September was a strong month in Northern Colorado real estate, buoyed by a very short term dip in interest rates early in the month to help some buyers jump in to the real estate market and actually commit. While this dip was short lived, rates have remained under 6.5%, which has been promising. More promising was the strong sales activity across the region, with the Loveland/Berthoud market leading the charge. The Fed did drop interest rates in their September meeting, however, these rates aren't directly tied to mortgages. The silver lining is that it appears future rate drops are coming, and economic data is indicating mortgage rates will not get any higher. All of this is coming when the market is generally cooling, but it appears we will have a little more energy in October, November and December this year as our inventory gets sold off.
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NORTHERN COLORADO HOMES
Sales Surge, Prices Remain Level
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)
Median values in Fort Collins breached the $600k mark in September, which is a very positive sign, but if we zoom out, this has been the norm for about 3 years as we struggle to inch upwards. There was an 11% increase in sales as compared to September 2024, signaling we have continued demand and energy in the market as we head towards the 4th quarter. There may be a scenario where some lingering homes get removed from the market not from sales but from withdrawing or expiring from the market, which will bring inventory down, and potentially bring some competition between buyers up. Time will tell.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud market made up some substantial ground in sales with a 40% increase over September 2024 figures - posting 167 sales. This pushed Loveland up 13% year over year in sales which is a very positive sign. Similar to Fort Collins, median values have been stagnate, at $550,000, which is where median values have been for nearly 3 years now. With the increase in sales, Loveland is aiming to have a strong 4th quarter, unless all the buyers decided to jump in before everything cooled off =)
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
The Greeley/Evans market had a "fine" month, but did not have a beefy sales push like the rest of the region. Sales were up 3.5% from September 2024, with 117 sales. Greeley/Evans is just about 1% higher year over year on sales, which is the poorest performer in the region, however, anything positive is a good sign. Median values, like the rest of the region, are holding steady as Greeley posted a $428,000 value. This is very much in line with last years figures (and 2023, and 2022).
INVENTORY
Inventory is the name of the game right now and there are a few scenarios that could play out. One, many listings that have been hanging on all spring and summer may get withdrawn or expire from the market, bringing inventory levels down sharply in the 4th quarter. Two, these lingering listings could stay on the market and continue to oversupply the market, which would likely bring prices down over winter. My bet is that a good amount of those listings will get pulled from the market, at least over the holidays, and could come back in early spring - which would not necessarily be ideal if we have a flood of listings at the beginning of the year without buyers. Fort Collins inventory peaked in August, Loveland in July (although it has been level since) and Greeley's inventory is actually still increasing, and will likely peak in November or even December. New listings are down off their peaks, but not dropping off as quickly as I expected.
PERCENT OF LIST PRICE TO SOLD PRICE
The region as a whole is hovering around the 98% sales vs list price ratio meaning there is about 2% negotiating wiggle room from list prices. This is about in line with where we were at in 2024. Keep in mind, this ratio does not include any concessions that a seller is providing to make things work, which could be another percent or two. So there is negotiating that can be done, especially in the 4th quarter as the market slows.
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 Partner 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