The Northern Colorado real estate market is off to a bumpy start in the new year. The problem with digesting or predicting stats in the first year of the month is that the sample size is way to small to really make any kind of big prognostications - we have very little inventory, so every sale (or lack thereof) can skew the figures quite a bit. What we're left with after the first month of 2024 is a pretty wobbly region - Fort Collins outperforms, Greeley/Evans maintains and Loveland under performs. It won't be this way for the entire year.
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NORTHERN COLORADO HOMES
New Year, New Hope 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)
After a tough but steady 2023, Fort Collins has come out of the chute with a big 8.76% gain in median value as compared to January 2024, once again pushing ever-so-close to the $600k mark. Sales were just down 8% as compared to the previous year, with just over 100 sales, total, in January in Fort Collins. At this point in the year, it seems as if demand is still very strong in the Choice City.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud market had quite a big step back in January with a median value falling to just $501,509, this is down nearly 14% from the same time last year. While I sense this is just a bad month, a blip on the radar, or whatever metaphor you might want to use, it is definitely something to keep an eye on. Sales were essentially flat as compared to the previous year, so there are no signs of distress, just a rough month for the region. Loveland will need to cover a lot of ground over the next few months to improve.
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
The Greeley/Evans market had a "maintenance" month - nothing too crazy one way or the other. Sales were still so low, just 66 total homes sold across the entire Greeley/Evans area, when there are 40,000 households in the area - granted many of these households are apartments or attached homes, it is still a staggering amount of sales. Median value held tight above the $400k mark, which I expect to continue through the year.
INVENTORY
Inventory continued downward throughout January, which was expected, however, there is a silver lining: new listings coming on the market did pop up in all 3 markets, indicating that more sellers are ready to sell in the new year. We typically see a pop in January, with a level February, then ramping up in March and April. I'm expecting the same in 2024.
PERCENT OF LIST PRICE TO SOLD PRICE
Another sign of strong demand is that percentage of sale to list price popped up from their lows in Loveland and Greeley, while it declined just slightly in Fort Collins. All markets are still within the 97.5-98.5% range meaning buyers are getting between 1.5-2.5% off of list price on average. If demand stays strong while inventory stays lower, we'll see these figures creep up towards the 100% level.
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