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Highly Active
In addition to tracking the average price for sold properties, it is also interesting to track the average price for active properties.
Asking prices are up across all markets when compared to the same time last year.
Here are the average list prices for residential properties along the Front Range:
- Larimer County = $893,000 (8% higher than last year)
- Weld County = $702,000 (6% higher than last year)
- Metro Denver = $847,000 (5% higher than last year)
These asking prices are higher than average sales prices by approximately 30%. This is because there are many high-end properties on the market which take longer to sell and which pull up the average.
Bargaining Power
Buyers (finally) have more bargaining power. For many, many months sellers had the distinct upper-hand and commanded above-list price offers. Bidding wars were the norm. Buyers had virtually no negotiating power.The numbers show that the dynamic has absolutely changed.The ratio of the final sales price to the list price is now at 98.1%.From April 2020 to July 2022, the ratio was at or higher than 100%.The peak was in April 2022 at 104.3%.In the span of just a few months, sellers have gone from multiple, over-list price offers to expecting to come off their list price.
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.
