The Whole Story

Metro Denver has 2.1 months of inventory on the market. This means that, at the current pace of sales, it would take just over 2 months to sell every single-family home currently listed for sale.

But that’s not the whole story because inventory levels vary drastically depending upon the price of the home.

When we take a closer look at months of inventory broken down by price range this is what we see:

• Under $400,000 = 0.9 months
• $400,000 to $500,000 = 1.8 months
• $500,000 to $750,000 = 3.1 months
• $750,000 to $1,000,000 = 4.2 months
• Over $1,000,000 = 7.7 months

These numbers represent great news for move-up buyers because they can sell in a strong market and potentially move up to a market that is market that is not as strong.

 

Below is a short video with a recap of our annual Market Forecast presentation!

Posted on February 15, 2019 at 1:13 pm
Posted on February 18, 2019 at 6:53 pm
Kyle Basnar | Category: Blog, First Time Home Buyer, For Buyers, Fort Collins Real Estate, Loveland Real Estate, Northern Colorado Real estate, Northern Colorado Realtor | Tagged , , , , , , , , , , , ,

Final Four

At the end of this weekend College Basketball’s Final 4 will be established. It might make you wonder, what the top 4 and bottom 4 real estate markets across the country?

Here they are, ranked by the last 12 months of appreciation according to fhfa.gov:

Top 4:

  1. Tacoma, WA 14.6%
  2. Seattle, WA 14.3%
  3. Port St. Lucie, FL 13.7%
  4. Las Vegas, NV 13.6%

Bottom 4:

  1. Atlantic City, NJ -3.14%
  2. Peoria, IL -3.0%
  3. Huntington, WV -2.6%
  4. Jackson, MS -1.2%
Posted on March 23, 2018 at 10:53 pm
Kyle Basnar | Category: Fort Collins Real Estate, Northern Colorado Real estate | Tagged , , , , , , , , ,

Colorado Real Estate Market Update

Posted in Colorado Real Estate Market Update by Matthew Gardner, Chief Economist, Windermere Real Estate

 

ECONOMIC OVERVIEW

Colorado added 45,300 non-agricultural jobs over the past 12 months, a growth rate of 1.7%. Although that is a respectable number, employment growth has been trending lower in 2017 as the state reaches full employment. Within the metropolitan market areas included in this report, there was annual employment growth in all areas other than Grand Junction, where employment was modestly lower. There was solid growth in Greeley and Fort Collins, where annual job growth was measured at 4% and 2.7%, respectively.

In November, the unemployment rate in the state was a remarkably low 2.9%, down from 3% a year ago. The lowest reported unemployment rates were seen in Fort Collins and Boulder, where only 2.5% of the labor force was actively looking for work. The highest unemployment rate (3.7%) was in Grand Junction.

The state economy has been performing very well, which is why the wage growth over the past year has averaged a very solid 3.3%. I expect the labor market to remain tight and this will lead to wages rising at above-average rates through 2018.

 

HOME SALES ACTIVITY

  • In the fourth quarter of 2017, there were 14,534 home sales—a drop of 2.0% compared to a year ago.
  • Sales again rose the fastest in Boulder County, which saw sales grow 17.9% versus the third quarter of 2016. There were also reasonable increases in Weld and Larimer Counties. Sales fell in all other counties contained within this report because there is such a shortage of available homes for sale.
  • As I discussed in my third quarter report, sales slowed due to the lack of homes for sale. The average number of homes for sale in the markets in this report is down by 8.2% from the fourth quarter of 2016.
  • The takeaway is that sales growth has moderated due to the lack of homes for sale.

 

 

HOME PRICES

  • With continued competition for the limited number of available homes, prices continued their upward trend. Average prices were up 9.8% year-over-year to a regional average of $431,403, which was slightly higher than the third quarter of 2017.
  • There was slower appreciation in home values in Boulder County, but the trend is still positive.
  • Appreciation was strongest in Weld County, which saw prices rise 14.3%. There were also solid gains in almost all other counties considered in this report.
  • The ongoing imbalance between supply and demand persists, which means we can expect home prices to continue appreciating at above-average rates for the foreseeable future.

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home rose by two days when compared to the fourth quarter of 2016.
  • Homes in all but three counties contained in this report took less than a month to sell. Adams County continues to stand out, where it took an average of just 21 days for homes to sell.
  • It took an average of 29 days to sell a home last quarter. This is up nine days over the third quarter of 2017.
  • Housing demand remains strong in Colorado and this will continue with well-positioned, well-priced homes continuing to sell very quickly.

 

 

CONCLUSIONS

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

For the fourth quarter of 2017, I have chosen to leave the needle where it was in the previous quarter. Listings remain scarce, but this did not deter buyers who are still active in the market. As much as I want to see more balance between supply and demand, I believe the market will remain supply-constrained as we move toward the spring, which will continue to heavily favor sellers.

Posted on February 1, 2018 at 10:06 pm
Kyle Basnar | Category: Fort Collins Real Estate, Northern Colorado Real estate, Northern Colorado Realtor | Tagged , , , , , , , , ,

Is Fort Collins the Next Boulder?

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The Next Boulder?

