With the change in construction defects laws in Colorado in 2017, we are seeing condos and townhomes coming back in force! This is great news for first time homebuyers that start with an attached home before they move on to bigger, better, and more expensive things. Here are some interesting stats that show what is going on with the townhome market…
- Townhome and duplex growth is up 36 PERCENT for the year
- This market segment represents 26 PERCENT of the total market
- This is the HIGHEST percentage the townhome and condo market has ever been
- Detached single family homes represent only 70 PERCENT of the new home starts, the lowest since 2009
This info and more is found in my monthly Windermere Report Newsletter. If you would like to sign up to receive this info from me just shoot me an email. Have a great week!
We spend a lot of time talking about single family detached homes, but attached dwellings like townhomes and condos make up a sizable piece of the Northern Colorado real estate market. First time homebuyers, buyers wanting less maintenance or a “lock and go” lifestyle will typically look at this market first. In Fort Collins alone we have seen a 13.5% increase in Median Sales price of attached dwellings to $275,000. It is a good time to be a seller in this market as the average price received is OVER 100% of the listing price. There are also more of these properties selling, mostly because so many sellers that bought these properties 2 or more years ago have SO MUCH appreciation and equity that now is the perfect time to sell and buy a single family home in a higher price range. There certainly are not more of these currently being built. BUT, that will change over the coming years because of the great Bill that was passed at the state level that allows builders to start building these attached properties without fear of outrageous litigation (this is more commonly referred to as the Construction Defects law, if you need more of a rundown on this CLICK HERE or give me a call!).
So whether looking to purchase one of these types of homes or you would like to know how much yours has appreciated recently, please feel free to reach out to me!