Colorado Real Estate News

Northern Colorado Market Trends

The Northern Colorado market continues to show a seasonal adjustment amidst economic factors.
The data continues to confirm that the Northern Colorado area has shifted to a much-needed and more even playing field. Compared to last August, inventory continues to go up and the northern market continues to see price reductions.

Fort Collins detached homes sale volume decreased by 13.41 percent, keeping with the trend of the last few months.
In comparison to 2021, the decrease went from $126,426,514 to $109,470,816 in September 2022. However, 161 detached homes were sold in September 2022 compared to 215 in 2021, a 25.12 percent decrease. Attached home sales were also significantly down from the previous year, from 88 in September 2021 to 54 this year, a 38.64 percent decrease overall with the sales volume decreasing 25.04 percent from $29,935,459 in 2021 to $22,439,395.

Berthoud, on the other hand, experienced a slight increase in their detached homes price total sales.
At $21,062,909 in September 2022, versus $22,366,438 in September 2021, this was a 6.19 percent decrease. The average sales home price increased significantly as well, at 28.94, from $619,497 last year to $798,801. Attached homes, however, experienced a dramatic decrease in total sales volume from $2,250,000 in 2021 to $434,000 this month due to only one attached sale for the month.

Meanwhile, Timnath saw a substantial increase year-over-year in detached homes sold.
Bucking a month-to-month trend, Timnath’s detached market went from 17 homes sold in September 2021 to 21 homes in September 2022, a 23.53 percent increase. In its attached market, Timnath also experienced a dramatic increase from 0 in 2021 to 8 in September 2022.

Boulder saw a massive increase in detached sales volume year-over-year while seeing a decrease in detached home sales.
In the detached market, the total September sales volume went from $16,590,706 in September 2021 to $111,755,188 in September 2022, an increase of 573.60 percent. However, the attached market saw a decrease in sales again from 80 in September 2021 to 56 this month.

Loveland saw another decrease in detached average home sales.
In Loveland’s detached market, residents saw 168 sales in September 2022 versus 125 in September 2021, a 25.60 percent increase, with the average sales price for a detached home increasing from $564,364 in 2021 to $596,663.

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

The Housing Market Is Not “Melting Down”

The media loves hyperbole. I can relate, real estate agents do too. Some of the same instinct toward flowery language when selling a home rests with headline writers and journalists.

This week I’ve seen dozens of headlines about the housing market “meltdown,” “crash” and “implosion.” Nowhere to be seen is sensible language describing what’s really happening. A recalibration, normalization, cooling trend. The U.S. housing market during the back half of 2020 and into 2021 was unsustainable. Anyone who suggests that was normal, good, or a permanent future for the market wasn’t paying attention to the difficulties all players had navigating the heady days of the early 20’s.

Normal is the New Normal
With inventory rising, buyers can finally, sensibly, request an inspection and an appraisal. Sellers who overprice their homes are faced with adjusting to the market and calculating whether their house will appraise so their buyer can obtain financing.

Buyers can take a breather and make sure they’re making the right decision for their lifestyle, their family and their work situation. They can be reassured that they’ll have more than 10 minutes inside the property and can actually spend additional time with an inspector making sure any evident issues are ones they want to take on or ask the seller to repair.

Buyers have more homes to view! Lines of buyers and their brokers out the front door and down the sidewalk are gone. Thankfully.

Higher Rates = Fewer Wars
As in fewer bidding wars. Many buyers are telling our Kentwood brokers that while they wish rates were like January 2022, they’re happy not to bid $50,000 – $100,000 over list on their 5th offer to get into a home. They can lock a rate and know what they’ll pay; appraisal gaps are becoming so yesterday. Any cash that would have covered a low appraisal can go toward home upgrades, furnishings or repairs.

Do you remember what the interest rates were in 2018? The average that year was 4.54%, but they got up to 5%. Not altogether that far off the rates today as I write this. Again, 2020 and 2021 were not usual or customary, they were a reaction to a once in a lifetime black swan event.

