WE DID IT! We made it through the most uncertain, difficult and stressful real estate years in the last decade. Let's also remember it was very difficult and uncertain in 2020. It was beyond stressful for homebuyers in 2020, 2021, and 2022. It was terrible for almost everyone in 2008, 2009, 2010 and 2011. Often times, we are so myopic when it comes to "tough", "stressful" and "unprecedented" markets, that we fail to remember that we all made it through something similar just a few years back, only this time the variables and players are a bit different. We can always count on a changing and evolving market. That's why I'm employed! I live through the good and the bad every day so that you can make sense of the market and trends when it is your time to buy or sell. And, for what it's worth, if you read my monthly updates, you get a glimpse into the madness of the real estate world. Thank you for another year of support! Let's all have some wins in 2024.
THE CRAFT BROKER
NORTHERN COLORADO HOMES
Tough Times May Be Behind Us
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 all the ups and downs with interest rates, home values, inventory, and overall real estate drama, Fort Collins weathered 2023 very well. The median value was essentially unchanged vs. 2022, which is impressive given all the "sky is falling" fear mongering that was in the national news. Median value came in at $596,000 YTD, with just 2133 sales - down about 14% from 2022. For a healthier, robust market, we'll need to see more inventory come on this year.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud market also fared very well in 2023 with the median value down just 1% from 2022 to $549,550. Loveland struggled a bit more on the sales side, down 18% from 2022, but the trend in low sales is not unique to Loveland, it was region, state and nationwide. For Loveland/Berthoud to have a strong year, we'll need to see increased emphasis on homebuilding providing more new homes.
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
I'm very thankful that the Greeley/Evans market had a nice bounce-back month after a pretty dismal November. The median value rebounded up to $420,000, which pushed the YTD median to $415,000, down about 4.7% from 2022. This was much needed as it appeared that Greeley/Evans could be in a bit of a freefall/standstill due to minimal inventory and very few buyers.
INVENTORY
While we did have lower inventory in late 2020, throughout 2021 and into early 2022, the kind of inventory is important to segregate. The amount of homes available include homes that have lingered on the market and homes that are brand new to the market. At this time, "new listings" are at the lowest levels seen in over a decade (as far as I can pull data). What that means is our inventory will not pick up until more new listings come on. I do think we can expect good news within the next 2-4 weeks here as folks take advantage of "good" interest rates in the 6's and put their homes on the market to go and find something bigger and better. If rates improve, I suspect inventory will follow suit until our buyer demand swallows it all up.
PERCENT OF LIST PRICE TO SOLD PRICE
Buyers are still getting good discounts as compared to list price with the majority of the region seeing about a 97% sales vs list price ratio. This means that buyers might expect about a 3% discount off of list price on average. For new buyers out there, keep in mind that more affordable, turnkey homes are still at a premium and will likely remain competitive in the new year.
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