The hottest question we get in Northern Colorado is this “do you think Fort Collins is the next Boulder?”

Let’s look closely at that question and start with what is similar. They are both beautiful college towns nestled against the foothills. They both have affordability issues which push real estate buyers to satellite communities (what is happenning is Wellington is not unlike what happened in Louisville).

Yet there are differences at a fundamental level that will forever keep these two places very different from each other. For example the average Household Income in Boulder is 60% higher than Fort Collins. Here is another big deal, Boulder is only half the size of Fort Collins (25 square miles versus 57 square miles). And get this, the City of Boulder owns 71 square miles of open space in and around the City.

Essentially Boulder is a small island surrounded by an ocean of open space inhabited by very high income-earners. That is why the average price of a single family home in Boulder is now over $1 million.

We put together a short video which shows you more detail about this hot question. You can watch it here:

Posted on November 14, 2017 at 12:09 am
Kyle Basnar | Category: Fort Collins Real Estate, Northern Colorado Real estate, Northern Colorado Realtor | Tagged , , , , , ,

Appreciation Rates: Short vs. Long

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There are short-term questions about real estate and there are long term questions about real estate.

Clients often have short-term questions like…

How much will prices go up next year? Should I sell my house this Fall or next Spring? Will interest rates go up next week?

We encourage our clients to evaluate those questions in the context of the long-term. There are decades of data on the Northern Colorado market which reveal certain patterns.

When we show our clients these patterns they feel confident and secure in the investment they have made into their home and their rental properties.

For example, the long-term appreciation rates based on up to 41 years of research are as follows:

  • Larimer County = 5.36%
  • Weld County = 4.25%
  • Metro Denver = 5.56%

So over the course of a year prices may go up a lot or go up a little, but in the long term they will stay true to these long term averages.

To see an update as to what is happening in the Northern Colorado market, contact us to receive our quarterly “Scoop” report.

Posted on October 27, 2017 at 4:52 pm
Kyle Basnar | Category: Fort Collins Real Estate, Northern Colorado Realtor | Tagged , , ,

Find a New Home in Four Steps

Find a New Home in Four Steps

 

Whether you’re a first-time homebuyer or a current owner looking for a bigger home, the ideas below will help you better navigate that all-important first step: Finding a property that you like (and can afford).

 

The search for a new home always starts out with a lot of excitement. But if you haven’t prepared, frustration can soon set in, especially in a competitive real estate market. The biggest mistake is jumping into a search unfocused, just hoping to “see what’s available.” Instead, we recommend you first take some time to work through the four steps below.

 

Step 1: Talk to your agent

Even if you’re just thinking about buying or selling a house, start by consulting your real estate agent. An agent can give you an up-to-the-minute summary of the current real estate market, as well as mortgage industry trends. And can also put you in touch with all the best resources and educate you about the next best steps. Plus much more.

 

Step 2: Decide how much home you can afford

It may sound like a drag to start your home search with a boring financial review, but when all is said and done, you’ll be glad you did. With so few homes on the market now in many areas, and so many people competing to buy what is available, it’s far more efficient to focus your search on only the properties you can afford. A meeting or two with a reputable mortgage agent should tell you everything you need to know.

 

Step 3: Envision your future

Typically, it takes at least five years for a home purchase to start paying off financially, which means, the better your new home suits you, the longer you’ll most likely remain living there.

Will you be having children in the next five or six years? Where do you see your career heading? Are you interested in working from home, or making extra money by renting a portion of your home to others? Do you anticipate a relative coming to live with you? Share this information with your real estate agent, who can then help you evaluate school districts, work commutes, rental opportunities, and more as you search for homes together.

 

Step 4: Document your ideal home

When it comes to this step, be realistic. It’s easy to get carried away dreaming about all the home features you want. Try listing everything on a piece of paper, then choose the five “must-haves,” and the five “really-wants.”

For more tips, as well as advice geared specifically to your situation, contact an experienced Windermere Real Estate agent by clicking here.

Posted on October 23, 2017 at 10:47 pm
Kyle Basnar | Category: Fort Collins Real Estate, Northern Colorado Real estate | Tagged , , , ,

Luxury Living in Northern CO

Luxury Living

837 Glenn Ridge Dr Fort Collins CO 80524

Here are the top 5 most expensive home sales in Northern Colorado so far this year…

  1. $3.3 Million – a 16-acre estate near Pinewood Reservoir with 6 bedrooms, 8900 square feet, and black walnut floors
  2. $2.2 Million- a 9300 square foot home on 5 acres in Hidden Valley estates near Loveland
  3. $1.9 Million – a 8100 square foot home in the Harmony Club
  4. $1.9 Million – this 29-acre property between Berthoud and Loveland includes a 6000 square foot home and a 12,000 square-foot shop building
  5. $1.9 Million – a 9000 square foot home in SE Fort Collins which backs to open space and trails

Click HERE to see current luxury listings in Larimer County or click HERE to see current luxury listings in Weld County.

Posted on September 22, 2017 at 9:43 pm
Kyle Basnar | Category: Blog, Evans Real Estate, Fort Collins Real Estate, Friday Fun Facts, Loveland Real Estate, Northern Colorado Realtor, Wellington Real Estate | Tagged , , ,