At Least List

Periodically we track a stat which we find to be quite interesting.

 

It answers this question – how many properties are selling for at least list price (asking price or higher)?

 

This stat tells us how active the market is and helps our buyers to realize that, in some cases, they will be in a competitive situation.

 

When we look at single-family home sales so far this month, this is what we find:

  • 57% of properties in Larimer County sell for at least list price
  • 62% of properties in Weld County sell for at least list price

So, in well over half of the transactions, buyers need to offer list price or higher to acquire the property.

 

The data gets even more interesting when this information is broken out by price range.

 

To no one’s surprise, the percentage increases for properties priced under $400,000:

  • 81% in Larimer County
  • 70% in Weld County

We find that for properties over $400,000 the percentages still tell a story of a very active market:

  • 47% in Larimer County
  • 56% in Weld County

Bottom line, in most locations and price ranges we see a strong sellers’ market where buyers need to be prepared to make a strong offer and to also compete.

tug of war

Continue reading

Posted on August 26, 2020 at 8:09 pm
Jon Holsten | Category: Buying, Northern Colorado Real Estate, Selling, Windermere Real Estate | Tagged , , , , , , , , , , , , , ,

Caught Up

 

We’ve been waiting for June to catch up.  It finally happened (almost).

 

Back in April, real estate activity was significantly limited and the showing of property was restricted which caused the number of closed properties in May and early June to be much lower than last year.

 

Bottom line, fewer properties going under contract in April caused fewer closings 30 to 45 days later.

 

Closed properties in May were down compared to 2019 by 44% in Northern Colorado and 43% in Metro Denver.

 

Then activity jumped significantly in May.  The number of properties going under contract was way up compared to last year.

 

We’ve been wondering when we would see this sales activity reflected in the number of closed properties.

 

Well, it finally happened (almost).

 

The number of closings so far in June compared to the same time period through June of 2019 is only down 1.8% in Northern Colorado and 1.6% in Metro Denver.

 

In both markets, there are only a handful of closings separating activity in June 2020 versus June 2019.

 

By the end of the month, when all the transactions are tallied up, we expect that June of this year will out pace June of last year in terms of number of transactions.

 

This is significant not only because of COVID-19, but also because of the reduced inventory compared to last year.  Quite simply, there are fewer homes to buy.

 

All of this speaks to the health and resiliency of the Front Range market.

 

Posted on June 26, 2020 at 3:32 pm
Jon Holsten | Category: Uncategorized | Tagged , , , , , , , , , , , , ,

Lovely Stats

In honor of Valentine’s Day, here are some Northern Colorado stats we think you will love:

  • Prices are up 3.5% compared to last year
  • Inventory is up 10% which means there is more selection for buyers
  • We just had the most active January in terms of closings in over 10 years
  • Well over 13,000 residential properties representing $5.4 Billion of volume has sold in the last 12 months

If you would like to see a video recap of our annual Market Forecast you can watch that HERE.

Posted on February 14, 2020 at 5:26 pm
Jon Holsten | Category: Buying, Fort Collins Real Estate, Housing Trends, Northern Colorado Real Estate, Selling, Windermere Real Estate | Tagged , , , , , ,

Vital Signs

Here are the vital signs for the Northern Colorado market.

First, Larimer County:

  • Average prices are up 2.4%
  • Number of transactions is down 2.5%
  • Inventory is up 11.9%
  • Days on market is up 4.1%

Now, Weld County:

  • Average prices are up 4.3%
  • Number of transactions is up 3.6%
  • Inventory is up 12.9%
  • Days on market is flat (same as last year)

What this means is prices are still going up, just not as fast as they were a couple of years ago.  More inventory is coming on the market which is great news for buyers.

 

Posted on December 27, 2019 at 8:00 am
Jon Holsten | Category: Buying, Homes for Sale, Housing Trends, Northern Colorado Real Estate, Selling, Windermere Real Estate | Tagged , , , , , , ,

Colorado Real Estate Market Update

 

The following analysis of the Metro Denver & Northern Colorado real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere real estate agent. 

 

ECONOMIC OVERVIEW

Colorado’s economy picked up, adding 64,900 new non-agricultural jobs over the past 12 months — a growth rate of 2.4%. Over the past three months, the state added an impressive 28,300 new jobs.

In August, the state unemployment rate was 2.8%, down from 3.4% a year ago. Unemployment rates in all the counties contained in this report were lower than a year ago. It is fair to say that all markets are now at full employment.

 

HOME SALES

  • In the third quarter of 2019, 17,562 homes sold. This is an increase of 5.1% compared to the third quarter of 2018 but 1.6% lower than the second quarter (which can be attributed to seasonality). Pending sales — a sign of future closings —rose 9.7%, suggesting that closings in the final quarter of 2019 are likely to show further improvement.
  • Seven counties contained in this report saw sales growth, while four saw sales activity drop. I am not concerned about this because all the markets that experienced slowing are relatively small and, therefore, subject to significant swings.
  • I was pleased to see an ongoing increase in the number of homes for sale (+16.9%), which means home buyers have more choice and feel less urgency.
  • Inventory levels are moving higher, and demand for housing appears to be quite strong. As I predicted last quarter, home sales rose in the third quarter compared to a year ago.

 

 

HOME PRICES

  • Home prices continue to trend higher, with the average home price in the region rising 3.8% year-over-year to $477,776.
  • Interest rates are at very competitive levels and are likely to remain below 4% for the balance of the year. As a result, prices will continue to rise but at a more modest pace.
  • Appreciation was again strongest in Park County, where prices rose 7.8%. We also saw strong growth in Weld County, which rose 7.4%. Home prices dropped in Clear Creek County, but, as mentioned earlier, this is a small market so I don’t believe this is indicative of an ongoing trend.
  • Affordability remains an issue in many Colorado markets and this will act as a modest headwind to ongoing price growth.

