How Much?

So how much real estate is sold in Northern Colorado?

As it turns out, a lot!

Last month alone there were 1,099 single family homes that sold in Larimer and Weld Counties

The average price was $429,144 which means the total sales volume for one month was $471,629,129 (almost a half a billion)!

Over the last 12 months, just over $4.5 billion worth of single-family homes have sold.

That’s a lot of real estate!

The post How Much? appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Gorgeous Two-Story Home in Timnath!

This home at 5684 Connor Street in Timnath in pristine condition features a main floor guest suite and a gourmet chef’s kitchen with granite counter-tops, stainless steel appliances, 36″ gas cook-top and hood. Upstairs features a master’s retreat with a sitting room, 5-piece bathroom suite, dual walk-in closets and views of the greenbelt and mountains. The great room and open kitchen layout allow space to entertain and enjoy the outdoors with an over-sized covered patio. Contact Chris Guillan at (970) 310-9357 for your private showing for more information or click the link below for more details.

http://windermerenoco.com/listing/98981507

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Where Are The Sales?

 

 

A high-level look at the Northern Colorado region shows that the number of residential sales is down 5.4% in Larimer County and up 4.7% in Weld County. This is simply comparing the number of closings from June 2018 to June 2019 versus June 2017 to June 2018.

 

The high-level look doesn’t tell the whole story. It get’s more interesting when we look at individual Northern Colorado cities and towns:

• Fort Collins = -8.8%
• Loveland = -5.7%
• Greeley = +11.7%
• Windsor = +16%
• Wellington = -16.9%
• Timnath = +44.1%
• Severance = +20.4%
• Johnstown = -18.7%
• Berthoud = +18.1%
• Evans = -14.7%

 

So, what can we learn from this? The areas with increased sales are where there is an abundance of new construction (Timnath and Severance for example).

The areas with decreased sales don’t have an abundance of new construction (Fort Collins for example).

The exceptions to this would be Wellington and Johnstown. It appears that there is price sensitivity to the new construction product now being built in these areas. Given rising costs, builders are challenged to deliver a product under $350,000 in these places.

For instance, in Wellington, between June 2017 and June 2018 there were 137 sales of new homes priced under $350,000. Today there are only 6 new homes on the market at that price point.

The post Where Are The Sales? appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Which Market?

So, which is it? A buyer’s market or a seller’s market?

 

Well, it depends!

First, let’s define each market. According to research, a buyer’s market exists when there is more than 4-6 months of inventory on the market.

If it would take longer than 4-6 months to sell out all of the inventory currently for sale, then it is a buyer’s market.

This calculation is obviously a function of the amount of inventory on the market and the current pace of sales.

A seller’s market exists if it would take shorter than 4-6 months.

So, which is it?

It depends very much on the price range.

Here are the numbers for Northern Colorado:

• $300,000 to $400,000 = 0.9 months
• $400,000 to $500,000 = 1.9 months
• $500,000 to $750,000 = 2.3 months
• $750,000 and over = 5.8 months

So, most price ranges are a clear seller’s market. It’s not until $750,000 and over that the market starts to approach a more balanced state.


Here’s one more thing that might help you…

You probably don’t need a reminder that this is tax season.

Not only because tax returns are due in two weeks but also because you will soon receive your property tax notification in the mail.

Every two years your County re-assesses the value of your property and then sends that new value to you.

When this happens, many of our clients:

  • Don’t agree with the new assessed value
  • Aren’t sure what to do
  • Are confused by the process
  • Want to save money on property taxes

Good news! We have a webinar that will help you. On the webinar we will show you:

  • How to read the information from the County
  • What it means for you
  • How to protest the valuation if you want
  • How to get an accurate estimate of your property’s value

You can listen to the webinar live or get the recording. In any case, you can sign up at www.WindermereWorkshop.com

The webinar is April 17th at 10:00. If you can’t join live, go ahead and register so you can automatically receive the recording.

This is a complimentary online workshop for all of our clients. We hope you can join!

The post Which Market? appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Our Forecast

This past Wednesday and Thursday evenings we had the pleasure of hosting our annual Market Forecast events in Denver and Fort Collins.

Thank you to the 700 people who attended. We appreciate your support!

In case you missed the events, here are some highlights including our forecast for price appreciation in 2019:
• In 2018 Prices went up:
o 8% in Fort Collins
o 8% in Loveland
o 8.5% in Greeley
o 8% in Metro Denver

Inventory is (finally) showing signs of increasing:
o Up 25% in Northern Colorado
o Up 45% in Metro Denver

• There are distinct differences in months of inventory across different price ranges = opportunity for the move up buyer.

