Colorado Real Estate News

Northern Colorado Market Trends

The Northern Colorado market shifted in June.
If you’re thinking of buying or selling a house, there are interesting opportunities. 

Fort Collins detached homes sold for a record-high median price of $705,341.
In comparison to 2021, that is a 16.81 percent increase, up from $603,815. Fort Collins detached homes on average sell after 30 days, down slightly over the last couple months. 206 detached homes sold in May, down from 237 last year, however the sales volume was up 1.53 percent, emphasizing the increase in prices. Attached homes in Fort Collins saw a similar story, with 80 condo and townhome sales in May 2022 versus 98 in May 2021, down 18.37 percent. Sales volume has decreased in the attached market 25.91 percent year-over-year from $44,488,318 to $32,961,610. 

Average days on market increased significantly year-over-year for detached and attached homes in Berthoud.
Berthoud’s detached market experienced a 20.31 percent increase from 64 days in 2021 to 77 days in 2022, and its attached housing market saw a dramatic increase of 93 days in 2021 to 248.

Meanwhile, Timnath saw another decrease year-over-year in homes sold.
Timnath’s detached market went from 32 homes sold in May 2021 to 15 homes in May 2022, a 53.13 percent decrease. In its attached market, Timnath also experienced a slight decrease in home sales at 7 versus 5 in May 2022, a 28.57 percent decrease. All together, Timnath had 20 total sales for the month.

Boulder saw a slight decrease in sales volume year-over-year s, signifying a changing market.
In the detached market, the total May sales volume went from $174,801,836 in May 2021 to $171,474,892 in May 2022, a decrease of 1.90 percent. The condo and townhome market saw a more dramatic decrease of 23.23 percent in sales volume from $51,116,023 to $39,243,285.

Loveland saw a massive increase in detached average home sales.
In Loveland’s detached market, residents saw 165 sales in May 2022 versus 151 in May 2021with the average sales price for a detached home climbing from $545,860 to $619,888.

* Updated June 8, 2022. 

Colorado Real Estate News

Northern Colorado Market Trends

While inventory is on the rise in Northern Colorado, so are prices.

With consecutive months of increased prices and interest rates, a buyer’s monthly mortgage has likely increased as well.

Fort Collins detached homes were selling for a median price of $707,461, up from last month’s $676,008.

Fort Collins detached homes, on average, sell after 33 days on the market compared to 29 days last year. There were 169 detached homes sold this April, down from 191 last year, meaning sales volume was down 11.52 percent. Attached homes in Fort Collins saw a similar story, with attached homes at 74 sales in April 2022 versus 102 in 2021. Sales volume saw a decrease of 13.16 percent, from $35,384,395 to $30,729,309.

Average days on market decreased year-over-year for detached and attached homes in Berthoud.

On par with previous months, Berthoud’s detached market experienced a 17.07 percent decrease from 82 days in 2021 to 68 days in 2022, and its attached housing market saw less of a dramatic decrease but still experienced a decrease as well.

Meanwhile, Timnath’s detached homes experienced only 17 sales versus 26 in April 2021. 

Like last month, this was almost a 35 percent decrease. In its attached market, Timnath saw more sales than this time last year at six versus three in 2021.  Altogether, Timnath had 23 total sales for the month, versus 18 last month.

Boulder saw a large decrease in days on the market in detached and attached homes.

In the detached market, days on the market went from 60 in April 2021 to 39 in April this year. The attached market was similar with days on the market dropping from 57 to 29.

Loveland saw a drop in detached sales due likely to seasonality but continues to show its desirability.

In Loveland’s detached market, residents saw 122 sales in April 2022 versus 172 in April 2021. However, the average sales price for a detached home rose from$478,587 to $621,626. Meanwhile, their attached market saw a 19.46 percent increase, similar to last month, from $348,071 to $415,813 in April 2022.

*Written May 8, 2022. Updates may be available after this date.

Colorado Real Estate News

Denver Market Trends

While inventory is on the rise, so are prices.

The average price of a single-family detached home in Denver Metro is $825,073, which represents a 3.93 percent increase from April. With consecutive months of increased prices and the recent uptick in interest rates, a buyer’s monthly mortgage has increased as well. The average close-price-to-list-price ratio in April for the detached market was 107.29 percent. The close-price-to-list-price ratio shows that a month ago buyers were still bidding prices up an average of 7% above list price.

Sales velocity, closed sales versus month-end active inventory, is evidence that demand remains high.

