School is out and folks are on the move in the late Spring in Northern Colorado. Northern Colorado has been long suffering from lack of available inventory, which was making it even more difficult on buyers. Higher rates, more competition and lack of quality, move in ready homes have put a damper on sales this spring. Although the amount of homes available have ticked up nicely in May, it is still not the perfect market for both buyers or sellers to do what they need to do, so many are deciding to do nothing. My advice: the market is what you make of it - it will never be perfect. The rewards come to those to are active rather than sitting on the sidelines. Work with a professional who can help educate you on the market and one who will navigate through the bumps and hurdles you encounter along the way.
THE CRAFT BROKER
NORTHERN COLORADO HOMES
Inventory Increases (Finally) In Northern Colorado
Jared Reimer - The Craft Broker
NORTHERN COLORADO MEDIAN HOME VALUES
NORTHERN COLORADO HOME SALES
FORT COLLINS (IRES AREA 9, INCLUDING FORT COLLINS, WELLINGTON, TIMNATH, & WESTERN LARIMER COUNTY)
The Fort Collins area had the largest uptick in inventory between April and May, with about a 38% month over month increase in homes for sale. Traditionally, May, June or July is the peak month for inventory (depending on the year and unique market variables) so we can only hope that this is not the peak this year. With the increase in inventory, sales shot up as well to 246 sales, 8.5% off of sales from 2022 when folks were hustling to buy before rates shot up even further. Median value in Fort Collins dropped a hair below $600k in May, probably due to more negotiating power with buyers spread out over more listings.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
Loveland/Berthoud is in the middle ground regionally, sales were down 22+% as compared to May 2022, where as Fort Collins was down much less and Greeley was down much more. Median value is sitting at $541,000, down just 3.4% from last year's peak of $560,000. While median value isn't gaining much, it isn't losing much either. Loveland/Berthoud will likely sit tight until inventory or interest rates budge - it might be a long wait!
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
Greeley/Evans is still in a funk. Prices hit $415,000 which was an increase over the last month, however, they are still down 6+% from this time last year. Inventory popped up nicely, about 48% more listings than April , which will give buyers a bit more negotiating power, or at least more options to consider and make a move on. With more inventory, median values will likely stay stable for the foreseeable future, unless rates improve.
It is good to see some inventory back. Buyers are out there in force and wanting to see good, quality, turn key homes at fair prices. Inventory has moved up across all markets in Northern Colorado, in most cases, we are at levels not seen since May 2020, when masked and gloved buyers returned to home tours. This is a good sign and we need to keep those levels up.
PERCENT OF LIST PRICE TO SOLD PRICE
Just like last month, each market in Northern Colorado has hit the 100% sales to list price mark. This means that even though inventory has ticket up, buyers are still offering competitively while not going overboard. This is important for sellers - knowing that if they price their home correctly, it will get the attention and offers that we are looking for.
I provide the expert guidance, resources and confidence to easily make a move in Northern Colorado. Every real estate transaction is unique and I work closely with you to develop a plan, strategy and approach to get the most out of your next sale or purchase. If you, a friend or a neighbor have a real estate need, please get in touch with me | Jared@TheCraftBroker.com or 970.222.1049
About the Author: Jared Reimer is a native Coloradoan and an Associate Broker at Elevations Real Estate in Old Town Fort Collins. He’s a community advocate, business champion, blogger, leader, tireless volunteer, innovator, thinker and expert on all things real estate in Fort Collins and surrounding Northern Colorado. You’re likely to find Jared spending quality time outside with his wife, Kacie, and kids, Hudson and Isla, or visiting with friends and clients throughout Fort Collins and Northern Colorado. Call or text Jared at 970.222.1049 or email him at Jared@TheCraftBroker.com