April sales figures are out and while it appears like all is well, there is some uncertainty creeping into the market, especially as we head into May. In most years, April is a very strong month, with competitive sales, great inventory, and overall healthy activity. This year, we're seeing much of the same, but a cloud may be forming over the market. Buyer, who are usually very motivated to make quick and informed decisions, have been hesitant to commit to homes, or better yet, hesitant to commit to an interest rate and monthly payment. Economic uncertainties with the fallout of the administrations tariff plans, stock market fluctuations, and overall economic health are giving buyers pause. While sellers have held up their end of the market, providing new and attractive options for buyers, those buyers are slow to commit, which is causing a lot of real estate professionals (myself included) to be left scratching our heads wondering where the showings and buyer activity actually is.
THE CRAFT BROKER
NORTHERN COLORADO HOMES
Uncertainty Hits The NoCo Market
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)
Fort Collins is performing well in sales, but median value is struggling to maintain its upward momentum. Sales are up 17% as compared to this time last year, and nearly 11% year over year - this is likely due to strong inventory. But as for the homes that aren't sold, they linger on the market, get reduced to find a buyer and drag down the overall market. My fear is that the longer this continues, the further pressure we'll feel on prices. Now, take it with a grain of salt - prices in Fort Collins have been steady and strong over the last few years, there just has not been a lot of upward movement. Prices have hovered between the $600k-$635k range for nearly 3 years now, and unless there is a reduction in interest rates or inventory, I expect more of the same.
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud market saw a huge boost in sales, like Fort Collins, with a 28% increase over 2024 April sales figures, but, again, like Fort Collins, did not see a boost in overall median value. Loveland's median value was down just 1% to $550,000. Loveland has been fluctuating between about $535k-$575k for the better part of the last 3 years - ever since interest rates crept up above 6.5%. Without a major shift in inventory or rates, it should remain the same through the year.
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
The Greeley/Evans market was flipped as compared to the rest of the region. Sales were DOWN 21% as compared to April 2024's figures, with much lower inventory. But, prices remained on the high end of their recent range. This goes to show you that buyers are very value conscious and will creep towards more affordable markets when interest rates and home prices seem overblown.
INVENTORY
New listings in Fort Collins are the highest they've been since April of 2015! The last month, a flood of new listings has come one, but many have had a tough time finding a buyer. Loveland and Greeley's new listings are up, but not from pre-pandemic levels, showing that more Fort Collins buyers are wanting to make a move this Summer, and hopefully it can happen! Overall inventory in all 3 markets aren't out of whack but are continuing to improve. My guess is that we'll see higher levels of inventory, spread out longer throughout the year as buyers slowly sift through homes, prices get reduced to adequate levels and sales continue at a normal pace.
PERCENT OF LIST PRICE TO SOLD PRICE
Both Fort Collins and Greeley have hit the 100% mark, but in Fort Collins, these figures could recede a bit in May if inventory sits and prices are reduced. Loveland actually receded in April down to 99%. Remember, this is a gauge of both competition and accurate pricing! It also does not account for seller concessions.
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