The entire region had a pretty surprising turn around in October as both home values and sales had positive movement. These closings were the result of homes that went under contract in late august, through early October - many of these buyers were able to take advantage of the very, very brief period where interest rates dropped staggeringly close to the 6% range, which have since rebounded closer towards 7%. Across the board, sales were up, and prices popped up nicely too. Last month was make or break for this market, and it appears that the health of the market will be deemed by this real estate doctor as "fair". It will be a pretty lackluster Winter as demand and listings *should* seasonally recede. For buyers: your opportunity lies in picking up homes that have been lingering on the market, there is a good chance you can get reasonable deals on these units. For sellers: getting showings and eyeballs on your listings has been difficult this fall, buyers are more patient than ever and it shows. Your home needs to show well, be priced right and you need to remove any hurdles or impediments so that buyers can easily fall in love and put your home under contract. Good luck!
THE CRAFT BROKER
NORTHERN COLORADO HOMES
Home Values and Sales Surprise in October
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 market had a staggering increase in home sales as compared to October of 2023. Sales were up 37%, which wiped out a ton of lingering inventory and brought the market back much closer to "balanced". The big fear is that remaining buyers/demand in Fort Collins might be dried up for the remainder of the year and in talking to some associates, it's hard to get showings on even some of the best listings. Values once again popped up above the $600k mark to $612,908, a 5.6% increase over October 2023 figures. A strong October is helping to eliminate fears of a weaker market over the next 6 months.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud had it's best month of the year with a 18% increase in sales as compared to October 2023. While that is quite the bump, the area has been hit hard by low sales all year and is still 10% behind sales figures for last year. Unless November and December are wildly impressive, Loveland/Berthoud will fall short of 2023's sales figures. Even with a huge bump in sales, prices in Loveland climbed to $565,000, which has been about par for the course in 2024.
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
The Greeley/Evans market was level and even after many months of exceeding expectations. Being the most affordable community in the region, Greeley has done well to attract the homebuyers that appreciate a value and need to get a bit more space for their dollar. Median value came in at $418,242, which was just below last year's figures of $420,000. There were 104 closed sales, just 1 behind October 2023.
INVENTORY
Finally, inventory has begun to decline in all three markets. I was fearful that if it continued through the winter, we would have a glut of houses to work through with suppressed demand - this could cause prices to drop into spring time. But, with inventory receding in the normal Q4 fashion, I am not expecting anything to wild or crazy in the next few months. The hope is that homes either get withdrawn or sold from the market to re-establish a healthy inventory level as we head into the spring season.
PERCENT OF LIST PRICE TO SOLD PRICE
Fort Collins and Loveland are sitting just below 98% while Greeley, a more competetive market at the moment is sitting just below 99%. Remember, these percentages are aggregated across the entire market - some homes receive above list price offers and many get 2-5% below list price. Pricing is key in a market with lesser demand, it is the only way to attract the best buyers. Winter time is a great time for a buyer to find a deal as even in the hottest markets, Winter sales-to-list-price ratios are, in general, 3-4% below summer peaks.
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