BlogFun Facts February 24, 2024

Normal Timing

After three years of abnormally low Days on Market, properties today are settling into a more normal and more reasonable length of time on the market.

Days on Market today stands at:

53 Days in Larimer County

66 Days in Weld County

Back in 2021, for example, Days on Market was roughly half of today’s number.

Buyers today are discerning, and proper pricing is more important than ever in order to meet a Seller’s timing goals.

BlogFun Facts February 16, 2024

Inventory Jump

The most significant trend we notice 45 days into the new year is the jump in inventory.

There are many more properties for sale along the Front Range compared to one year ago.

  • Larimer County is up 40%
  • Weld County is up 39%
  • Metro Denver is up 35%

This comes as welcome news for buyers as we near the Spring buying season.

BlogFun Facts November 10, 2023

A Rate-Induced Pop

The recent drop in mortgage rates triggered a measurable uptick in sales activity.

So far through the first 10 days of November, pending activity in Northern Colorado is up versus the same 10 days last year.

This is despite interest rates being higher than they were last year.

Mortgage rates just had their biggest one-week drop in over a year and buyers clearly responded.

Pending sales through November so far are up versus last year:

48% in Larimer County

20% in Weld County

BlogFun Facts July 28, 2023

Higher Better

The higher-end market in Northern Colorado, in terms of number of closings, is faring better than the overall market.

When we look at the number of homes selling today and the price point of those homes, properties priced above $1,000,000 are performing better than the market as a whole.

The number of closings occurring now compared to this same time last year is down 30% overall.  But, the high-end market is only down 19%.

When we look further back in time, the data gets even more interesting.

Compared to 2021, Closings today are down 55% overall, but high-end sales are up 26%.

And compared to 2020, there are 59% fewer closings and 160% more high-end sales.

We believe there are two reasons for this dynamic.

First, because of price increases over the last few years, the stock of inventory today includes more $1,000,000- plus homes than the past.

Second, the high-end buyer is less affected by higher interest rates than the general population.  And, certainly less affected than first-time buyers.

BlogFun FactsUncategorized July 21, 2023

Year to Date

Here is an interesting look at the market year to date versus the same time period in 2022.

Bottom line, the number of transactions is down considerably, and prices are flat to slightly down.

Larimer County = Sales down 17.5%, prices up 0.7%

Weld County = Sales down 29.6%, prices down 2.2%

Metro Denver = Sales down 22.4%, prices down 2.9%

BlogFun Facts May 19, 2023

Months of Supply

As measured by months of supply, we have a strong Seller’s market in Northern Colorado.

Both Larimer County and Weld County measure at 1.6 months of supply.

That means, at the current pace of sales, it would take only about 6 weeks to sell all of the existing homes for sale.

The measurement becomes even more interesting when we look at specific price ranges.

Under $500,000 is 1.0 months in Larimer and 0.9 in Weld.

$500,000 to $700,000 is 1.6 months in Larimer and 2.0 in Weld.

$700,000 to $1,000,000 is 2.0 months in Larimer and 3.0 in Weld.

And, over $1,000,000 is 3.6 months in Larimer and 5.3 in Weld.

We are not surprised to see higher months of inventory in higher price ranges.

It is interesting that even $1,000,000 properties have less than 6 months.

BlogFun Facts August 19, 2022

Under 100

For the first time in a long time, the sale to list price ratio is below 100%.

This statistic measures the final sales price versus the listing price.

During the super-active market of the last 24 months, this number averaged over 100%.

This was a result of multiple offers and bidding wars which caused buyers to offer more than list price.

Now, the sale to list price ratio has dropped to below 100% as a result of a more balanced market.

These are the specific numbers in each of our markets:

Larimer County = 98%

Weld County = 99%

Metro Denver = 97%

BlogEconomics 101Fun Facts September 10, 2019

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.**