This is the exciting point in the real estate world. Once we pass spring break, things begin to thaw a bit - the weather and the real estate market. Buyers begin to come out looking to make a convenient move in the spring and summer, while homes show their best with greening grass and attractive curb appeal. We also get some great insight into what the market may look like through the spring and summer. Luckily, rates have recently come down a bit to make homes more affordable for all buyers. Inflation is seemingly tamed or at least being tamed, so we may have greener pastures ahead. Here's what's happening in the NoCo communities.
THE CRAFT BROKER
NORTHERN COLORADO HOMES
Fort Collins Median Values Gain, Despite Rates
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)
While still not back above June 2022 prices, the Fort Collins market has bucked the regional trend with median values popping up above $600k in March. So far in 2023, the median value has grown from $565,000 to $612,000, a much faster rate than the surrounding communities in the Northern Colorado region. Fort Collins also had a bigger pop in inventory in March, which was a welcomed sight for buyers picky buyers with tight budgets.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud market took a bit of a step back this month, coming in with a median value of $531,088. While not too far off of the peak values from the July 2022 values of $595,500, values have been hovering and steady around the $525,000 - $550,000 point for the last several months (with one outlier in January of 2023). 163 Sales in Loveland/Berthoud were the strongest in the region last month, just 5 homes off the March 2022 benchmark, and they are still the most consistent in the region as compared to 2022.
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
Greeley/Evans is in a tough spot. Median values fell to $408,300, almost 9% below March of 2022, while sales also fell 27% in the same timeframe. At one point, the Greeley/Evans market hit $450,000, but with few sales, and lagging inventory, it will take some serious momentum to swing back in the positive direction. Because Greeley is a more volatile community in terms of economic stability, changes to interest rates seem to have much more of a lasting impact with buyers in the community. But, for "bargain hunters" Greeley is the place to be, if you can be patient for more inventory to appear.
INVENTORY
We are barely seeing a difference between the February and March inventory levels, which is rare. Typically, throughout March, there is a good bump of available homes that help to meet the impending demand from buyers looking to get into homes in the spring selling season. Fort Collins is the only community in the region that had an appreciable bump in the timeframe, while Loveland and Greeley remained flat. More inventory spread out over more buyers helps to stabilize the market, and prevents prices from swinging up too quickly. We need to have more homes to available, but there is a lot of fear in the market.
PERCENT OF LIST PRICE TO SOLD PRICE
All 3 markets across the region have screamed back towards 100% of list to sold price. On average, this is a good thing. It means that sellers have taken their agent's advice to property price homes more in line with current market trends and it also means that while there is good competition, it is not out of hand, like in 2022 when it was average to have 4-6% above list price. Uniquely enough, in the last decade, even with things being very competitive, the only time that prices breached 100% were in the 2021 and 2022 spring/summer season and it is rare to be below 98%.
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. Call or text Jared at 970.222.1049 or email him at Jared@TheCraftBroker.com