It's still very early in the year, but after 2 months, the real estate market in Northern Colorado is pretty disappointing. Nothing is fundamentally flawed about the state of housing, we are just in the middle of a period with very low energy after several years of nothing but optimism and action. There is nothing wrong with slow and steady, but when there are few homes on the market, it is tough to get excited. Within the next 2-3 weeks, we are likely to see the number of homes pop up as the spring selling season gets started. This could be a very exciting time as we test actual buyer demand.
THE CRAFT BROKER
NORTHERN COLORADO HOMES
Real Estate Market Dissapoints in February
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 "healthy" February, with only a 2.4% drop in median value from February 2023. We aren't expecting hefty gains month over month, yet still expect 4-5% gains over 2023 in a year over year capacity. Sales were strong in Fort Collins, up 8% as compared to 2023, which is a step in the right direction. More sales means that there are both more homes available for hungry buyers.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud market continues its struggles in 2024 with a less than stellar median value of $515,000 in February. This is down over 6% from February 2023. There was a time when Loveland's median value was creeping closer and closer towards the $600k mark, so the fall has been disappointing to say the least.
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
The Greeley/Evans market did have a nice healthy pop in median value in February, up to $420,000, up 3% from this time last year. Greeley is the market to watch in 2024, simply because it will be interesting to see if the affordable opportunities lure buyers away from the rest of the region. For Greeley to remain healthy, we'll need more inventory of well priced, turnkey homes for buyers who cannot afford to make updates and repairs.
INVENTORY
Inventory trended downward, again, in February. The prevailing thought is that sellers are focusing on putting their homes on the market in the meat of the spring selling season and are not getting out ahead of it, which is understandable. While new listings throughout the region popped up in February, there was not an appreciable amount of new inventory to make a difference. Hungry homebuyers continued to pick through and find the best homes.
PERCENT OF LIST PRICE TO SOLD PRICE
Whether it is sellers pricing their homes more aggressively, or buyers having to compete a bit more for the scraps of homes available, the percentage of list price to sales price crept up in February. All three major markets in Northern Colorado are sitting right at the 99% mark, meaning buyers might get a 1% discount (on average) off list price. We will see what these figures do when more inventory hits. If that inventory meets a strong demand, it will be level or increase. If prices offered don't meet strong demand, these will recede more towards 97.5-98%.
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