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.