Normal Timing

After three years of abnormally low Days on Market, properties today are settling into a more normal and more reasonable length of time on the market.

Days on Market today stands at:

53 Days in Larimer County

66 Days in Weld County

Back in 2021, for example, Days on Market was roughly half of today’s number.

Buyers today are discerning, and proper pricing is more important than ever in order to meet a Seller’s timing goals.

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

Inventory Jump

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.

  • Larimer County is up 40%
  • Weld County is up 39%
  • Metro Denver is up 35%

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.

Inventory Jump

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.

  • Larimer County is up 40%
  • Weld County is up 39%
  • Metro Denver is up 35%

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.

Most Surprising News

The most surprising piece of news for our friends and clients is that prices are essentially flat compared to last year.  People find that surprising given what interest rates have done over the last 18 months.  They wonder, how could prices not fall significantly after interest rates jumped considerably? 

The answer is the fundamental economic lesson of supply and demand.

There is enough demand in the market for the current supply to keep prices stable even in an environment of higher rates.

Now that rates are (finally) trending down, it gives us even more confidence about the continued growth of real estate prices along the Front Range.

Here is a look at how home prices compare to one year ago:

Larimer County = Down 0.8%

Weld County = Up 3.4%

Metro Denver = Up 0.8%

The post Most Surprising News appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

A Rate-Induced Pop

The recent drop in mortgage rates triggered a measurable uptick in sales activity.

So far through the first 10 days of November, pending activity in Northern Colorado is up versus the same 10 days last year.

This is despite interest rates being higher than they were last year.

Mortgage rates just had their biggest one-week drop in over a year and buyers clearly responded.

Pending sales through November so far are up versus last year:

48% in Larimer County

20% in Weld County

The post A Rate-Induced Pop appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Ups and Downs

Here is a look at how the market performed in August versus August 2022

 

Prices:

Larimer County Up 4%

Weld County Up 8%

Metro Denver Up 6%

 

Transactions:

Larimer County Down 18%

Weld County Down 31%

Metro Denver Down 15%

 

Inventory:

Larimer County Up 18%

Weld County No Change

Metro Denver Down 4%

The post Ups and Downs appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Higher Better

The higher-end market in Northern Colorado, in terms of number of closings, is faring better than the overall market.

When we look at the number of homes selling today and the price point of those homes, properties priced above $1,000,000 are performing better than the market as a whole.

The number of closings occurring now compared to this same time last year is down 30% overall.  But, the high-end market is only down 19%.

When we look further back in time, the data gets even more interesting.

Compared to 2021, Closings today are down 55% overall, but high-end sales are up 26%.

And compared to 2020, there are 59% fewer closings and 160% more high-end sales.

We believe there are two reasons for this dynamic.

First, because of price increases over the last few years, the stock of inventory today includes more $1,000,000- plus homes than the past.

Second, the high-end buyer is less affected by higher interest rates than the general population.  And, certainly less affected than first-time buyers.

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

Year to Date

Here is an interesting look at the market year to date versus the same time period in 2022.

Bottom line, the number of transactions is down considerably, and prices are flat to slightly down.

Larimer County = Sales down 17.5%, prices up 0.7%

Weld County = Sales down 29.6%, prices down 2.2%

Metro Denver = Sales down 22.4%, prices down 2.9%

The post Year to Date appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

Year to Date

Here is an interesting look at the market year to date versus the same time period in 2022.

Bottom line, the number of transactions is down considerably, and prices are flat to slightly down.

Larimer County = Sales down 17.5%, prices up 0.7%

Weld County = Sales down 29.6%, prices down 2.2%

Metro Denver = Sales down 22.4%, prices down 2.9%

The post Year to Date appeared first on Fort Collins Real Estate | Fort Collins Homes for Sale & Property Search.

The Listing Solstice

Wednesday marked the first official day of summer and the longest day of the year.

Coincidentally, the research shows us that listings are taking far longer to sell than one year ago.

Specifically, days on market has increased by the following amounts in our market versus exactly one year ago:

 

Larimer County: 210%

Weld County: 100%

Metro Denver: 122%

 

Even though days on market is up significantly over one year ago, properties are selling faster on average than what is considered ‘normal.’

Over the last 10 years, average days on market has been between 70 and 50 days. So, while properties are taking longer to sell versus the market of one year ago, they are still selling much faster than normal.

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