Hello! My name is Chad and I wanted to chat with you a bit about the current real estate market here in Fort Collins.
Seller’s are really defining the market right now. Buyer demand is saturating things, giving sellers a lot of bargaining room. This, in turn, is driving up sale prices and homes are not staying on the market very long.
We recently had a seller list her home with the hope that it wouldn’t take more than a couple of months to sell it. The day we listed it there were 6 showings and three offers came in! After counter-offering on one of them, the property went under contract 2 days later with a close 5 weeks later!
Right outside of old town Windsor, CO, this listing is tucked away. This home has 2 bedrooms and 1 bathroom, over 1000 square feet plus storage in the basement, and a single garage. Value points are the garage, the basement, and the double lot. Listing price is $182,000 which is about $168 per square foot.
Inventory is far below average in the area and homes below $300,000 are selling very quickly. Some homes are going under contract the same day they are listed. Many buyers are in competitive, multiple offer situations. This is why it’s important to have a relationship with a great real estate agent. If you’re thinking about selling your home, please call us at 970-213-4744.
Located in west Fort Collins, Brown Farm is a subdivision that has generally followed a bit behind the larger Fort Collins market. It’s proximity to Hughes Stadium (Go CSU Rams!) and the Holiday Twin drive-in theater, there are some unique things to do without a long drive.
Median sold price for the Brown Farm neighborhood is at just over $265,000 which is roughly a 20% spike from the normal median. (Clickable image) This can be attributed to a higher than average home selling and pulling the numbers up. This neighborhood has been trending slightly upward over the past two years.
Let me clarify, this is median sales price. Average listing price should be a bit higher than that. In some cases, it can be much higher than that. A recent listing in Brown Farm was upwards of $270,000. With some folks looking to get more money than the market demands, these listings can be on the market for some time before either the home is pulled from the market or the sellers lower their price to make the transaction.
There are two schools within the block. Blevins Middle School is housed within the neighborhood with Bauder Elementary nearby.
The real estate markets are ever changing and this month is no different! Fort Collins has consistently been “ahead” of the national market for quite a while. Let’s have a look.
Nationally, sales are slowing down. Winter is traditionally the slow season in real estate as folks aren’t as keen to spend all day in a car, looking at homes.
Things are going up on the macro level though. The media home price has risen to just above $195,000.
Contrasting to the local market, Fort Collins began 2013 with a median home sale price of just above $230,000. That number trended higher and higher until it topped out at just about $255,000. These past couple of months, it has eased off to just about $250,000.
Inventory in the local real estate market has also eased. The summer rush really put a clamp on sales with as much as 80% of the market in an under contract or pending status. Inventory is coming back up to support the higher demand.
Builders are also ramping things up as much as they possibly can with many of their crews maxing out their projects. This can create an inventory that isn’t always telling a clear picture. Let me explain. When a builder begins the project of building a home, the home is often advertised as it will be built. This happens sometimes without the ground even being broken and the foundation being poured. It can take up to a few months to build a home. As a result of this, we’re finding “comparables” to gauge listing prices that aren’t yet standing!
As always, we would encourage you to find a local real estate professional. If we don’t directly service the area, we can assist you in finding a good local agent. All you have to do is give us a call at 970.213.4744 or send us a note! We’re happy to help.