Colorado Real Estate News

Denver Market Trends

As the Denver Metro market jumps headfirst into our spring season, the latest report from the Denver Metro Association of Realtors® (DMAR) paints a picture of optimism and activity as we transition into the (welcomed) warmer months of the year.

One of the biggest highlights of the report is the significant increase in new listings. March saw a strong 16.27 percent jump in new properties hitting the market compared to the previous month. While this represented a slight dip from the same time last year, it’s a clear indicator that sellers are feeling more confident about putting their homes up for sale.

Moreover, active listings at the end of the month also saw a healthy increase, up by 6.13 percent compared to the previous month and a striking 29.52 percent increase year-over-year. This uptick in inventory suggests that the market is gradually offering buyers a wider selection of properties to choose from.

Despite the increase in inventory, median close prices continued to rise, albeit at a more moderate pace compared to the double-digit spikes seen during the pandemic years. The median close price reached $595,000, representing a 3.48 percent increase. This steady appreciation in home prices reflects a more sustainable and stable market environment.

Buyers, too, are actively engaging in the market, evidenced by the swift pace at which properties are going under contract. The median days on the market fell by an impressive 52.17 percent from February to March, indicating that buyers are wasting no time in making their moves.

Pending sales saw a significant uptick of 31.94 percent, showcasing the eagerness of buyers to capitalize on the available inventory. While closed sales saw a more modest increase, it’s important to note that closed transactions are a lagging indicator, meaning that the impact of increased pending sales will likely be seen in the coming months.

One of the most encouraging signs in the report is the resurgence of the Luxury Market. Properties priced at $1 million or higher saw a notable increase in both listings and closed sales. Demand in this segment of the market continues to outpace supply, leading to a decrease in months of inventory to 2.77 months. This indicates a strong seller’s market in this segment, with properties selling relatively quickly as compared to other months leading into spring.

Looking ahead, there’s a sense of anticipation as we head into the spring and summer months. With increased inventory, growing buyer demand, and favorable market conditions, we can expect to see continued activity and potentially heightened competition. While interest rates may influence the pace of the market, the seasonality of real estate is sure to play a significant role in shaping the coming months.

Overall, with spring in full swing, sellers are feeling more confident, buyers are eager to make their moves, and the market is showing signs of strength. As we navigate through the season, optimism is high, promising what’s sure to be an interesting and fast-paced market in the months to come.

*Updated as of April 5, 2024 

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

Colorado Real Estate News

Denver Market Trends

As the Denver real estate market gears up for the spring selling season, a surge in interest rates has prompted savvy sellers to capitalize on the growing impatience of potential buyers. The month of February witnessed a notable 29.12 percent month-over-month increase in new listings, coupled with a substantial 22.63 percent surge year-over-year. This influx of fresh properties has significantly boosted active listings, reaching 5,511 homes—a 45.87 percent gain compared to the previous year.

In response to the expanding inventory, discerning buyers are taking a more measured approach. Pending sales increased by 12.70 percent month-over-month, totaling 3,514, indicating that buyers are carefully evaluating their options and ensuring that the chosen property aligns with their needs. Successful sellers in this competitive market have dedicated time to ensure their homes are in prime condition for showings, resulting in multiple offers and maximized profits for those who executed their plans effectively.

Buyers are adopting diverse strategies in this evolving landscape. Some are navigating multiple offers on their dream homes, while others are expanding their search parameters to find hidden gems in the market. Buyers are increasingly aware of the growing inventory, giving them negotiating power on both price and terms, including inspections.

One noteworthy shift in buyer strategy involves considering home insurance availability, a concern that has become prominent not just in Denver but across the country. Prospective buyers are now factoring in home insurance considerations before submitting an offer, reaching out to insurance providers to ensure coverage in their desired areas, and obtaining Comprehensive Loss Underwriting Exchange (CLUE) Reports. This proactive approach allows buyers to identify potential hurdles, such as insurance providers declining coverage, which could otherwise disrupt a transaction.

Despite the challenges, the spring season in Denver is heating up. Prepared sellers can minimize the need for a second round of negotiations during inspections, while strategic buyers enter the market with a clear understanding of their preferences and available options.

In the high-end real estate segment—properties priced at $2 million or more—the market has experienced a significant uptick in new listings. Sellers, no longer waiting for spring gardens to bloom, listed 689 new homes in February, marking the largest month-over-month increase in inventory for this segment. Attached homes priced at $2 million and above saw a staggering 96.77 percent increase, while detached homes rose by 58.99 percent.

This surge in new listings has created a surplus of inventory, particularly in the attached market where condos and townhomes priced between $1.5 million and $1.99 million have 9.25 months of available inventory. Similarly, attached homes over $2 million face 7.33 months of inventory, establishing this segment as a favorable buyer’s market. In contrast, detached homes remain more competitive, especially in the $1 million to $1.499 million price range, boasting only 2.63 months of available inventory. At higher price points, buyers hold an advantage, with the $2 million plus segment having 6.38 months of inventory in February.

