This market has guts! While interest rate relief appears to be coming well into next year, buyers are still very competitive in Northern Colorado, while many more sellers are jumping into the market. It is great to have some energy in the market. While the Loveland/Berthoud market lagged in sales as compared to the rest of the region, prices across the board were up as compared to 2023. I'm excited to see fewer buyers and sellers sitting on the sidelines. I understand fear is a huge factor in decision making, but when buyers and sellers are actually educated and empowered - fear is removed and opportunities can be capitalized on.
THE CRAFT BROKER
NORTHERN COLORADO HOMES
A Big May for NoCo Real Estate
Jared Reimer - The Craft Broker
NORTHERN COLORADO MEDIAN HOME VALUES
NORTHERN COLORADO HOME SALES
FORT COLLINS (IRES AREA 9, INCLUDING FORT COLLINS, WELLINGTON, TIMNATH, & WESTERN LARIMER COUNTY)
The Fort Collins area had a stellar May, actually notching the median sales price on record, up to $650,000. This was up nearly 9% over last May. This increase was in the face of increasing inventory as well, which means there is both good supply and good demand in the Choice City. Sales were nearly even as compared to 2023, just 2.45% off. Things are still looking great this summer, hopefully the momentum continues and doesn't fizzle.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud had an "adequate" May, sales are still well below 2023 figures, but, there was a big bounce back on median value, up 8.5% to $587,500. Loveland still is behind on inventory. In fact, there was more inventory in Loveland in May 2020, during the depths of the pandemic. So here we are. As always, Loveland is somewhat in the middle here - Fort Collins tends to have more job opportunities, is seen as "more attractive" and Greeley is more affordable - so what can Loveland do?
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
The Greeley/Evans market didn't have a huge median value spike like the rest of the region, but still had a respectable 3% gain over 2023 figures. Luckily, there was a good spike in inventory this May, our first inventory gain since October of 2023 - it was only decreasing over the last 7 months. The median value is now $437,000 which is hardly considered "affordable" but it is the most affordable in the region, so value conscious buyers who are flexible on location and prefer to get more bang for their buck will be attracted to Greeley.
INVENTORY
It was great to see inventory rise across the entire region in May. We are still nowhere near levels that might be considered too high or balanced, and whatever inventory we've got, seems to be getting picked up by hungry buyers. The trend is clear - interest rates will not be coming down anytime soon, so get into the best home you can find now, build your equity and ride the wave.
PERCENT OF LIST PRICE TO SOLD PRICE
We are now back at 100% across the region - meaning: on average, sellers are getting exactly what they list for. Of course some homes are going above list price and some are going a bit below, but the trend is that sellers are right pricing their homes to attract the most amount of buyers and they are going quick!
I provide the expert guidance, resources and confidence to easily make a move in Northern Colorado. Every real estate transaction is unique and I work closely with you to develop a plan, strategy and approach to get the most out of your next sale or purchase. If you, a friend or a neighbor have a real estate need, please get in touch with me | Jared@TheCraftBroker.com or 970.222.1049
About the Author: Jared Reimer is a native Coloradoan and an Associate Broker at Elevations Real Estate in Old Town Fort Collins. He’s a community advocate, business champion, blogger, leader, tireless volunteer, innovator, thinker and expert on all things real estate in Fort Collins and surrounding Northern Colorado. You’re likely to find Jared spending quality time outside with his wife, Kacie, and kids, Hudson and Isla, or visiting with friends and clients throughout Fort Collins and Northern Colorado. Call or text Jared at 970.222.1049 or email him at Jared@TheCraftBroker.com