Same goes in our Northern Colorado market. We see a major difference between certain price ranges and certain locations right here in our little neck of the woods.
Just like two kids from the same parents are different, two price ranges in the same place are very different.
To make this point, let’s look at months of inventory. This statistic simply measures how long it would take to sell the current inventory of homes at the current pace of sales.
Across all price ranges, months of inventory in Larimer County = 2.0. Meaning it would take two months to sell all the homes currently for sale. But this is misleading, because months of inventory…
So, the $1,000,000 seller who hears that the market is “hot” is actually faced with a year’s inventory currently on the market!
This is a very high-level look at the differences in our market. I am happy to give you a detailed look at your exact neighborhood in your exact price range. Let us know if we can help!
Is the same thing happening in Northern Colorado?
Are the Larimer and Weld County markets showing signs of slowing?
Here’s the deal…
The Denver Post article points to the difference in number of transactions between June and July of this year. It’s no surprise to us that July had fewer closings.
What’s true in Metro Denver is also true in Northern Colorado – June tends to have more closings than any other month during the year so of course July will be slower.
What we do notice when we look at the numbers is that the difference between June and July is significant.
In all major markets in Northern Colorado, the difference between June and July is the greatest it has ever been in the last four years.
For example, in Fort Collins, July had 18% fewer closings than June. Whereas last year the difference was 9%. In Greeley the difference this year was 16% while last year was only 5%.
A month over month difference does not necessarily indicate a long-term trend. However, there is a difference compared to last year which should be welcome news to buyers who have been waiting for a slow down.
We have just completed a comprehensive report for anyone thinking about selling their home.
The Insider’s Guide to Selling Your Home (without any stress or surprises) is now available for you.
It is hot off the press and you can request a copy by emailing email@example.com
Contact me to get your copy immediately so you can see everything you need to know to sell your home in today’s market.
What if we told you there is a real estate market that has seen a 300% increase in sales volume in only 5 years?
What if we told you that market was right in our back yard?
The market is Wellington and what is happening there is extraordinary.
Because price increases in Fort Collins have eliminated virtually all options for the sub $300,000 buyer, Wellington has become a very popular place to buy a home.
In June of 2012, the average price there was $185,000. Today it is $300,500!
In 2012 there were 222 residential sales in Wellington. This year is on pace to ecliplse 500.
Yes, Wellington has exploded and we don’t see it slowing down any time soon!
Fun facts about Wellington:
The Town of Wellington was an oil, coal and agricultural hub throughout the 1800s and became a stopping location for wagon trains, travelers, and military movement between Cheyenne, Wyoming and Fort Collins, Colorado. The town was founded in 1902, incorporated in 1905 and named after C.L. Wellington, an employee of the Colorado and Southern Railroad.
Around the same time the population began to grow in Wellington, woolly mammoth remains were discovered by a construction crew while digging foundations for new homes. The remains were carefully excavated by a University of Colorado team while residents watched with excitement. Unfortunately, after being taken back to the University for further examination, the tusks were dropped and shattered on a floor. In recognition and remembrance of this event, the subdivision where they were found named a street Mammoth Circle.
Wellington maintained a population around 500 throughout the 20th century and grew to about 1,000 until the early 2000s. Today, Wellington is home to a population of nearly 8,300 residents.
Fun Facts & Image Source: www.townofwellington.com
Did you know that during the 30 years between 1965 and 1995 the homeownership rate stayed between 63% and 66%?
Then everything changed as government policies were put in place to encourage a higher percentage of homeowners. During the housing bubble the rate approached 70%.
As the bubble burst, this percentage fell rapidly and eventually bottomed out at 62.9%. Today it sits at 63.7% which is right inside the range of where it was between 1965 and 1995. As we see it, it’s right where it needs to be.
The fact that the homeownership rate sits at “normal” levels is one of three reasons we don’t see a national housing bubble today.
The President of Windermere Colorado, Eric Thompson, created a short video for you which shows you all three reasons. To watch the video, CLICK HERE.
So how’s the luxury market? Let’s look…
Over the last year, 63 of these properties have sold.
This means it would take 17 months to sell all of these luxury properties at the current pace of sales.
Where do most of these sales occur? The most active city is Fort Collins with 18 luxury sales followed by Loveland with 13.
The most active neighborhood in all of Northern Colorado for luxury properties is the Harmony Club in Timnath with 8 sales.
Windermere Real Estate is proud to have represented the most expensive home to sell in Northern Colorado in the last two years – a $2,800,000 property in the Harmony Club which featured a gourmet French Kitchen, reclaimed barnwood floors and handmade peg wood beams.
Contact me to learn more about our Premier Properties program which is custom designed to sell luxury homes.
It's not just temperatures cooling off as we transition from summer to fall, there are signs that the market is cooling as well.
The numbers are in and both Loveland and Fort Collins had their slowest August in several years.
Loveland had 127 single family home sales last month. This is 16% lower than August 2015 and the slowest August for Loveland since 2012.
Fort Collins had their slowest August since 2011 with 206 single family sales. This is 13% lower than last year.
This is good news for buyers who may have been reluctant to enter the multiple-offer frenzy that occurred this past spring. It looks like we are moving toward a more "normal" market.
With fall right around the corner many of us will be trekking up to Estes Park to see the Aspen leaves turning.
As you drive through Estes you may wonder "how's the mountain market?"
- The average price today is $394,046 – not that different than Fort Collins.
- Average prices have gone up $60,000 in the last three years.
- Their market has about 300 sales per year- roughly a tenth of the amount in Fort Collins.
- If you were looking for a home in Estes between $300,000 and $500,000, you would have 15 to choose from.
Now you know about the Mountain Market!
When it comes to real estate, many say that Fort Collins is the "next Boulder."
The Fort Collins average price is less than half of Boulder's ($355,000 versus $890,000)
Fort Collins has 4 times as many transactions (1,108 versus 251)
Fort Collins has 4 times as many homes for sale (715 versus 175)
Homes in Boulder sell 25% faster (62 days versus 82 days)
*These numbers come from IRES and are through May 2016
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