The Northern Colorado market continues to show an adjustment in inventory, home sales and volume.
As we closed out the end of the year there were many opportunities for buyers as the market normalizes into 2023. Market balance is generally considered when there are 4 months of inventory available.
Fort Collins detached homes sales and home sales volume decreased in December.
The decrease in total volume went from $102,530,586 in 2021 to $23,126,665 in December 2022. Thirty-four detached homes were sold in December compared to 154 in 2021, nearly a 78% percent decrease. Attached home sales were also significantly down from the previous year, from 79 in December 2021 to 13 in 2022. Many homeowners decided to take the holidays off and we expect to see much of that inventory coming on the market in spring 2023.
Berthoud experienced a decrease in their detached homes price total sales.
At $7,572,443 in December 2022, versus $38,586,569 in December 2021, this was an 80.38 percent decrease in total sales. The average home price decreased in comparison to November when it had increased. Attached homes experienced a relatively large increase in total sales volume from $1,275,750 in 2021 to $1,849,233 in December 2022. The Berthoud market is largely single family homes, so just a few less sales in the attached market can greatly impact the percentage increase or decline.
Timnath also had a decrease year-over-year in detached homes sold.
Bucking last month’s statistics, Timnath’s detached market went from 16 homes sold in December 2021 to only 4 homes in December 2022, a 75 percent decrease. In its attached market, Timnath experienced an increase year-over-year from two in 2021 to four in December 2022. As with the other markets we track, many homeowners pushed pause on listing over the holidays and fewer buyers were house hunting in December.
Following suit, Boulder saw a decrease in detached sales volume year-over-year as well as in number of homes sold.
In the detached market, the total December sales volume went from $242,896,231 in December 2021 to $77,272,997 in December 2022, a decrease of 68 percent. The attached market also saw a decrease in sales from 231 in 2021 to 35 last month. December 2022 was not a harbinger of what to expect in 2023, it was more likely consumers taking a pause to assess their opportunities and celebrate their holidays.
Loveland experienced a 9.32 percent increase in average home sales for detached homes.
Residents saw only 36 sales in December 2022 versus 231 in December 2021, but the average home sale cost for December 2022 rose to $595,343. This was due to consistent buyer demand in the Loveland market for fewer available homes.
*Updated January 4, 2023