Deceleration Does Not Equal Depreciation
Over the last month Metro Denver and the Front Range of Colorado have increased available inventory from 2 weeks of inventory to one month. We’re still selling through nearly every home that comes on the market in one month or less! I know to home sellers this feels interminable. Yet, it’s not enough inventory to signify a buyers’ market. We need three more months available inventory on top of the one month today to be a balanced market. I sold real estate in a buyers’ market, it’s not the end of the world. It’s just a different set of facts driving life decisions.

Home price appreciation will decelerate. To the homeowners out there, it’s not likely you’ll witness 16-18% annual appreciation again soon. It was a nice wave to ride. You will continue to benefit from lesser appreciation. Likely 6-8% this year and next.

To the buyers waiting on the sidelines for real prices to come down, it will be a wait. Possibly a long wait. Current price reductions of listed properties are those folks adjusting to the reality of the market recalibration, people who didn’t get their pricing right out of the gate. Not depreciation of market value.

Selma Hepp, Deputy Chief Economist at CoreLogic, explains that the housing market will see deceleration, but not depreciation, in prices:

“The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.

Home Builders are Pulling Back
Home builders are in the projection business and if they don’t project their inventory will sell, they’ll pull back from building more until it does. They’re in the supply and demand business. As interest rates went up, buyers in long term contracts to build a new home naturally got nervous about where their rate might be in 6 – 8 months and many pulled out. The cascade effect means builders are focused on selling their current inventory before building more. They’re offering incentives and reducing prices. The reduction in new home construction, even if short-term, will mean resale inventory is still a sought after commodity.

Final Thoughts
Whether you’re looking to buy or sell a home, reading past the headlines and hyperbole is key. Having an experienced Kentwood Real Estate Broker who knows what’s happening in the housing market can help you make an informed decision. Other team members who will be valuable as you go through the process: Prosperity Home Mortgage and HomeServices Insurance. Our partners who we trust to help you dissect the news and apply it to your life decisions.

At Kentwood we believe in community. That we accomplish more together. That deep roots matter. We inspire people to imagine the next steps in their life journey.

Colorado Real Estate News

A LOOK INSIDE A U.S. LUXURY FIRM: COLORADO’S KENTWOOD REAL ESTATE

A Look Inside a U.S. Luxury Firm: Colorado’s Kentwood Real Estate
Graphic credit: RISMedia

From Gretchen Rosenberg:

Many luxury consumers have purchased their dream home in the past 24 months and have also purchased second and third homes. They may be content to enjoy those homes for now, and step aside from trading real estate while they see how the economic transition shakes out. Luxury sellers will need to carefully present their homes as beautiful spaces and price them more aggressively than they would have in 2021. Time on market will increase. The luxury market waxes and wanes like any market, but not always in tangent with mid- and entry-level home markets. Luxury will always have a place, and luxury consumers love beautiful statement homes.

At Kentwood over the past two years we’ve seen an average of 20-25% of our sales be cash, month in and month out. These are buyers who have big jobs and saved, inherited wealth or traded equities for a real estate investment. We don’t anticipate this to dramatically change for two reasons: if price increases flatten or decline, buyers will want to “buy the dip” knowing that long term, real estate will remain a good investment; and as the equities markets correct, more people are cashing out and will want a place to invest that cash.

Luxury consumers’ demands have increased since the pandemic. They expect the highest service and immediate attention. Service providers in the luxury space who anticipate customers’ needs and address them proactively will create long-term relationships and loyalty.

Luxury is a large amount of sales volume, but it’s a smaller percentage of annual sales. While we anticipate the real estate markets to cease being such an insane buyer’s market, we don’t anticipate a pendulum swing over the next few months to be an extreme buyers’ market. We anticipate a shift to more balance, more time on market (one weekend was uncomfortably fast for buyers to make a decision) and more negotiating from both sides.

From Dierk Herbermann:

While there may be a shift in the luxury market in most other major metros, we are not seeing that impact in the Denver Metro region yet. Through May we have closed 33% more luxury listings (over $1 million) with an increase of price per square foot of 8.7% and sales prices at an average of 5.2% over the list price.

While it is too early to tell what true impact the increased mortgage rates will have on the luxury market looking at the first half of June where 104 new listings over $1.8 million have hit the market, over half of those listings are already under contract (66). We are starting to see some price reductions, but of the 75 luxury listings (over $1.8 million) that have closed since June 1, only 10 of those were at a price below the list price.