The early rush in the market signals sellers’ pent-up desires to capitalize on the current conditions, despite interest rates remaining above six percent. Tired of waiting for the perfect conditions, sellers have decided to jump back into the market, contributing to the notable surge in new listings and making the Denver real estate market an exciting space for both buyers and sellers.

*Updated as of March 5, 2024 

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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 

Colorado Real Estate News

Denver Market Trends

In the heart of winter, Denver’s real estate market is warming up as buyers shed the chill of uncertainty and embrace the increasing choices available to them. The Denver Metro Association of Realtors® (DMAR) recently unveiled its January Denver Metro Real Estate Market Trends Report, offering valuable insights into the evolving market this year.

As the curtain rose on 2024, the market witnessed a surge in new listings, marking a 14.73 percent increase year-over-year, with detached properties leading the charge at 17.94 percent. This boost in inventory has granted buyers more options, leading to a 6.5 percent increase in pending home sales.

However, closed sales experienced a 6.26 percent lag, which can be attributed to a reporting delay as these numbers reflect homes that went under contract in December. Single-family homes saw a robust 11.95 percent year-over-year increase in pending sales, with the median close price reaching $625,000. This contrasts with the previous year, characterized by full-price offers with substantial concessions.

In the attached properties segment, pending sales declined by 6.61 percent year-over-year, suggesting a slightly slower pace in this category. Despite a 13.70 percent decrease in closed sales, the median close price remained steady at $395,000. The extended median days in MLS from 28 to 34 days year-over-year hint at a measured approach in this sector.

The spring selling season will likely be strong this year due to pent-up demand and more favorable lending terms. While it’s not a consistent prediction, if interest rates decline below five percent, we may see tighter inventory and more competitive scenarios once again. Many buyers are waiting on the fence for interest rates to continue their downward descent. However, trying to time the market for lower interest rates before the market heats up may result in buyers paying more in the long term if they find themselves in a bidding war. The generally anticipated date for any significant policy change on the Fed Funds rate is June 2024. In the meantime, a 2/1 loan buydown is an excellent vehicle to get into a home now with an initial rate that’s lower than current prime.

Turning our attention to the luxury real estate sector, the report highlighted a substantial increase in new listings for homes priced at $1 million and above. With a remarkable uptick of 172.61 percent over the previous month and 39.87 percent over the prior January, the Luxury Market is experiencing heightened activity.

Buyers in this segment are equally enthusiastic, as pending homes surged by 46.05 percent compared to the previous month and 23.33 percent compared to the previous January. However, the market is also witnessing the clearing of older inventory from late 2023, leading to a 26.33 percent decline in closed homes priced at $1 million and above from December.

We predict that competition between buyers is picking up and will continue to do so in the months ahead as we enter our busier time of year in Denver Metro. As we enter the February season of love the real estate market requires proper expectations and the right mindset. With competition on the rise and the market resembling a dating scene, finding the perfect match in a home might involve some challenges. Yet, when you find the one meant to be, it all works out. 

*Updated as of February 5, 2024 

Colorado Real Estate News

Northern Colorado Market Trends

2024 is here and the housing market is ready for action. Demand for housing in Colorado remains strong, which bodes well for the new year. However, after months of the market swinging towards more buyer-friendly, we are interested to see what lies ahead as housing experts suspect the pendulum is starting to come back towards sellers. December, however, followed what we tend to see in the market: a bit of a slowdown while families and friends get together and celebrate the holidays. 

In Fort Collins, residential real estate stayed right on course, with 102 detached homes sold, mirroring the previous month of 106. Attached homes also stayed on par with the previous month and nearly the same year over year at 41 versus 39 in 2022. The average sale price for detached homes in Fort Collins currently stands at $745,802, indicating a 14.84 percent increase since 2022. With the holiday season it’s really no surprise but sellers also noted another uptick in the average days on the market to round out the year, reaching 65 from 59. Attached homes, meanwhile, saw a pretty dramatic decrease year-over-year in average days on the market from 102 in 2022 to 71 in December 2023. All in all, total closed sales volume was unsurprisingly a whopping 39.45 percent higher than the previous December 2022 from $54,549,616 to $76,071,832 at the end of 2023.

Loveland followed a path of its own during the final holiday month, witnessing a slight decrease in detached home sales from 70 to 62 month-over-month, but experiencing an 23.30 percent decrease in the closed sales volume to $34,553,865 from $45,051,245 in December, 2022. However, the average sales price wasn’t much to bat an eye at, decreasing from $585,081 to $557,337, an only 4.74 percent drop year-over-year.

