As we get further into the year, we are seeing the traditional "energy" in the market as weather warms up, school is drawing to a close and people are on the move, AKA the spring rush. Typically, we see strong inventory and demand for homes through August and into September, but it could also be a quick flood of homes April through June with a less than stellar July and August. Time will tell, but as it stands now, we're in a good and healthy season!
THE CRAFT BROKER
NORTHERN COLORADO HOMES
Home Values Improve this Spring
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)
Fort Collins had a great April as we saw nearly a 10% jump in sales as compared to April 2023. Sellers who had been sitting on the sidelines for the last several months (or years) finally trickled back into the market, driving inventory up. A testament to the strong market in the Choice City, buyer demand was also strong. Competitive and multiple offers seem to be back in the market, helping to inch prices up. April 2024 saw a median value of $625,000, up about 3% from this time last year. If you're a seller in Fort Collins, know that if you've got a well kept home, there are buyers ready for you.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud market is still slumping in sales a bit, but keeping steady with rising home prices. Although sales were down nearly 15% as compared to April 2023, prices rose nearly 5% as compared to the same time period. Inventory is up sharply in Loveland, which is a great sign since we have not seen an appreciable increase in inventory in Loveland/Berthoud this year. I'm hoping for stronger inventory as we move into May and June. Buyers who may not be able to afford higher prices in surrounding communities can find more affordable options in Loveland.
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
The Greeley/Evans market was surprising in April, notching a 25% increase in sales, along with a nearly 7% increase in median home value all while having decreasing inventory. What that means is that there is MUCH more demand then supply in the Greeley/Evans market, it's competitive and cutthroat!. Median values in the area are up to $437,500, which is very attractive to homebuyers who feel Fort Collins or Loveland are just too unattainable.
INVENTORY
While Fort Collins and Loveland had a big shot in the arm in the last month, with steep inventory additions, Greeley continues to decline. Weird stat: the most recent peak of inventory in Greeley/Evans was in November, and we have continued to see inventory drop for the last 5 months. Typically peaks are in June/July. So the whole market is shifted and confused. It appears the Loveland and Fort Collins market are now following traditional trends, and we hope to seeing continued increases in inventory over the next 3 months, otherwise prices may continue up through Summer.
PERCENT OF LIST PRICE TO SOLD PRICE
It did not take long for sellers to adjust to the new interest rate environment and less feverish buyer demand. Whether it is sellers being more realistic with their pricing, or buyers being more aggressive with their offers, all of the regions sales to list price ratios are at or above 100%, meaning that on average, sellers should expect to get list price if they have it priced fairly. Another metric to follow is days on market, which is now down between 45 and 60 days on average. Meaning most homes sit for less than 2 weeks before finding a buyer and closing. Things are heating up!
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