Colorado Real Estate News

Northern Colorado Market Trends

The Northern Colorado market continues to respond to economic factors in July.
The data confirms that the Denver Metro area is no longer in a shifting market; it has indeed shifted. Compared to last July, inventory has gone up which is why we are seeing more price reductions.


Fort Collins detached homes sale volume decreased by nearly 30 percent in July.
In comparison to 2021, that is a 28.41 percent decrease from $158,120,824 to $113,202,431 in July 2022. 168 detached homes were sold in July 2022 compared to 265 in 2021, a 36.60 decrease. Attached home sales were also significantly down from the previous year, from 90 in July 2021 to 55 this year, a 38.89 percent decrease overall with the sales volume decreasing 32.33 percent from $32,975,902 in 2021 to $22,314,726.


Berthoud experienced a significant increase in their detached homes price average.
At $739,843 in July 2022, versus $712,956 in June 2022, this was a 28.91 percent increase from July 2021 when it was $573,926. Attached homes, meanwhile, also experienced an increase in total sales volume from $1,792,000 in 2021 to $2,707,300 this month.


Meanwhile, Timnath saw another substantial decrease year-over-year in detached homes sold.
Following a month-to-month trend, Timnath’s detached market went from 32 homes sold in July 2021 to 14 homes in July 2022, a 56.25 percent decrease. In its attached market, however, Timnath experienced an increase at 5 versus 2 in July 2022, a 150.00 percent increase.


Boulder saw a substantial decrease in sales volume year-over-year, showing the changing market.
In the detached market, the total July sales volume went from $210,492,952 in July 2021 to $113,881,584 in July 2022, a
decrease of 45.90 percent. The condo and townhome attached market saw a decrease in sales of 33.71 percent from 89 in July 2021 to 59 this month.


Loveland saw an increase in detached average home sales.
In Loveland’s detached market, residents saw 124 sales in July 2022 versus 193 in June 2021, a 35.75 percent increase, with the average sales price for a detached home climbing from $533,186 to $659,536.

*Updated August 6, 2022.

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

It’s Selling Season

Recently a couple who I represented many years ago told me they might be selling their local home and moving to a Colorado resort community. Their question was, “when is the best time of year to put our house on the market?”

If you’re ready to move, you have an incredible opportunity in front of you today. Our expert brokers at Kentwood Real Estate will help you determine when to list your home, but generally our top sales prices are seen between February and May every year.

Looking at the big picture, the opportunity you have as a seller today is unprecedented. Last year was a hot sellers’ market. This year, inventory is even lower, which means the opportunity to sell remains high. Finding your next home in a market with low inventory can be challenging, but is that a large enough concern to pass up some of the best conditions sellers have ever seen?

According to the National Association of Realtors, in February, the average home sold received 4.8 offersWhen buyers are competing like this, they’ll do what they can to make their offer stand out. This could play to your favor and mean you’ll see fewer contingencies; more cash offers and offers over asking price. Selling when demand is high, and supply is low sets you up for a win.

If you’re also looking to buy a house, you may wonder if you’ll have trouble finding your next home. Remember that perspective is key. As Danielle Hale, Chief Economist at realtor.comsays:

The limited number of homes for sale is a lesson in perspective. This same stat that frustrates would-be homebuyers also means that today’s home sellers enjoy more limited competition than last year’s home sellers.”

You have an incredible advantage when you sell your house under these conditions. Since buyer demand is so high at a time when seller listings are so low, there’s a good chance buyers will be competing for your house. An experienced broker can next help you navigate the purchase process.

Today, there are far more buyers looking for homes than sellers listing their houses. Connect with a Kentwood Real Estate Broker so you have expertise on your side to help you win when you sell and when you buy.

Colorado Real Estate News

Best Reasons to Jump Into a Real Estate Market Shift

CEO Reflections
Written by President and CEO of Kentwood Real Estate, Gretchen Rosenberg

You may have considered buying or selling real estate this year but so far you’ve decided to stay on the sidelines. You want to see what happens and whether the strong sellers’ market begins to downshift.

Those are reasonable questions to be asking. Here is the perspective from a real estate professional with over two decades in the business. I’ve witnessed several swings of the market pendulum over the years, and based on the signs we’re seeing today, it is a very good time to think about jumping in.

Ask yourself these two questions as you consider your options for 4th Quarter 2021 and into 2022:

  1. What will home prices be like in 2022?
  2. Where will mortgage rates be by the end of 2022?

Real estate markets periodically move from a buyer’s market to a seller’s market and back. There are usually some months in between these swings where markets are “in balance.” A balanced market is when we see around 5-6 months of available inventory, giving buyers plenty to choose from and sellers a good chance of selling at a reasonable price.