Because of this, statistics like average sales price are affected. The most significant factor influencing the supply and demand this month is interest rates. Many homeowners refinanced over the past two years due to low-interest rates at the time. Now rates are hovering around five percent, providing those homeowners minimal financial incentive to move. Moving has become more influenced by a lifestyle or employment change.

Increased interest rates are impacting inventory.

While Metro Denver still has relatively low inventory, it’s no longer historically so.  There were 610 fewer properties on the market last year compared to today. The market usually sees an 8.59 percent increase in month-over-month inventory this time of year. This month, it saw a 44.26 percent increase. Providing hope to buyers.

In the Luxury Market, inventory is also on the rise.

There was a 57.65 percent increase in new listings from this time last year. However, as a result of inflation, more homes will cross the threshold into the Luxury Market simply due to list price or more likely due to bidding wars that can end 20 percent or more over the asking price.

In part due to seasonality, new listings for detached homes rose 26.62 percent from last month. 

This is a 63.73 percent jump from last year for new listings. Pending sales rose 27.15 percent to 562 properties and 599 closed homes, a 17.91 percent increase from last month. 

*Written May 6, 2022. Updates may be available after this date.

Colorado Real Estate News

Denver Market Trends

Inventory growth in the Luxury Market.

Buyers in the Luxury Market should be pleased to see the largest rise in inventory of any price point. With a 58.22 percent increase in the detached market and a 60.53 percent increase in the attached market for homes available for purchase from February to March, buyers in the $1M+ range should be relieved from a historically tight market. But bidding wars have continued with the average luxury home price increasing 7.8 percent month-over-month with an average of 7.66 percent of homes going over list price.

Sales prices continue to grow.

With average sales price reaching $705,812 and month-end active inventory growing 81.16 percent from February to March, demand may decline due to increased interest rates. 995 listings hit the market at the end of the month which might have the potential to aid in balancing out supply and demand. This 43.7 percent increase will serve to balance the accelerated price appreciation that has recently taken place in the market.

Sellers need to stay grounded.

As homes continue to sell for over the asking price, sellers need to keep in mind that buyers can sense when a home is worth less than what is listed and this is expected to be reflected in the market. With rising prices, buyers will feel the market is reaching its peak and wait till prices stabilize.

*Written April 6, 2022. Updates may be available after this date.

Colorado Real Estate News

Northern Colorado Market Trends

North Colorado Market Saw a Decrease in Homes Sold Across the Board. BUT…

Don’t be fooled. Median home prices still increased as we head into our spring market.

Fort Collins detached homes were selling for a median price of $676,008.

Fort Collins detached homes on average sell after 35 days on the market compared to 47 days last year. There were 146 detached homes sold this March, down from 191 last year, meaning the sales volume was down 14.14 percent. Attached homes in Fort Collins saw a similar story, with attached homes seeing 39 sales in March 2022 versus March 2021 at 75. Sales volume saw a decrease of 33.05 percent from $26,745,304 to $17,905,085.

Average days on market decreased significantly year-over-year for detached and attached homes in Berthoud.

Berthoud’s detached market experienced a 32.35 percent decrease from 68 days in 2021 to 46 days in 2022, and its attached housing market saw less of a dramatic decrease but still experienced a 6.06 percent decrease from 99 to 93.

Meanwhile, Timnath saw another drastic decrease year-over-year in homes sold.

Timnath’s detached market went from 25 homes sold in 2021 to 15 homes, a 40 percent decrease. In its attached market, Timnath also experienced a drastic decrease in home sales at 39 versus 138 days in March 2021, a 71.74 percent decrease. All together, Timnath had 18 total sales for the month.

Boulder unsurprisingly saw a large increase in sales volume year-over-year in detached and attached homes.

In the detached market, the average sales price climbed from $1,450,421 in March 2021 to $1,732,282 in March 2022, an increase of 19.43 percent. The attached market saw an increase of 30.28 percent from $557,559 to a staggering $726,390.

Loveland saw a massive drop in detached sales but continues to show its desirability.

In Loveland’s detached market, residents saw 100 sales in March 2022 versus 175 in March 2021. However, the average sales price for a detached home rose from $9,100,750 to $11,901,786. Meanwhile, their detached market saw a 19.94 percent increase from $457,107 to $594,958 in March 2022.

*Written April 6, 2022. Updates may be available after this date.

Colorado Real Estate News

Northern Colorado Market Trends

February 2022 NoCo Market saw low inventory and shorter days on the market.