 

 

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home in the markets contained in this report rose seven days compared to the third quarter of 2018.
  • The amount of time it took to sell a home rose in all counties compared to the third quarter of 2018.
  • It took an average of 30 days to sell a home in the region — an increase of 1 day compared to the second quarter of this year.
  • The Colorado housing market is still performing well, and the modest increase in the length of time it took to sell a home is a function of greater choice in homes for sale and buyers taking a little longer to choose a home.

 

 

CONCLUSIONS

 

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

For the third quarter of 2019, I continue the trend I started last summer and have moved the needle a little more in favor of buyers. I continue to closely monitor listing activity to see if we get any major bumps above the traditional increase because that may further slow home price growth. However, the trend for 2019 will continue to be a move toward a more balanced market.

 

ABOUT MATTHEW GARDNER

 

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Posted on November 13, 2019 at 8:00 am
Jon Holsten | Category: Buying, Fort Collins Real Estate, Homes for Sale, Housing Trends, Loveland Real Estate, Northern Colorado Real Estate, Selling, Timnath Real Estate, Wellington Real Estate, Windermere Real Estate, Windsor Real Estate | Tagged , , , , , , , , , , , , ,

Most Active

 

What is the most active price range in Northern Colorado?  Take a guess…

  • $300,000 to $400,000
  • $400,000 to $500,000
  • $500,000 to $750,000
  • $750,000 and above

By far, the most active price range is $300,000 to $400,000 with 60% more closed transactions than the $400,000 to $500,000 range and 400% more than homes priced $750,000 and above.

However, this lower price range does not have the most inventory.  The price range with the greatest selection of homes is $500,000 to $750,000.

Posted on October 25, 2019 at 3:29 pm
Jon Holsten | Category: Buying, Housing Trends, Northern Colorado Real Estate, Selling, Windermere Real Estate | Tagged , , , , , , , , ,

Ranked!

The latest report from the Federal Housing Finance Authority is hot off the press. They rank 241 major metropolitan areas across the U.S. for yearly home price appreciation.

They show that, nationally, home prices have gone up 4.99% over the last 12 months.
Here’s how the major cities rank in Colorado among the 241:
 
#22 Greeley = 7.94%
#27 Colorado Springs = 7.64%
#63 Fort Collins = 6.34%
#133 Denver = 4.83%
#188 Boulder = 3.41%
 
** Interesting fun fact: In the WORST economy of our lifetime (2008 recession), home appreciation in Fort Collins only went down 2.2%. Compare that to places like Las Vegas that went down by over 35%! Now that’s a stable economy.**
Posted on September 19, 2019 at 8:00 am
Jon Holsten | Category: Housing Trends, Living, Windermere Real Estate | Tagged , , , , , , , , , ,

How Much?

So how much real estate is sold in Northern Colorado?

As it turns out, a lot!

Last month alone there were 1,099 single family homes that sold in Larimer and Weld Counties

The average price was $429,144 which means the total sales volume for one month was $471,629,129 (almost a half a billion)!

Over the last 12 months, just over $4.5 billion worth of single-family homes have sold.

That’s a lot of real estate!

Posted on August 23, 2019 at 3:48 pm
Jon Holsten | Category: Buying, Fort Collins Real Estate, Housing Trends, Loveland Real Estate, Northern Colorado Real Estate, Selling, Timnath Real Estate, Windermere Real Estate | Tagged , , , , , , , , , ,

Sign Surprise

Given how active our market is today and has been over the last few years, many people assume that virtually every home with a “For Sale” sign in the front yard is already under contract.

 

They are surprised to learn that, in most cases, the “For Sale” sign does indeed represent a home that is actively for sale.

 

For example, today in Fort Collins there are 655 single-family homes on the market. 290 of these are under contract and will be closing soon. 365 of these are still active. So, 56% of the signs in Fort Collins are in front of homes that are still available.

 


Here are the specific numbers for each of our Northern Colorado markets:
• Fort Collins = 56%
• Loveland = 57%
• Windsor = 58%
• Greeley = 41%

Posted on August 6, 2019 at 8:00 am
Jon Holsten | Category: Buying, Selling, Windermere Real Estate | Tagged , , , , , , , , , ,

Over List

A statistic we keep our eye on is the percentage of homes which sell for at least list price.

In a robust, healthy, market with lower inventory, we will frequently see homes selling for their asking price or even higher.

 

Here are the number of sales that occur for list price or higher in each of our major markets:

• Fort Collins = 60%
• Loveland = 60%
• Greeley = 71%
• Windsor = 56%

 


There are a couple of things we notice about these numbers. First, well over half of all sales are for at least list price. This means that a buyer needs to be prepared to make a full price offer (or higher) in most cases. This also means that if a seller is priced right and marketed effectively, they should achieve their asking price.

We also notice that these percentages are lower than one year ago. In 2018 these numbers were 5% to 10% higher in each market. This is good news for buyers of course because the bidding wars are not as intense as last year.

Posted on July 10, 2019 at 8:00 am
Jon Holsten | Category: Buying, Fort Collins Real Estate, Homes for Sale, Housing Trends, Loveland Real Estate, Northern Colorado Real Estate, Selling, Timnath Real Estate, Wellington Real Estate, Windermere Real Estate, Windsor Real Estate | Tagged , , , , , , , , ,