We talk about it all the time, as Buyers we worry about it and as Sellers (who need to buy) we worry about it. But what do the numbers really look like?
Well, over the last 3 years in Fort Collins we have ranged between 1.11 months and 2.17 months of inventory over all of the price ranges. The National Association of REALTORS data suggests that a balanced market is when there is 6 months of inventory, so we have been in a “buyer’s market” for a while. Right now, we have the lowest level of inventory available in that 3 year span at 1.07 months of inventory in Fort Collins.
While that can sound daunting to a buyer, remember that the interest rates have already started to increase, so with that will come higher payments for the same loan amount. Combine that with the appreciation that is sure to continue to come due to the low inventory, you will ABSOLUTELY be paying more on a monthly basis for the same home 6 months or a year from now. It puts the search in perspective, and makes the competitive market worth while for you to buy now based on the numbers.
If you have any questions about where our data shows the Northern Colorado Real Estate market going, feel free to get in touch with me. Have a great week!