally, what we notice is that:

  • Prices are up significantly
  • The number of transactions is similar
  • Inventory is down compared to 2019 even though it is more than double 2021’s inventory


The annual Market Forecast featuring Chief Economist Matthew Gardner is February 1st at 5:30pm.  To see the details and to RSVP, visit

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Luxury is Stronger

The market above $1,000,000 is stronger than the market overall.This is true in both Northern Colorado and Metro Denver.The luxury market is not slowing to the same degree as the overall market.In Northern Colorado:
  • Closed transactions are down 41% in the overall market and 26% in the luxury market over $1,000,000
  • Pending transactions are down 44% overall and only 13% in the luxury market
In Metro Denver:
  • Closed transactions are down 40% overall and only 13% over $1,000,000
  • Pending transactions are down 41% overall and only 17% in the luxury market
This is likely because higher-end buyers are not as sensitive to higher interest rates and there tend to be more cash transactions in the luxury market.

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Weeks to Months

For the first time in almost two years, there is more than a month’s worth of inventory on the market.

This means that at the current pace of sales, it would take more than a month to sell all of the homes currently for sale.

This is certainly welcome news for buyers who have been craving a less frenzied market.

Since the market took off in the summer of 2020, inventory levels have been measured in terms of weeks.

Two to three weeks of inventory was the typical measurement for the last two years.

Today, inventory levels look like this:

  • Larimer County = 1.1 months
  • Weld County = 1.2 months
  • Metro Denver = 1.2 months

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The Best News

The best news in a long time has finally arrived for buyers.

Inventory is up, frenzy is down.

Buyers who were frustrated, confused and disappointed by the market a few months ago are now coming back to find a much more reasonable environment.

Demand is still high for sure.  However, the intense, frenzied competition has subsided.

There is now room to breathe because there is more selection.

Here is how inventory has increased along the Front Range versus the same time a year ago:

Larimer County = 28%

Weld County = 19%

Metro Denver = 35%

These are significant increases and a trend we expect to continue.

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Drastically Different

Recently it seems there are many attempted comparisons being made between today’s real estate market and the 2006-2007 market.

It seems that people fear a repeat of what happened to the market in 2008 and 2009.

Buyers, understandably, want to make smart decisions and don’t want to buy in advance of any downturn.

The reality is this.  There are some similarities between now and the pre-bubble market of 15 years ago.  Namely, prices are appreciating quickly.

However, there is one massive difference.

The inventory of homes for sale right now is drastically different than 15 years ago.

The rules of economics tell us that, in order for prices to crash, demand needs to diminish, supply needs to swell, or some combination of the two.

Here’s the deal.  Supply today is a fraction of what is was 15 years ago.

Homes for sale today:

  • Larimer County = 238
  • Weld County = 226
  • Metro Denver = 2,594

Homes for sale 15 years ago:

  • Larimer County = 2,998
  • Weld County = 1,113
  • Metro Denver = 29,045

The reason why prices flattened and decreased slightly along the Front Range in 2009 is because the National economy had a meltdown and there was a glut of supply.

We do not have anything similar to those same dynamics today.

We are watching the market closely every single day.  While we don’t expect the current pace of appreciation to keep up, we believe inventory levels keep us insulated from any kind of crash.

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