Boulder, recently named one of the most peaceful places to live, stands out with its jump in attached home sales of 27.03 percent year-over-year in December, from 74 to 94. Closed sales volume in the attached sector also shot up 17.84 percent last month to $50,238,370, reflecting people’s  increased interest in buying in the attached arena. Boulder’s desirability remains evident in that it almost always reflects an increase in detached closed sales volume with last month being no different, showing that the holiday season doesn’t really affect this mountain city. Closed volume sales in the detached category rose 4.16 percent to $173,116,872. Days on the market remain consistent with recent trends at 79.

Last but certainly not least, Berthoud chose to represent the typical December trend of slowing down so people can celebrate the holidays. Closed sales were down in both detached and attached sectors, at 10.34 percent in detached and 66.67 in attached, though we should note that is only the difference between 6 in 2022 to 2 in 2023, which explains the staggering number. Overall, closed sales volume in detached was down 20.81 percent and 73.42 percent in attached. 

“In the dynamic landscape of Colorado’s housing market, 2024 brings much anticipation as the pendulum shifts back towards sellers,” said Sarah Tyler, Managing Broker at Kentwood Real Estate Northern Properties. “Fort Collins maintains stability with increased sale prices, while Loveland experiences a slight dip and Boulder sees a surge in attached home sales. Buyer-favorable conditions may shift shaped by evolving dynamics and persistent low inventory levels.”

Over the past 12 months the market has tilted in favor of buyers. Seller concessions have played a key role in incentivizing buyers; while new listings have decreased year over year, and sales have slightly slowed. However, with the convergence of interest rates drops and the persistent, continued low inventory levels, and 2023 being recorded as the slowest year for US home sales in nearly 30 years, the market is reshaping real estate once again. This time, it will likely again place buyers on the back foot, making 2024 another busy year ahead.

*Updated January 19, 2024 

Colorado Real Estate News

Denver Market Trends

Closing out the year, the Denver real estate market experienced notable shifts in December 2023. While interest rates began to decline in November, December’s figures echoed the city’s seasonal patterns. The median close price dropped by 2.8 percent to $551,993, and closed sales decreased by 7.65 percent to 2,620. Notably, the median days on the market (MLS) increased by 31.82 percent, rising from 22 to 29 days.

However, a year-over-year analysis reveals a more optimistic perspective, considering the same seasonal factors. New listings decreased by only nine homes compared to the previous year, totaling 1,725 new homes for sale. Pending sales increased by 10.87 percent, reaching 2,471 homes. The median close price experienced a modest increase of just over $1,000, and median days in MLS decreased slightly from 30 to 29 days.

Breaking down the market further, single-family homes outperformed attached homes year-over-year. New listings for single-family homes increased by 4.33 percent, pending sales rose by 12.98 percent, and the median close price increased by 2.25 percent to $613,500. The close-price-to-list-price ratio improved to 99.55 percent, and median days in MLS decreased from 32 to 29 days. Conversely, attached homes faced some challenges, with new listings down by 10.77 percent and closed sales declining by 10.57 percent. Despite this, interest rates aided pending sales with a 5.95 percent increase, and the median close price rose by 2.46 percent to $418,701.

If we take a look back at 2023, the real estate market functioned similarly to a pre-pandemic 2019, with a slight decline in sales volume but a higher median close price. While not reaching the same levels as a few years ago, home prices will likely continue to rise, particularly if demand surges. Many in the market also anticipate an earlier start to the selling season in 2024, driven by pent-up demand, favorable lending terms, and warmer temperatures.

The market for homes priced $1,000,000 and higher in December showed resilience to interest rate fluctuations. December witnessed increased activity, attributed to decreased interest rates, strong end-of-year investment returns, and a dovish narrative from the Federal Reserve.

Despite a slight decrease in closed properties from November, there was a notable increase in total sales volume compared to December 2022. Pending sales showed a seasonal dip but were significantly higher than the previous year, indicating robust buyer demand. The year-end summary revealed a decrease in closed sales for detached and attached homes, in line with trends seen in other market segments.

As the real estate market enters 2024, we have a lot of optimism and we’re projecting less volatile interest rates and a healthier balance between supply and demand meaning that overall the Denver Market seems poised for a more stable and positive year ahead.

*Updated as of January 5, 2024 

Colorado Real Estate News

Northern Colorado Market Trends

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 

Colorado Real Estate News

Denver Market Stats

November 2023 showed that the holiday gift of homeownership is alive and thriving in Metro Denver. 

This holiday season, buyers in the Denver region have received the gift of growing inventory. According to the statistics, active listings at the end of November increased by 6.89 percent year-over-year, reaching a total of 6,684. While closed sales experienced a slight dip of 13.98 percent, the rise in new listings by 1.04 percent showcase a dynamic market.