Let’s shed some light on the questions above to determine where we are in the cycle. Keep in mind that market dynamics vary for commercial real estate, depending on whether you’re looking at office, retail, warehouse, or industrial. One commercial sector might be on fire (currently warehouse and industrial) while another is languishing (currently office and retail.) Each sector experiences its own swing from buyer/tenant market to seller/landlord market. This discussion is for residential real estate. 


What will home prices be like in 2022?

Three major housing industry entities project continued U.S. home price appreciation for 2022. Here are their forecasts:

Using the average of the three national projections (6.27%), a home that sells for $500,000 today would be valued at $531,350 by the end of next year. If you delay, the same home will cost more. As a prospective buyer, you may end up paying an additional $31,350 if you wait.

Where will mortgage rates be by the end of 2022?

Today, the 30-year fixed mortgage rate is hovering near historic lows, although in recent days rates have ticked up. Most experts believe rates will slowly rise as the economy continues to recover and the Fed begins to taper their economic stimulus. Here are the forecasts for where rates may be in the fourth quarter of 2022 by those three major entities:

Still incredibly low, but the average projection for late next year is 3.7%. Close to a percentage point higher than today’s rates. An increase in mortgage rates will increase your cost.

Homeowners, Your Own Special Considerations! You see that prices are projected to increase into 2022, so you might be tempted to wait another year to sell. If selling later meets your life cycle needs, then wait for the best time. As rates and prices increase, there is the potential that your pool of qualified buyers may be reduced. Also, factor in the increased cost of your replacement home, along with the higher rate you’ll pay when you purchase.

What if both home values and mortgage rates rise?

Your payments will go up unless you’re paying cash. Assume you purchase a $500,000 home this year with a 30-year fixed-rate loan at 2.91% after making a 10% down payment. According to the mortgage calculator from Smart Asset, your monthly mortgage payment (including principal and interest, estimated home insurance, property taxes, and other fees) would be approximately $2,478.

That same home could cost $531,350 by the end of 2022, and the mortgage rate could be 3.7%. Your monthly mortgage payment, after putting down 10%, would increase to $2,835.

Another factor to consider is that if you buy this year, you’ll be building equity all of next year in addition to paying less each month. Your $500,000 home could be worth over 6% more at the end of 2022. And quite a bit more than 6% depending on which pundits get it right.

When Versus Whether

Many calculations come into play when considering a home purchase. Lifestyle, job security, and plans for the future come to mind. Whether you purchase has a lot more to do with these intangibles than when to purchase. It’s hard to time the market, so considering lifestyle and future plans is vital in buying a home. When to purchase is a secondary decision. If you’re ready and have savings, a steady income, or cash and you know it’s time, then don’t wait to see what happens with the market.

Remember the oft-quoted Chinese Proverb: “The best time to plant a tree was 20 years ago. The second best time is now.”

Kentwood Real Estate Brokers are experts at their local markets, and Kentwood Commercial Brokers represent all commercial sectors. Prosperity Home Mortgage Colorado lenders will assist with your next home purchase financing. Reach out to our team as you consider the next steps in your life journey!

Colorado Real Estate News

Northern Colorado Real Estate Market Trends

Image of two outdoor chairs sitting in front of a lit outdoor fireplace

Home Prices Increase Except in Berthoud

The average sales prices across northern Colorado continue to skyrocket for attached and detached homes except in Berthoud, which saw a year-over-year decrease of 0.69 percent in the average sales price of detached houses and a year-over-year decline of 7.49 percent in attached homes. Those looking to buy for cheaper may find opportunities in this area.

The Demand for Boulder

The intimate atmosphere in Boulder is still extremely attractive, as shown by the most significant increase in closed sales and closed sales volume year over year. Since April 2020, detached homes saw a closed sales increase of 144.23 percent and a closed sales volume increase of 316.56 percent, and attached properties experienced a closed sales increase of 120.51 percent and a closed sales volume increase of 142.74 percent. 

Attached Properties in Windsor Are Lacking Love

Windsor saw the largest disparity in sales of detached and attached homes as the closed sales and closed sales volume of detached properties increased by 79.10 percent and 89.47 percent year over year, respectively, while closed sales and closed sales volume of attached homes decreased by 50 percent and 46.94 percent year over year, respectively. Despite the sizable drop in purchases of attached properties, prices haven’t lowered, as the average sales price increased by 6.11 percent and detached homes’ average sales price increased by 5.79 percent.

Homes Are Flying off the Shelves Faster

Berthoud saw the most drastic drop in average days on market with an 83.54 percent reduction for attached properties and decreased to the shortest timeframe for average days on market across northern Colorado at 26 days in April 2021 from 158 days in April 2020. Fort Collins has the lowest average days on market for detached homes, with a 44.78 percent reduction, going from 67 days in April 2020 to 37 days in April 2021. Homebuyers need to make quick decisions to compete in these fast-paced markets.

*Written May 25, 2021. Updates may be available after this date.