2017 is starting off strong, just like 2016 ended - higher median prices and fewer sales across the Fort Collins, Loveland and Greeley. Over the course of 2016 home prices in the Greeley/Evans area jumped 13.6% and this January has not bucked the trend, up nearly 22% from January 2016. Very impressive, however this is entirely unsustainable and unpredictable. Alternatively, Fort Collins continued its very consistent, stable increase of 9.51% from January 2016. This is in line with median gains it saw from 2016 - unsustainable, however - very predictable and consistent. Loveland/Berthoud saw 'modest' gains of 5% from last year - due to the fact that the area had MORE sales in January 2017 than 2016. The slightest increase in inventory and home sales can have a big impact on median value.
Can you catch the outlier in the home sales data? That would be Loveland/Berthoud, coming in hot with a 20% increase in sales over last January. Accounting for 15% of those sales were new construction homes scattered throughout the area. Again, the name of the game in Fort Collins is consistency - although it is consistent in the wrong direction. The name of the game in Greeley/Evans is volatility. Although sales in the area were down 19% from 2016, 2016 numbers were up from 2015 by 34%. It's hard to count on Greeley.
As the year moves along we'll wait and see what flushes out in Northern Colorado. There are no indicators of a cool off, slow down or reversal in home prices, and home sales will hopefully remain flat or improve ever so slightly. It pays to participate in this market now if you're able to. Interest rates have climbed but have leveled out, and there is still very strong demand and plenty of competition for prime listings. As the weather heats up, so will the market. Will new construction even make a dent? What do things look like in your neighborhood? If you would like a buy vs. rent consultation, a move up consultation or a downsize consultation, contact me, I'm happy to help you weigh the pros and cons and provide accurate information for you to make a good decision.