Despite the YOY increase, month-over-month data indicated a drop in active listings by 10.67 percent and new listings by 28.93 percent. It’s important to note that the Denver Metro Area follows a seasonal pattern, witnessing a typical decline in inventory during this time of the year. Particularly heading from October into November and December.

Sellers were also not out in the cold this season as they continued to receive gifts in the form of time and opportunity. Homes are taking longer to sell, with the median days in the MLS growing to 22 days, a substantial increase of 37.50 percent month-over-month, suggesting that this extended timeframe provided sellers with a chance to address deferred maintenance items and set realistic expectations for their home’s market journey. Additionally, 22 days on market is still considered a dramatic seller’s market, despite it feeling like the shift has favored buyers.

In the $1 million and above segment, the market dynamics in November were shaped by higher interest rates and home prices, coupled with an uncertain economic forecast. New listings saw a 42.46 percent decrease from October, reflecting a seasonality and norm associated with the usual slowdown during this time. 

Interest rates, hovering around seven percent, significantly impacted loans of $1 million or more. Although many purchasers in the high-end are still opting to pay cash. November’s sales volume was down 25 percent from last year, with the close-price-to-list-price ratio dipping to 97.11 percent. Homes priced over $1 million experienced a 41.18 percent year-over-year increase in median days in the MLS, highlighting a trend where buyers are taking their time.

Despite these challenges, 2023 has proven to be a strong year for the housing segment. Compared to 2019, and removing the pandemic years, sales volume year-to-date has more than doubled, closed volume has nearly doubled, new listings are up over 66 percent, and the price per square foot has increased by over 14 percent.

Overall, the Metro Denver real estate market showcased a nuanced landscape where buyers and sellers are navigating the season’s offerings. As we embrace the holiday spirit, it’s evident that the opportunities for homeownership remain alive and thriving in the Denver Metro area.

*Updated as of December 7, 2023 

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Northern Colorado Market Trends

Our somewhat unpredictable real estate market of the past year is finally starting to see more predictability.  October 2023 in Northern Colorado brought a departure from the pandemic-induced frenzy that characterized recent years. Sellers, who once reveled in the luxury of multiple offers soaring prices above asking now find themselves in a more balanced market.

The days of intense competition for many NOCO homes appear to be waning, prompting sellers to adopt new strategies for success. To stay competitive, sellers in the region are advised to consider offering concessions and obtaining pre-inspection reports, while addressing any necessary fixes before listing their homes. It’s a strategic move in a market that requires a more nuanced approach.

Sarah Tyler, Managing Broker at Kentwood Real Estate Northern Properties, commented “The real estate market in Northern Colorado is showing signs of recalibration. It’s a time for sellers to be strategic in their approach to selling.”

In Fort Collins, the rhythm of home sales saw the typical seasonal slow down in October, with 109 detached homes sold. Attached homes, maintained a steady pace with a 4.4 percent increase from the previous year. The average sale price for detached homes in Fort Collins now stands at $646,562, reflecting a 6.81 percent decrease from 2022. Sellers are also witnessing an increase in the average days on the market, reaching 51—an indicator of buyers displaying newfound patience in this evolving market.

Loveland, too, echoes the trend, with a decline in detached home sales from 92 to 75. The average sales price saw a 3.80 percent decrease to $562,653, while the average percent of the original list price for detached homes remained relatively neutral compared to the previous year. The housing market in Loveland appears to be aligning with the broader seasonal shift.

Nestled near the Front Range of the Rocky Mountains, Windsor joined the chorus of Northern Colorado cities experiencing an October softening. The average days on the market for detached homes increased by 25 percent, signaling the influence of the holiday season. The average detached home price dipped slightly to $685,475, marking a year-over-year decrease of 6.53 percent. Despite a modest increase of 6.12 percent in closed sales for detached homes, Windsor reflects the general trend of a market in rebalance.

Boulder, however, came across as an outlier last month, bucking the regional trend with a 12.44 percent increase in closed detached sales. A total of 235 homes were sold in October, compared to 209 the previous year. The average closed sales volume for detached homes soared by an impressive 23.47 percent, underlining the enduring desirability of Boulder in the real estate landscape.

Amidst these shifts, the broader housing market is also influenced by external factors, such as mortgage rates. A recent drop in mortgage rates, attributed to a bond market rally following a lower-than-expected monthly inflation report, has sparked a spike in mortgage demand. Nationwide applications to refinance a home loan increased by 2 percent in one week in early November,  indicating a positive turn for recent  homebuyers seeking to refinance in today’s high-rate climate. As Northern Colorado navigates the evolving real estate landscape, adaptability and strategic decision-making will be key for both buyers and sellers. Opportunities abound for those who can read the rhythms of change.

*Updated November 16, 2023