Hyperactive buyer demand was in full swing for the February NoCo market.

Fort Collins detached homes were selling for a median price of $671,174.

Detached homes sold on average after 29 days compared to 36 days last February, with sales volume increasing to $69,130,943, a 3.81% increase. Meanwhile, attached homes sold on average after 35 days on the market versus 58 in 2021, a 39.66 percent decrease. Sales volume for attached homes decreased from $23,268,668 to $20,017,854 but likely due to only 52 homes being sold in February 2022 versus 63 in 2021.

37 detached and attached homes sold in Berthoud in February 2022.

Berthoud’s detached market saw 30 homes go under contract in February 2022, a 9.09% decrease from February 2021, and its attached housing market saw 7 homes sold, a 250% increase from 2 last year.

Meanwhile, Timnath saw another decrease year-over-year in homes sold.

Timnath’s detached market went from 28 homes sold in February 2021 to 18 homes, a 35.71 percent decrease. In its attached market, Timnath also experienced a decrease in home sales at 2 versus 5, a 60% percent decrease, with sales volume in the attached marketing dropping from $1,849,690 to $919,485, a 50.29% decrease.

Boulder saw a pretty notable drop in detached and attached homes sold in February 2022.

In the detached market, only 52 homes were sold, down 27.78% from 72 in 2021, with sales volume dropping to $87,785,312 from $95,314,432 in February 2021. Days on the market for detached homes also notably dropped from 69 in 2021 to 39. In the attached market, sales were down from 83 in February 2021 to 53, a 36.14% decrease, with sales volume also dropping from $47,429,028 to $38,421,109.

Loveland also experienced ongoing inventory woes, in both detached and attached markets.

In the detached market, 84 homes were sold, down 22.94% from February 2021. The attached market was down 35%, with only 13 homes sold in February 2022.

*Written March 7, 2022. Updates may be available after this date.

Colorado Real Estate News

Denver Market Trends

Lack of inventory and sales in 2022 lead the market narrative.

In 2022, the market has seen a 12.44 percent decrease in listings from last year. In February of 2021, 8,761 properties hit the market, and currently only 7,617have this year. With a compounding effect of low supply and a surplus of buyers, not only has there been a 13.31 percent decrease in closed properties but with prices rising exponentially, there’s been an unprecedented close-price-to-list-price ratio of 104.75 percent. 

The Luxury Market is staying strong.

February continued to be a great month for the Luxury Market. Over this past month, sales volume for detached homes has increased 43 percent, while attached homes grew over 32 percent. Not to mention there have been 114 new listings of $1 million dollar homes since February, but as demand continues to rise those listings will be closed shortly. In February, 97 percent of new listings went under contract, and the Luxury Market has less than two weeks of inventory for both attached and detached homes.

Pandemic stresses supply chains while demand hits an all-time high.

The Luxury Market could feel the impacts of the Russian Invasion of Ukraine. As a result, more people will begin to sell stock to purchase a new luxury home, but with the volatility of current financial markets, many new home buyers may reconsider. With increasing interest rates, market instability and inflation, this may be the best time to capitalize if you are in the luxury home market.

Attached and detached homes leaving MLS quickly.

Most attached and detached homes will go under contract within the first week of hitting the market. In fact, the median days that detached homes spent in the MLS was around five days with attached homes being even less with just three. Last month, the close-price-to-list price was up 3.61 percent month-over-month and up 5.84 percent year-over-year. For attached and detached homes over $1 million, new listings shot up over 17 percent.

*Written March 4, 2022. Updates may be available after this date.

Colorado Real Estate News

Denver Market Trends

New historic inventory lows hit the market in January 2022. 

While traditionally the market sees a 70 percent increase in new listings from December to January, the market ended down 17.77 percent in new listings compared to 2021, a 31.04 increase from the previous month. Likewise, the market ended with month-end active listings at a historic low of 1,184.

Last year at this time, there was little inventory. This year, there’s nearly half as much at 48.88 percent less.

This will likely translate to fewer homes being bought and sold over the course of the year as there is less to choose from in the Denver Metro area, inciting the continuation of extreme bidding wars.

In the Luxury Market, buyers and brokers ask whether $1 million is really considered luxury at this point.

The average sales price for the Luxury Market remains at $1.6 million, and it has been for many years. In 2014,  the average price for a single-family home was $380,848 and the average price for an attached property was $238,229. Today, the average sales price in Denver for a single-family home is $689,711, and $450,244 for an attached home, and the average for the Signature Market is in the mid- $800,000’s. 