Colorado, and the Denver Metro market in particular, continue to experience an influx of companies from California, New York, and Europe looking for our educated and talented workforce, relatively affordability and lifestyle. As was the case during the 2007-8 recession, this will help to insulate the Denver Metro Area from the downward housing pressures that were experienced in most of the U.S. While there will be some decrease in demand and potential price corrections in certain areas, we feel that Colorado will continue to be a strong luxury market.

*Originally published by RISMedia July 12, 2022

Colorado Real Estate News

Northern Colorado Market Trends

The Northern Colorado market continues to react to economic factors in June.
Fort Collins saw the most inventory on the market since September 2020, suggesting buyer demand has decreased a bit in the current climate.

Fort Collins detached homes sold for a record-high median price of $720,960.
In comparison to 2021, that is a 24.30 percent increase, up from $580,015. Fort Collins detached homes on average sell after 32 days, which is not much from this time last year when it was 26 days on the market but is a lagging indicator that suggests days on the market will grow. 226 detached homes sold in June, down from 266 last year, however, the sales volume was up 5.61 percent. Attached homes in Fort Collins saw a similar story, with 81 condo and townhome sales in June versus 123 in June 2021, down 34.15 percent.

Berthoud saw a significant increase in their detached homes price average.
At $712,956 in June 2022, this was a 24.59 percent increase from 2021 when it was $572,224. Likely impacting this
number some is that 52 detached homes were sold in June 2022 versus 45 in June 2021.

Meanwhile, Timnath saw another substantial decrease year-over-year in detached homes sold.
Timnath’s detached market went from 42 homes sold in June 2021 to 21 homes in June 2022, a 50 percent
decrease. In its attached market, however, Timnath experienced a substantial increase at 11 versus 1 in June 2022, a 1000 percent increase. All together, Timnath had 32 total sales for the month.

Boulder saw a substantial decrease in sales volume year-over-year, signifying the changing market.
In the detached market, the total June sales volume went from $218,473,943 in June 2021 to $161,868,300 in June
2022, a decrease of 25.91 percent. The condo and townhome attached market saw a decrease in sales of 23.16 percent from 95 in June 2021 to 73 this month.

Loveland saw a decrease as well in detached average home sales.
In Loveland’s detached market, residents saw 160 sales in June 2022 versus 205 in June 2021 with the average sales price for a detached home climbing from $515,779 to $585,152.

*Updated July 8, 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

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

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

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

Selling Your Home During the Holiday Season

Shh … we have a little secret! Did you know that the last couple months of the year are an underrated time to sell your home? Yes, we know what you’re thinking: it might be a bad time to sell since most everyone will be busy traveling and preparing for the holiday season, but it can actually work to your advantage. If you’re hesitant about selling your home in the winter weather, maybe these arguments will convince you:

1. Buyers are serious. Due to sudden changes in circumstances, like a new job or wanting to be closer to family before the holidays begin, people are willing to put down money for a home ASAP.

2. The real estate inventory is significantly lower. With less competition, your home can be sold for a higher price and quicker than when the housing market is in higher demand in the spring. Your real estate agent may also be more available since there aren’t as many other prospective homebuyers. You can also hold more showing times because buyers are more likely to be on vacation.

3. There’s nothing like walking into a warm and inviting house after coming in from the cold. A welcoming home allows homebuyers to picture themselves in the space. Invoking this emotional response in a buyer will give them that extra push to pull out their pen and sign the closing documents.

4. End-of-year tax breaks are an added benefit for purchasing a home before December 31st. Those buying a home in the winter can deduct mortgage interest, property taxes and interest costs by closing the sale before the year ends.

5. Decorating the interior and exterior of your home can also contribute to successfully selling your home during the winter. But err on the side of caution when decorating; too many baubles and things can distract buyers from the key points of your home. Highlight areas like fireplaces and living rooms to bring warmth to the space.

Though most home sales happen when the weather outside is less … frightful, the fireplaces inside the houses on the winter market are … delightful! You don’t need to wait for the sunshine to sell. For more advice on how to sell or purchase a home this season, contact us today at kentwood.com.