Colorado Real Estate News

Northern Colorado Market Trends

After a bit of a lackluster close to 2023, the real estate landscape in NoCo is showing signs of a resurgence in 2024. Market analysts attribute this shift to the anticipated decline in interest rates, creating a renewed sense of activity. In January, the housing scene witnessed a flurry of new listings, sparked possibly by the downward tick in interest rates. Across the region, the year-over-year surge in new listings was remarkable, ranging from the high teens in Boulder to an impressive nearly 49 percent spike in Greeley, closely trailed by Longmont at 40.4 percent. These surges seem to be more than just the result of new construction or sudden seller decisions; they reflect the palpable excitement among sellers fueled by the prospect of declining interest rates.

In Fort Collins, January experienced a dip in closed sales for detached homes. However, attached homes remained steady compared to the previous month. Closed sales are a measure of the properties that went under contract the previous 30-45 days. With the holidays in December, it’s no surprise to see January closings dip. This is the seasonality we so often talk about in real estate.

The average sale price for detached homes in Fort Collins witnessed a significant month-over-month increase, jumping from $745,802 in December 2023 to $806,482, marking a substantial 27.79 percent rise since January 2023. Average days on the market reached 73 in January 2024, up from 65 the month before and marking a 15.87 percent increase year-over-year. Attached homes also experienced a noteworthy year-over-year increase in average sales volume, rising from $9,985,145 in January 2023 to $13,310,464 in January 2024.

Loveland observed a modest uptick in detached home sales from 62 last month to 71 this month but faced a significant decrease in closed sales volume from $54,459,243 in January 2023 to $37,517,659 last month, reflecting a substantial 31.11 percent decrease year-over-year. This month, the average sales price for detached homes in Loveland witnessed a more pronounced 34.02 percent drop, sliding from $800,871 in January 2023 to $528,418 in the current month.

Boulder experienced a surge in detached home sales, recording a substantial 38.39 percent year-over-year increase in January, leaping from 112 to 155 transactions. The closed sales volume in the detached sector also soared by 18.84 percent last month to $181,174,051, underscoring heightened interest in the attached property market. However, the attached segment saw a 10.29 percent decrease in closed sales, dropping from 68 to 61 in January 2024, with average days on the market rising by 32.73 percent from 55 to 73 year-over-year.

Berthoud witnessed declines in both detached and attached closed sales, with a 50.00 percent dip in detached and a significant 100 percent drop in attached sales. Overall, closed sales volume decreased by 58.81 percent in detached and a substantial 100 percent in attached properties as no attached properties were sold this past month in the region.

“We are witnessing a promising resurgence in NoCo’s real estate scene throughout 2024,” said Sarah Tyler, Managing Broker at Kentwood Real Estate Northern Properties. “This momentum is fueled by the anticipated decline in interest rates, igniting excitement among sellers. From the increase in listings to the evolving sales dynamics, the market reflects a noticeable sense of anticipation and change.” 

*Updated February 18, 2024