Colorado Real Estate News

Northern Colorado Market Trends

In the world of housing, anticipation has been hanging heavy on the Federal Reserve’s every move. With promises of interest rate cuts looming, the anticipation is notable across the American economy. While the cuts remain pending, the residential real estate market in Northern Colorado has wasted no time in forging ahead into 2024 on a positive note, as we begin to look ahead towards spring. Many educated sellers know that buyers are experiencing spring fever and are tired of sitting on the fence watching home prices increase.Residential real estate sales in February have largely shown an upward trend compared to the previous month in both the Boulder Valley and Northern Colorado.

In Fort Collins, February witnessed a significant surge in detached closed sales, leaping from 91 in February 2023 to 107 in 2024, marking a notable 17.58 percent increase. Moreover, closed sales volume experienced a healthy uptick of 12.26 percent, reaching $69,155,989 for last month. The average sales price for detached properties was the sole decline year-over-year, dipping from $683,033 to $652,095. Conversely, in the attached segment of the market, the average sales price saw an increase of 5.84 percent, reaching $418,284. However, closed sales in this category dropped by 15 percent to 34 in 2024, with closed sales volume down by 10.04 percent year-over-year to $14,22,644.

In Loveland, the market followed a more seasonal trajectory, with detached closed sales decreasing from 85 in 2023 to 71 in 2024, marking a 16.47 percent decline year-over-year. Closed sales volume also experienced a dip of 10.22 percent this Feburary, totaling $42,870,393, aligning with typical February trends. Attached sales mirrored this downward trend, dropping by 26.32 percent year-over-year to 14, with closed sales volume down by 25.59 percent to $5,805,724 as well.

Boulder, on the other hand, defied the usual winter slowdown, boasting a remarkable 67.97 percent surge in detached home sales, skyrocketing from 128 to 215 transactions. The closed sales volume for detached properties similarly soared by 59.72 percent from the previous year, reaching $232,913,413. The attached segment also experienced a surge in closed sales, climbing from 77 to 97 in February 2024, representing a notable 25.97 percent increase. However, the average days on the market increased by 31.15 percent year-over-year, rising from 61 to 80 days.

In Berthoud, detached closed sales saw an uptick of 11.54 percent, rising from 26 to 29 year-over-year. Overall, the closed sales volume for detached properties experienced a marginal decline of 2.00 percent, amounting to $19,975,452. Conversely, in the attached market, all indicators pointed downwards, with closed sales going down from 6 to 1, and an 86.30 percent decrease in closed sales volume, dropping from $3,393,82 to $464,990, mirroring the typical seasonal slowdown. 

“As the spring season unfolds, Northern Colorado’s real estate market stands resilient amidst interest rate movements. With the excitement of spring fever, sellers are seizing the moment, navigating the market with confidence and optimism” said Sarah Tyler, Managing Broker at Kentwood Real Estate Northern Properties.

*Updated March 15, 2024