The most significant trend we notice 45 days into the new year is the jump in inventory.
There are many more properties for sale along the Front Range compared to one year ago.
This comes as welcome news for buyers as we near the Spring buying season.
The post Inventory Jump appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
The most significant trend we notice 45 days into the new year is the jump in inventory.
There are many more properties for sale along the Front Range compared to one year ago.
This comes as welcome news for buyers as we near the Spring buying season.
The post Inventory Jump appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
Our market is moving toward a balanced market, but it is still unbalanced.
By definition, a balanced market has between 4 and 6 months of inventory for sale.
Today there is essentially two months. One year ago, there was only 3 weeks of inventory.
It has actually been 16 years since the market has been in balance.
So, while we still have a ways to go before it is balanced, it is moving that way.
The post Toward Balance appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
Here’s a trivia question…
The number of new, single-family homes completed in 2022 will most closely resemble which prior year?
If you guessed 1993, you are correct.
Yes, the number of homes built and completed this year is no more than the number from 30 years ago.
In 2022, there will be just over 1 million single family homes constructed in the U.S. which is the same as 1993.
This is much more than the bottom of construction in 2011 which saw just under 500,000 new homes built.
But it is also much less than the top of 2006 which had almost 1.7 million.
Limited new home construction today is preventing anything close to a glut of inventory on the market which, in turn, insulates us from any sort of major price correction.
The post Like 1993 appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
Here’s a trivia question…
The number of new, single-family homes completed in 2022 will most closely resemble which prior year?
If you guessed 1993, you are correct.
Yes, the number of homes built and completed this year is no more than the number from 30 years ago.
In 2022, there will be just over 1 million single family homes constructed in the U.S. which is the same as 1993.
This is much more than the bottom of construction in 2011 which saw just under 500,000 new homes built.
But it is also much less than the top of 2006 which had almost 1.7 million.
Limited new home construction today is preventing anything close to a glut of inventory on the market which, in turn, insulates us from any sort of major price correction.
The post Like 1993 appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
Data just released by Altos Research shows that 35% of all homes on the market have had to reduce their asking price.
This is the highest this number has been since December of 2019.
This is also an indicator of sellers adjusting to the reality of the new market where overly aggressive pricing is not effective.
Extensive research shows the importance of pricing a home correctly on the first day so that the home sells in an appropriate time frame.
The post Asking Price Drop appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
A stat that we have expected to change is finally changing.
“Days on Market” measures how long it takes for new listings to sell.
Over the last two years this stat plummeted to levels we have never seen before.
In the height of the market frenzy a year ago, properties were taking 7 days or less to sell on average.
Now, with the market cooling, Days on Market is back into double-digits.
Northern Colorado is at 20 days, a 54% increase over last year.
Metro Denver is at 12 days which is a 50% increase.
The post More Days appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
Here is a quick snapshot of our markets two weeks into July versus the same time last year…
Larimer & Weld Counties:
Metro Denver:
The post Two Week Snapshot appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
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:
The post Weeks to Months appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
Given the recent increase in mortgage interest rates, we think a little perspective is in order.
Bottom line, while the increase in rates is challenging for active buyers, rates are still incredibly low historically speaking.
The post Rate Perspective appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.
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