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566 Greenspire Drive is a stunning 4 bedroom, 3 bathroom, 2 story farmhouse style home in Greenspire! Nestled in a prime neighborhood, this home provides an incredible opportunity to experience the best of Windsor living. The interior boasts an open-concept design, allowing for easy movement between the living spaces, making it ideal for both entertaining and everyday living. The gourmet kitchen is a chef’s dream, featuring modern appliances, ample countertop space, extended island, and elegant cabinetry, making it the heart of the home. Whether you’re hosting a dinner party or preparing a personal meal, this kitchen is sure to inspire culinary creativity. The 3 car alley load garage is a great feature allowing for extra elbow room between neighbors. As an added unique bonus, the home has a convenient dog washing station in the entry of the mud room, catering to your furry friends’ needs. One of the major highlights of this property is its unbeatable location. Just a short stroll away, you’ll find the serene Windsor Lake, offering a variety of recreational activities such as fishing, boating, and Summer Concerts. Enjoying the outdoors has never been easier. Additionally, for those who love the charming atmosphere of Windsor, the home is within walking distance of downtown restaurants and breweries. Come and see for yourself all that this remarkable property has to offer! Seller is offering a $4000 Seller Concession with an acceptable offer. Call (970) 401-0123 to schedule a private tour.
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%
New Opportunity
One of the many opportunities for buyers today is new construction.
In Northern Colorado, just under 25% of all available homes for sale are brand new homes.
That percentage is roughly 50% more than normal.
Buyers who are looking for a greater selection can consider new homes.
New homes offer obvious advantages like trendy finishes and new appliances.
They also often offer attractive incentives like lower mortgage rates.
So, in a time when it feels like there is less to choose from, new homes are a great option.
How Would Have Guessed?
Pretend it is 2013. The real estate market is clearly recovering from the Great Recession. The Broncos are having a great year and will eventually make it to the Super Bowl.
Now, imagine someone makes a prediction that 10 years in the future mortgage interest rates would double over the course of 12 months.
If you were to guess what sort of impact on house prices that would cause, what would you say?
It would be reasonable to guess that prices would decline if mortgage rates doubled.
Here’s what really happened. Prices kept going up.
Some thought prices would crash. Many thought prices would go down.
They keep going up. Not as fast as they were, but they are still up.
Compared to one year ago, prices are up the following amounts:
Larimer County = 2.6%
Weld County = 2.2%
Metro Denver = 1.1%
Why? Supply and demand.
Supply is low and there is still demand in the market.
Charming Ranch Home in Mid Town
Welcome to 2724 Worthington Avenue, a charming 3 bedroom and 3 bathroom ranch style home nestled in Mid Town. Enjoy sitting next to the wood burning fireplace in the winter or taking in a movie on the large theatre screen in the basement on a hot summer night. Situated on a large lot, this property boasts ample space for outdoor activities and entertainment. The expansive yard provides endless possibilities for gardening, hosting gatherings, or simply reveling in a little elbow room. There are 2 sheds in the backyard offering additional storage space for tools, equipment, or recreational items. These sheds are perfect for those who enjoy pursuing hobbies or need extra room for storing belongings. The roof was replaced in 2018 and the furnace and air conditioner were replaced in 2017. There is NO HOA OR METRO TAX. Don’t miss your chance to make this lovely property your own! Call (970) 401-0123 to schedule a private tour or click here for more information.
High Active
The average price of all active listings is likely much higher than you think.
For example, the average listing price of the nearly 5000 properties for sale in Metro Denver is nearly $1,000,000.
Here is the average price of all active listings along the Front Range:
Larimer County: $886,000
Weld County: $736,000
Metro Denver: $939,000
A New Change
There is a new type of change to be prepared for.
One interesting way to track the market is to measure the year-over-year difference in inventory.
Quite simply, this looks at how many homes are available today versus the same time one year ago.
For the past several months in a row, the difference as measured by percentage change, has been significant.
That is because inventory levels between May of 2020 and May of 2022 were rock-bottom low.
For example, inventory in March of this year was up over 120% compared to March 2022.
When measured against historical numbers, inventory in the first half of this year is incredibly low. But, when measured against the first half of 2022, inventory is significantly higher.
Well, that is about to change because inventory increased in June and July of 2022.
So, now when we look at inventory levels versus a year ago, the percentage change will be more modest.
For example, Northern Colorado inventory today is up only 8% compared to one year ago.
Not What Many Thought
Despite higher interest rates, prices did not decrease like many people thought. They certainly have not crashed like many thought.
Average prices along the Front Range have seen only a slight decrease versus last year.
The average price in May this year has decreased versus May of last year by:
2.5% in Larimer County
3.2% in Weld County
2.8% in Metro Denver
When we take a closer look, what is apparent is that average prices have decreased based on the type of properties that are selling versus last year.
Specifically, there were more $1,000,000 – plus homes selling a year ago versus today. Those higher-end transactions in 2022 increased the average price.
In May of 2023, $1,000,000- plus transactions decreased versus May of 2022 by:
33% in Larimer County
29% in Weld County
35% in Metro Denver
So, we don’t see that prices have gone down. We see that average price has slightly decreased because they aren’t as many luxury sales pulling up the average.
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.
More New
Nationally, new home inventory as a percentage of the total inventory just hit a record high. 26% of all properties currently available for sale are brand new homes.
To put this in perspective, in 2018 it was 14%. From 2000 to 2008 it bounced between 10% and 15%
Locally, we notice even higher numbers.
In Larimer County, 29% of all inventory is brand new. In Weld County, it is a whopping 35%.
The reason why the percentage is high is not so much because of a surge in new construction, but because the amount of re-sale properties listed for sale is so low.
The Front Range has an under-supplied market, especially when it comes to re-sale properties.
