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!
The real estate market in Fort Collins Colorado is ever-changing and this month is no different. We really encourage you to connect with a professional who is local to your market to get you personalized information.
The local real estate arena has changed in a few areas.
Median home prices are staying at right around $245,000. This is similar to last month and roughly a 6% increase over this time last year.
The speed of the market is slowing quite a bit with pending contracts and properties going under contract dropping by about a third. This is, in part, due to the lower interest rates spurring the earlier months’ action. The action has taken place and many of those deals are closing. This may allow for the Fort Collins inventory to ease back to normal levels.
To give you an idea of what a normal level might look like, we just went through a couple of months where the local market had 70-85% of all houses on the market under contract. Let’s say the inventory had 800 homes total. It would mean that 640 of those 800 were pending contract. That’s a pretty fast market!
This slower market is good news for buyers as, before, buyers had to move extremely quick. Where as before they might have had a couple of hours from the time a home hit the MLS to the time they had to have a pre-qualified offer in…now, it might be up to a couple of days, depending on the house. Like I said, it’s still a fast market.
We would be remiss if we didn’t adjust things and consider what the floods have had on the community.
First and foremost, our thoughts and prayers are with those affected.
Second, those affected are moving in some cases. With homes either partially or completely effected, the rental market is saturated with people looking for temporary places to live. Other folks are moving out of Estes Park, Lyons, Boulder and affected areas to places like Johnstown, Fort Collins, Loveland, and Greeley.
With these factors in mind, the drop in inventory may stand overall a bit longer before returning to an equilibrium. We expect to see inventory slowly rise over the next few months as the devastated communities rebuild, reopen, and reduce buyer demand in the Fort Collins market.