With the election over, we can now focus on even more thrilling items - real estate statistics! I know, I know, Christmas is coming a few weeks early for all my stat wonks out there. November was a good (albeit not great) month for the entire region with improvements across the board in sales and median value as compared to 2023 figures. This is proving that even minor progress is still progress as we work through the new normal with rates sitting stubbornly in the mid to upper 6% range. December is usually very non-energetic in the market, but there will still be "some" activity into the new year.
THE CRAFT BROKER
NORTHERN COLORADO HOMES
Values and Sales Improve in November
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 slipped a bit on median value from October, but is still up above November 2023 figures, notching a 1.3% increase to $579,900. What is more promising, sales in Fort Collins increased 22% over November 2023 figures, meaning a large portion of those homes that have been sitting on the market have been sold, making way for fresh new inventory in 2025. YTD sales are now comfortably ahead of 2023 figures, and I don't expect anything crazy to happen in December to change that, full steam ahead into the new year.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud area had a strong November as well. Like Fort Collins, median values slipped from October, but rallied versus the November 2023 figures, up 4.81% to $545,000. These seasonal blips are common. Again, like Fort Collins, sales were up substantially, nearly 14%, as compared to November 2023 figures, and while YTD sales are nearly 9% lower than 2023 figures, a strong November and December will close the gap.
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
The Greeley/Evans market was strong once again, with a $430,000 median value, up nearly 9% as compared to November 2023. Greeley, the most affordable community in NoCo, continues to outperform and stay strong and steady. Sales were up 7.5% from November 2023's figures, and are well ahead of YTD figures as well. I'm certain once the dust settles on 2024, Greeley will come out on top as the best of the bunch, although the region as a whole has had a great year.
INVENTORY
Inventory is looking great across the region. Traditionally, we have large seasonal dips over the Winter months, as selling a home in the cold, snow and holiday season is not ideal. We usually see about half the homes for sale as we do at peak times, and this year is looking to continue that trend. Fort Collins has had great downward momentum since August, and inventory has finally receded in Loveland as well. Greeley has been level and is even increasing a bit, which is rare for this time of year. If inventory rises though the December time frame, I will expect prices to recede a bit as a glut of inventory is not advantageous to home prices.
PERCENT OF LIST PRICE TO SOLD PRICE
If you're a bargain hunter, don't sleep on November/December! This is the time of year where sellers are most wiling to negotiate and drop prices to get homes sold. Sales vs list price figures have dropped since July/August from 100%, down to the 98% range. With a typical $550,000 house, that could be over $11,000 in savings. Keep this in mind if you're in the market but not quite ready to make a move.
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