• There are several reasons why we don’t see a housing bubble forming:
o New home starts along the Front Range are roughly 60% of pre-bubble highs 14 years ago.
o Americans have more equity in their homes than ever, $6 Trillion!
o The average FICO score of home buyers is significantly higher than the long-term average.
o The home ownership rate is back to the long-term average.

• Our 2019 Price Appreciation Forecast:
o 6% in Fort Collins
o 6% in Loveland
o 7% in Greeley
o 6% in Metro Denver

If you would like a copy of the presentation, go ahead and reach out to us. We would be happy to put it in your hands!

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

Fantastic Ranch Style Townhome in Stone Ridge!

Fantastic, hard-to-find 3 bedroom ranch-style Townhome at 3500 Swanstone Dr is located in the popular Stone Ridge neighborhood. Featuring a wide-open floor plan, vaulted ceilings & brand new carpet. This home has formal living & dining areas, spacious sun room, office & large kitchen with plenty of counter space. Finished basement with bedroom, bath, large rec room & storage. Private back yard. 2-car garage. HOA includes exterior maintenance, front lawn care, trash, snow removal & neighborhood pool. An amazing home, excellent value! Contact Jon Holsten for your private showing at 970-237-2752 for more information or click the link below for more details.

http://windermerenoco.com/listing/87552585

 

The post Fantastic Ranch Style Townhome in Stone Ridge! appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Ranch Style Home near Horseshoe Lake!

This 3 bedroom, 2 bathroom at 4381 Suncreek Dr in Loveland offers a ranch floor plan with a large backyard has new carpet, a spacious basement, and lots of light which makes this home a delight to live in! 2 car garage, and easy access to 287 make this centrally located home convenient no matter where you need to get in Northern Colorado. Take a look at this fantastic property today! Contact Paul Hunter for your private showing at 970-673-7285 for more information or click the link below for more details.

http://windermerenoco.com/listing/82726402

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Colorado Real Estate Market Update

The following analysis of the Metro Denver & Northern Colorado real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me.

ECONOMIC OVERVIEW

It’s good news for the state of Colorado, which saw annual employment grow in all of the metropolitan markets included in this report. The state added 63,400 non-agricultural jobs over the past 12 months, an impressive growth rate of 2.4%. Colorado has been adding an average of 5,300 new jobs per month for the past year, and I anticipate that this growth rate will continue through the balance of 2018.

In February, the unemployment rate in Colorado was 3.0%—a level that has held steady for the past six months. Unemployment has dropped in all the markets contained in this report, with the lowest reported rates in Fort Collins and Denver, where 3.1% of the labor force was actively looking for work. The highest unemployment rate was in Grand Junction, which came in at 4.6%.

HOME SALES ACTIVITY

  • In the first quarter of 2018, there were 11,173 home sales—a drop of 5.6% when compared to the first quarter of 2017.
  • With an increase of 5.3%, home sales rose the fastest in Boulder County, as compared to first quarter of last year. There was also a modest sales increase of 1.2% in Larimer County. Sales fell in all the other counties contained within this report.
  • Home sales continue to slow due to low inventory levels, which were down 5.7% compared to a year ago.
  • The takeaway here is that sales growth continues to stagnate due to the lack of homes for sale.

HOME PRICES

  • Strong economic growth, combined with limited inventory, continued to push prices higher. The average home price in the markets covered by this report was up by 11.7% year-over-year to $448,687.
  • Arapahoe County saw slower appreciation in home values, but the trend is still positiveand above its long-term average.
  • Appreciation was strongest in Boulder County, which saw prices rise 14.8%. Almost all other counties in this report experienced solid gains.
  • The ongoing imbalance between supply and demand persists and home prices continue to appreciate at above-average rates.

DAYS ON MARKET

  • The average number of days it took to sell a home dropped by three days when compared to the first quarter of 2017.
  • Homes in all but two counties contained in this report took less than a month to sell. Adams County continues to stand out where it took an average of just 17 days to sell a home.
  • During the first quarter, it took an average of 27 days to sell a home. That rate is down 2 days from the fourth quarter of 2017.
  • Housing demand remains strong and would-be buyers should expect to see stiff competition for well-positioned, well-priced homes.

 

CONCLUSIONS

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. In the first quarter of 2018, I have left the needle where it was in the fourth quarter of last year. Even as interest rates trend higher, it appears as if demand will continue to outweigh supply. As we head into the spring months, I had hoped to see an increase in the number of homes for sale, but so far that has not happened. As a result, the housing market continues to heavily favor sellers.

Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.

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