September, in my opinion, was a make or break kind of month for the Northern Colorado real estate market. The market has been pretty transitional for the last several months, building up inventory, waiting on interest rates, waiting for buyers to enter the market, waiting for "better" news, etc. For the ones who have been in the market - good for you! It hasn't been as easy as it used to be, but if you're working with an experienced and flexible Realtor, chances are you made it through just fine. The world may never go back to low interest rates for buyers, or insane demand for sellers, but we're in a much more balanced market, which allows both sides to play fair. It does take quite a bit more finesse, but it is completely doable with the right partner on your side. It still be many more months before we see what the impact of interest rates and the upcoming election will have on the markets, but for now, things are stable and steady - and that is something you can count on.
THE CRAFT BROKER
NORTHERN COLORADO HOMES
Prices Remain Steady Across the Region
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 saw a little step back in values to $586,750, which is down about 4.7% from this time last year, but right in the ballpark of where values have been over the last 2 years. There was a steady stream of sales this September, just 3% off of last year's figures as well. The big news in Fort Collins is a pretty steep drop off in new listings hitting the market, which helped inventory levels come down a bit as more homes were sold off. It's promising since it appears that inventory levels have indeed peaked in Fort Collins, and with the colder season coming, we don't expect that to grow. That may cause prices to pop up, little by little, if demand stays strong with 6.25% rates.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud market stands out due to a huge drop in sales in September, down 23% from September 2023. Although Loveland still has increasing inventory through September, with sales dropping, we can only expect prices to drop a bit, unless we have fewer sellers enter the market in October. Time will tell. It is a bit alarming to have inventory at nearly 5 year highs in Loveland, especially as sales and demand stalls. We'll have to hope for an improved October.
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
The Greeley/Evans market is performing well. Prices dipped just a bit, about 3% off of last year's figures, but are still very respectable at $407,500. Greeley also had sales in line with September 2023's sales, with 112 sales. Similar to Loveland/Berthoud, Greeley still has an increasing inventory, which is rare for September, but because of the unique market conditions, it's a reality. New listings are not decreasing yet, so we can only expect inventory to increase unless demand increases.
INVENTORY
As mentioned above - inventory is the true marker of the real estate market currently. Traditionally we see a pretty strong peak in September or October, as the peak new listings from June or July get sold off, and inventory comes down. In Loveland and Greeley, we aren't seeing new listings peak yet, they are holding steady as we head into cooler months. Fort Collins had new listings peak in May, which is why the inventory is receding nicely as we head towards Q4. If inventory doesn't recede, prices will come down sharply in the last bit of 2024, simply because buyer demand usually falls in the cooler months, and with fewer buyers and more listings, sellers who linger on the market won't have another choice besides reducing price.
PERCENT OF LIST PRICE TO SOLD PRICE
We are still sitting below 100% of sales vs. list price across the region. Currently, Fort Collins is at 97.2%, meaning sellers are accepting lower offers by nearly 3%. Loveland is currently at 98.3% and Greeley is at 99.2%. If inventory does not decrease, expect these figures to fall further.
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