As the holiday season takes over December in its festive spirit, it presents an opportune moment for homeowners and buyers in North Colorado. Currently, buyers wield more influence than they did in 2022. Further reductions in interest rates combined with limited inventory could swiftly tip the scales back to favoring sellers. The signs are evident as homes start to again attract multiple offers, a trend expected to intensify in the coming year with the projected low inventory and continued lower interest rates in 2024. Sellers, in particular, can redefine their outlook as they prepare to enter the market, recognizing that a swift sale is excellent, but a more extended timeframe is also not a bad reality in the current market dynamics.
In Fort Collins, the real estate landscape reflects resilience, with 106 detached homes sold, mirroring the previous month. Attached homes, in contrast, experienced a substantial year-over-year increase, rising from 36 to 49 units sold. The average sale price for detached homes in Fort Collins currently stands at $625,921, indicating a slight dip from the previous month. Sellers are also noting another uptick in the average days on the market, reaching 59. Attached homes emerged as the market winners last month, boasting a closed sales volume of $19,922,368, a remarkable 21.91 percent increase from the previous year.
Loveland follows a similar trajectory on par with the holiday months, witnessing a decrease in detached home sales from 102 to 70, yet experiencing an 18.17 percent surge in the average sales price to $637,893. The average percent of the original list price for detached homes remained relatively steady at 96.3 percent compared to the previous year’s 95.4 percent.
In the scenic town of Windsor, there was a November decline in closed sales volume. The average days on the market for detached homes rose by 9.84 percent, a moderate increase. Despite a slight decrease in the average detached home price to $751,162, Windsor continues to showcase resilience with a 2.18 percent increase in number of closed sales for detached homes.
Boulder, as almost always, stands out with a 13.64 percent increase in closed detached sales despite a 2.66 percent decrease in overall closed sales, which includes attached homes. The enduring desirability of Boulder is evident in the impressive 13.64 percent rise in average closed sales volume for detached homes. Days on the market remain consistent with recent trends at 67, with a 26.42 percent increase year-over-year.
As Northern Colorado maneuvers the 2024 real estate landscape, the key for both buyers and sellers lies in adaptability and strategic decision-making. In this environment, opportunities abound for those who take the time to understand and respond to the changing rhythms of the market.
“In Northern Colorado’s dynamic real estate market, buyers have recently seen opportunity for negotiation in some communities, but a shift towards sellers is imminent with falling interest rates bringing out more buyers and continued limited inventory,” said Sarah Tyler, Managing Broker at Kentwood Real Estate Northern Properties. “As 2024 approaches, adaptability and strategic decision-making are crucial for both buyers and sellers to capitalize on the evolving market opportunities.”
*Updated December 15, 2023