Inventory for the January Luxury Market was up exactly 100 percent for luxury detached homes, and up 82.61 percent for luxury attached properties. 

It didn’t take long for all that inventory to go though, as 43.48 percent of the detached luxury homes and 19.35 of the attached luxury homes went under contract. 

While Denver Metro had more inventory, the sales volume was down for detached and attached segments. 

The luxury detached sales volume was down 49.86 percent from the prior month and 11.78 percent from one year ago, as Denver saw 47.29 fewer luxury properties close from the prior month and 9.51 percent from this time last year. The attached luxury sales volume was down 48.23 percent and had 55.36 percent fewer luxury condos sold from the prior month and 13.79 percent from one year ago.  

*Written February 7, 2022. Updates may be available after this date.

Colorado Real Estate News

Northern Colorado Market Trends

2022 NoCo Market Following Suit With Denver Metro. 

January in NoCo mirrored Denver Metro in that inventory was substantially low, yet sales volume continued to grow. Beginning with Fort Collins, there simply were not a lot of homes on the market in the popular region, with only 82 detached home sales versus 132 in 2021. 

The median price for a Fort Collins detached home landed at $605,776.

Compared to 2021, when average detached home sales came in at $537,643, Fort Collins right now is selling homes at an average rate that is 12.67 percent higher than last year. Average days on the market for a detached home plummeted as well to 39 in January 2022 versus 56 this same time last year. Meanwhile, there were 44 attached homes sold in Fort Collins for January this year, down 38.03 percent from 71 last year, with sales volume understandably dropping as well by 30.50 percent to $16,679, 440.

Average days on market increased year-over-year again for detached and attached homes in Berthoud.

Berthoud’s detached market experienced a substantial 84.62 percent increase from 65 days in 2021 to 120 days in 2022, and its attached housing market experienced a 12.79 percent increase from 219 to 247 days. Together, there were 51 homes sold in the market in January 2022. 

Meanwhile, Timnath saw both a decrease and increase year-over-year in homes sold in its attached and detached market.

Timnath’s detached market went from 24 homes sold in 2021 to 10 homes, a 58.33 percent decrease, similar to last month. In its attached market, Timnath however experienced an increase in home sales at 5 versus 3 in January 2021, a 66.67 percent increase, with sales volume in the attached market rising 20.08 percent as well.  

Loveland continues to surprise, selling more homes in a inventory-less environment. 

In Loveland’s detached market, home sales climbed from 58 in 2021 to 65 last month, a 16.07 percent increase. Meanwhile, their attached market saw 22 home sales, up from 15 in 2021. 

*Written February 7, 2022. Updates may be available after this date.

Colorado Real Estate News

Denver Market Trends

Throughout the ebbs and flows of 2021, interest rates remained low and buyer demand stayed high. 

DMAR found there were more homes purchased in 2021, 63,684 more than any previous year. While demand was at an all-time high, the number of new listings that hit the market throughout the year was down 5.26%, which is one of the reasons why the market ended the year with another historic indicator: month-end active listings. 

At the beginning of January, there were only 1,477 active properties on the market.

That is 11,175 fewer houses on the market than normal. Based on the sustained demand for housing and lack of inventory, the market is projected to see double-digit appreciation this year, which it has not seen in back-to-back years of double-digit appreciation since 2015-2016 and 1998-2000. 

In the Luxury Market, Denver Metro prices continued to climb. 

More homes are entering the ranks of the Luxury Market every month as demand continues at a quick pace. Within the past two years, the number of homes that sold within the Luxury Market more than doubled. The single-family segment of the market closed 4,672 single-family homes, a 53.99% gain year-over-year, while the attached segment experienced a 140.46% gain with 630 homes sold.

During the holidays, seasonal slowdown was palpable. 

While active homes on the market dropped 41.87% market-wide, the Luxury Market continued to outperform with a five percent increase in December for new listings. New listings for detached homes climbed slightly by 1.40% from last December, while closed listings increased 9.06%.

Meanwhile, the attached market continued to shine.

New listings climbed 35.29% in December with 23 more units compared to December the year prior. Closed sales came in at a staggering 89.66% gain with sales volume following closely with a 75.36% rise with an additional $75,932,105 in closed volume year-over-year.

*Written January 6, 2022. Updates may be available after this date.