Northern Colorado real estate finished very strong in 2024, capping off a year of pretty low energy, activity, supply and demand. All that being said, the market had tremendous head winds throughout the year - from a glut of picked over inventory, a major shift in the real estate industry, and higher than expected interest rates. I'd say that we came out in great shape in 2024 and could be poised for a less volatile and bumpy 2025.
THE CRAFT BROKER
NORTHERN COLORADO HOMES
NoCo Real Estate Finishes Strong in 2024
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 market had a massive surge in sales to round out 2024. 205 homes were sold in December, a 57% increase from December of 2023, which put year to date sales at 2277, nearly 7% higher than 2023 total figures. This bump helped Fort Collins outperform the rest of the region. It was great to see increased sales, which means increased interest in the choice city. Hopefully that interest can continue into 2025. Additionally, median value held steady at $586,825 which was just a hair above December 2023 values. Fort Collins' median value finished up 1.39% for the year $605,000. This is not a massive increase in median value, but considering the challenges the area faced in 2024, this should be cause for celebration.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud area also had a huge surge in sales to round out the year with 127 sales, up 16% from last December. This late surge in sales was not enough to bring up the YTD sales figures to beat 2023, the 1650 total yearly sales were down 7% from 2023's figures. But, the last quarter of the year showed a bit more of a surge that is likely to continue in 2025. Additionally, median values were up 5% from December 2023 to $545,949. This helped to bring the YTD median value to $563,750, up 2.5% from YTD 2023 figures. All in all, this was a good (but not great) year for Loveland/Berthoud.
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
The Greeley/Evans market slipped a bit in December, with a pretty large drop-off in sales as compared to December 2023, down 27%. But, the Greeley market has been outperforming with sales for the majority of the year, it was just about time for a little mean reversion. Still, the Greeley market outperformed 2023 total sales by 5% with nearly 1300 sales. The median value was down just slightly to $419,000, but over the course of the year, YTD median value improved 2.44% over 2023's figures. Greeley had a great year with strong sales and marginal improvement in median value
Predictions for 2025
Keep in mind, the real estate market can change quickly - I vividly remember how slow and painful the 2010-2012 market was, however, just like that - we came out of the slumber and it was blowing and going for several years. It was turned on its head during the pandemic and then again when rates doubled quickly in 2022. While I am hoping for 10-15% increases in sales and median values, I don't know what likely market forces would make that happen in 2025, and I would prefer to be realistic and reasonable (my wife says these are my best traits!). As for sales across the region, I expect a 3.5% increase to about 5400 homes sold in the region. If the region continues to get more and more attention from buyers, and rates hold steady, I expect a similar increase in median value as well. If that rang true, Fort Collins would see values eclipsing $625,000, Loveland would top $583,000 and Greeley would creep above $440,000. That would mean increased equity across the region along with more stability and security for homeowners. Bottom line - Northern Colorado is still very attractive for out of region or out of state buyers. We have a strong, stable economy, strong job market, attractive recreational opportunities, and we're just big enough to have it all without the crippling problems of a larger city. We're in a sweet spot.
INVENTORY
Inventory is finally behaving in a traditional/seasonal fashion, especially in the Fort Collins market after a big year of increased inventory. We are now sitting at our seasonal lows which should hold steady for another month, then increase as we near spring. Lower inventory keeps competition in check, and helps prices increase. Fort Collins is now below 2023's inventory numbers and Loveland and Greeley are slightly above. We are in a great spot to absorb new homes that come on the market in the new year.
PERCENT OF LIST PRICE TO SOLD PRICE
Percentage of list price increased (surprisingly) in Greeley and Loveland in December, but not by much. Fort Collins had some buyers get a bit of a bargain as remaining inventory was sold off at about a 2.7% discount as compared to the summer months, however, since all that inventory is now gone, competition and percentage of sales to list price will once again increase closer to the 100% mark by March or April (if things remain the same).
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