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Average Home Prices in Northern Colorado
Yesterday the Coloradoan ran a very good article about the increase of average home prices in Larimer County, which they stated has now reached $405,000.
We thought this article may make you curious to know what the average prices are in each specific city in Northern Colorado:
- Fort Collins = $453,051
- Loveland = $402,132
- Windsor = $463,769
- Greeley = $310,785
- Timnath = $604,481
- Wellington = $338,999
- Boulder = $1,105,634
source = IRES
Contact me today to find out what your home would be valued at in today’s market!
Double Up
Fort Collins, over the last 12 months, has seen sales of homes priced $1,000,000 and over almost double.
There have been 47 sales of these luxury properties during the last year compared to 24 sales the year before that.
The current pace of roughly 4 of these properties selling per month is both unprecedented and very different compared to the other Northern Colorado markets.
Loveland, Greeley and Windsor have only seen very slight increases in sales of homes priced over $1,000,000.
So where are these homes selling in Fort Collins? These are the top neighborhoods for luxury sales:
- Fossil Lake Ranch
- Old Town
- The Hill at Cobb Lake
- Linden Lake
Top 5
Greeley is the 5th-ranked city in the whole country for one year appreciation. This is according to the Federal Housing Finance Authority’s most recent quarterly report. They track close to 300 markets all over the U.S.
For the first time in a long time, the Fort Collins/Loveland market did not make the top 20 list- they came in ranked 76th.
Greeley’s appreciation over the last year was 12.63% and Fort Collins/Loveland’s was 7.98%.
Who was first? Boise, Idaho with 15.25%.
Who was last? Peoria, Illinois whose prices fell 1.26%.
What about other Colorado cities?
- Colorado Springs – 14th @ 11.65%
- Grand Junction – 16th @ 11.47%
- Denver – 28th @ 10.18%
- Boulder – 68th @ 8.25%
Overall, prices in the U.S. increased by an average of 6.9%. A couple of interesting side notes- a minimum of 11% was required to make the top-20, and 18 of the top 20 are in the Western U.S.
Grab a copy of our Investment Kit so you can see the simple steps to get started without stress or complication. Email us at rdupont@windermere.com and I will send you a video which clarifies the process and our Investment Checklist so you can see what to do first.
Relief On The Way!
There is good news and bad news.
66% Off
This just in…
For the month of April, the average price of a home in the city of Boulder was $1,247,000. This is according to the latest from our IRES MLS system. 
If you want to own a home about an hour down the road in another really nice college town and get a 66% discount, you may want to check out Fort Collins 🙂
Yes, despite the recent uptick in prices here locally, we are still a bargain compared to Boulder. Here are median single-family prices for our markets and their relative price to Boulder:
- Fort Collins = $414,237 (66.8% off)
- Loveland = $360,150 (71.1% off)
- Greeley = $290,000 (76.7% off)
- Windsor = $306,450 (75.4% off)
Grab a copy of our Investment Kit so you can see the simple steps to get started without stress or complication. Email us at rdupont@windermere.com and I will send you a video which clarifies the process and our Investment Checklist so you can see what to do first.
April Showers
The April results are in for Larimer and Weld County…
To see an update as to what is happening in the Northern Colorado market, contact me to receive our quarterly “Scoop” report.
Foreclosed
Remember when the hot topics in real estate were short sales and foreclosures? Not today!
As an additional indicator of the health of our market, foreclosure activity is significantly lower than it was 7 to 8 years ago.
Today in Colorado only 1 in 3920 homes is in foreclosure. This is much lower than the current national number of 1 in every 2043 homes.
How about Northern Colorado? Both Larimer and Weld Counties are performing better than the National Average.
In Larimer County the number is 1 in 6695 and Weld County is 1 in 2849.
Bubbly?
Because our Northern Colorado market has been so active over the last four years, clients often ask us if we think there is a housing bubble forming.
There are several key statistics which we track closely in order to answer that question.
Here is one fact that we find to be insightful…
One of the root causes of the last housing bubble was the glut of inventory, and specifically new home inventory. Quite simply, the market was being oversupplied with new homes. The rules of economics say when there is oversupply, prices must come down.
Today, there are far fewer new home starts compared to 2004 and 2005 when the last bubble was forming – despite there being a larger population.
According to our friends at Metrostudy who track the new home market, Northern Colorado has had 4,452 new home starts in the last 12 months.
That number is only 60% of what it was at the height of construction in early 2005.
It is also interesting to note that over the last 12 months there have been 4,473 new home closings which shows that demand is keeping up with supply.
So when you drive around Northern Colorado and notice all the new homes being built, know that construction activity is far less than what is was during the bubble and that demand is keeping up with supply.
In case you missed our annual real estate Forecast event, you can reach out to me to see the presentation slides or receive a video recap of the information. Just email me at rdupont@windermere.com
Our Forecast
Last night was our annual Market Forecast event. Thank you to the 400 clients and friends who joined us at the Marriott.
Here are our predictions for where prices are going in 2018:
- Fort Collins 8%
- Loveland 7%
- Greeley 9%
Last year’s average price increases looked like this:
- Fort Collins 7%
- Loveland 8%
- Greeley 11%
Low inventory will persist in many parts of the market during 2018. But, like we mentioned last night, there are many parts of the market where the market is in balance or even over-supplied with homes. All markets are local!
Our Cheif Economist, Matthew Gardner, shared several of his insights including his prediction for interest rates one year from now which is 4.4% (about 0.5% higher than today).
For buyers thinking about waiting until the market cools off, there is a tangible cost to that wait. If prices and interest rates go up as we predict, a one-year wait would equal over $200 per month for a $400,000 home.
In case you missed the event, you can read more about it here in the Loveland Reporter-Herald. They did a great recap of our presentation. CLICK HERE
What It Means
The new tax bill is expected to be signed by the end of the year. Here is a summary of what it means for your real estate…
The new tax bill:
