Stadium Impact?
Today we are looking at one of the hot topics in Northern Colorado. Is the new CSU football stadium impacting real estate values in the surrounding neighborhoods?
The answer, based on the research we’ve done so far, is… yes!
We looked at the residential properties in the 1-mile radius surrounding the new stadium. We pulled the sales over the last three years in that area. Then we compared that area to the market as a whole.
Let’s talk about prices first. Residential prices inside the City Limits of Fort Collins went up 11% last year and 12% the year before that. Within the stadium’s 1-mile radius, prices only went up 1% last year, but 14% the year before that. It seems that recent construction has impacted prices.
Now what about number of sales? Residential transactions have gone down 5% per year each of the last two years. Near the stadium, the decrease has been even larger at 7 to 8% per year.
It does seem that the stadium has had an impact. We will continue to keep our eye on this trend!
One footnote is that last year had more condominium sales than the year before which has an impact on average price.
Remember When…
With lots of focus on the presidential election it got us thinking about the last time we were getting ready to elect the leader of the free world.
Do you remember what you were doing in 2012? Back when Barack Obama and Mitt Romney were the candidates…
Do you remember what the real estate market was like? As it turns out, there is a $100,000 difference.
Here’s a walk down memory lane to real estate in 2012.
Average price of a home in Greeley = $170,500 (almost $100K less than today)
Average price of a home in Windsor = $297,800 (also $100K less than today)
Average price of home in Fort Collins = $259,994 (yep, $100K less than today)
Here’s the deal- in every case the price increase in 4 years has been almost exactly $100,000 in each community!
This is a pretty awesome place to own real estate!
Wonder where prices will be in another four years? Contact me to get my take on the market.
Seasonal Slowdown
August marks the end of the busy real estate selling season and the beginning of the traditional seasonal slowdown in our market.
The four months of April, May, June and July tend to produce 45% of the year's total sales. This is based on looking back at 5 years of data.
If 2016 holds true to form, the next five months from now until the end of the year will be progressively slower.
No surprise that December tends to be the slowest month with a third of the number of sales compared to a typical July.
Here's what we will be watching closely over the next few months – is this year's seasonal slowdown "normal", or, because the market has been so hot this year, is it breaking traditional trends.
We will be sure to keep you informed!
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