While June is typically a pretty ferocious month in the real estate market, it was actually pretty quiet across Northern Colorado. There were some mixed metrics which should lead one to believe that real estate is very local - some communities may be on fire while others might be struggling. The good news is, no communities in NoCo are struggling. With prices remaining steady (and certainly not declining appreciably), inventory remaining low and interest rates not budging from around the 7% mark, it is hard to gain too much upward momentum. Many sellers (who will become buyers once their home sells) are remaining on the sidelines, not wanting to give up their 3% interest rates.
THE CRAFT BROKER
NORTHERN COLORADO HOMES
Values and Sales Stay Steady in June
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 an "ok" June. There were 231 total sales, just one sale short of 2023 figures. I am expecting things to remain pretty steady with homes sales in Fort Collins, and this should continue through the remainder of the year and into 2025 unless something interesting happens with interest rates, economic policy and the election. Median values were above June 2023 figures, up to $620,000, but down from the $650,000 mark last month. Again, the Fort Collins market will probably take a couple steps forward and a couple steps back, off and on until there is something worth moving the market. Steady is ok!
LOVELAND/BERTHOUD (IRES AREA 8, INCLUDING LOVELAND, BERTHOUD, & SW LARIMER COUNTY)
The Loveland/Berthoud market had some slumping sales in June, down 16% as compared to last year. The silver lining is that home values did pop up nearly 10% as compared to June 2023, up to the $600k mark. This is actual a record median value for the area! I don't think this means the area will break out with higher and higher values but it is good to see a little energy in Loveland/Berthoud this summer. Like Fort Collins, Loveland/Berthoud will likely remain pretty stable and steady for the next 6 months.
GREELEY/EVANS (IRES MAIL CITIES GREELEY AND EVANS)
The Greeley/Evans market had an impressive June and (at the moment) seems like it is the most in demand market in the region. Value conscious buyers are hoping to get a bit more home for their dollar, and the most affordable market in the region had a nearly 9% jump in sales in June and posted a median value of $426k. But, I do want to caution those Greeley buyers - the more affordable markets can have more volatile swings!
INVENTORY
Inventory of "new" listings peaked in May, as new listings fell off across Northern Colorado in June. This is disappointing as it signals the beginning of the back end of the selling season as buyers will now see dwindling inventory, rather than increasing inventory. One bright spot is that total inventory is still on the rise, meaning there are more and more listings lingering on the market. Fort Collins is nearing it's 5 year max in inventory, going all the way back to 2019. Loveland/Berthoud is in the same boat. This indicates that prices might relax if inventory remains high, as sellers will need to reduce prices to find buyers. My thought is that we will see peak inventory in July or August.
PERCENT OF LIST PRICE TO SOLD PRICE
All markets across Northern Colorado are essentially at the 100% mark of sales to list price. This means that buyers are willing to pay list price (on average). Typically, we see this drop off in the back half of the year as lingering inventory gets sold off for small bargains during the slower season. While it may seem attractive bargain hunting, remember that typically only homes that have stuck on the market for a few months will be willing to negotiate down. No matter the season there are always fresh homes coming on.
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