About the areaBuyer TipsFort Collins Real EstateInvestmentReal EstateSeller Tips October 16, 2017

Homecoming Win!

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Homecoming

It was homecoming weekend at CSU which means that alums from all over the Country were back to visit Northern Colorado.

So how does their real estate market stack up versus the place where they went to college?

Odds are, it’s not as good!

It turns out that there are only 9 metropolitan areas out of about 270 that have higher appreciation than Larimer County.

Interestingly, 3 of the 9 are in Washington and 2 of the 9 are in Oregon. So if they are visiting from the Pacific Northwest they probably have an even stronger market than here.

But pretty much everywhere else is below our market.

This is all according to the Federal Housing Finance Authority who tracks the nation’s real estate markets. They show that Larimer County has appreciated 12.08% in the last year which ranks 9th in the nation.

First place belongs to Mount Vernon, Washington at 15.14%. Last place is Atlantic City, N.J. which had a decrease of 0.77%.

CSU’s comeback in their homecoming game was amazing, and cheers to a healthy real estate market!

 

 

About the areaBuyer TipsFort Collins Real EstateReal EstateSeller Tips August 7, 2017

Townhouses and Condos – A Look At The Market

 

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!

About the areaBuyer TipsFort Collins Real EstateInvestmentReal EstateSeller Tips July 10, 2017

Fort Collins – As Stable As It Gets!

We have been saying it for years, and so have the experts! Real Estate in Fort Collins is a stable investment that does not suffer from a bubble environment (think Vegas and Miami). The combination of a stable employment base (high tech, Colorado State University, service industry and the HUGE beer industry), increasing population growth, and limited new home building opportunities all lead us to a great place to invest in real estate. Whether it is for your own home or rental properties, we have seen a steady increase in rents and in values over the last 10 years. Check out the link to the Realtor.com article below that talks about how Fort Collins is the #1 stable market in the country!

Realtor.com Article On Fort Collins

If you have any questions about real estate or investing in our Northern Colorado market, please give me a call or shoot me an email. I look forward to hearing from you!

Fort Collins Real EstateReal EstateSeller Tips June 12, 2017

Why Do Sellers Get Sued?

Want to know how I can help you mitigate risk when it comes to selling your home? Check out the video below to learn more!

About the areaBuyer TipsInvestmentReal EstateSeller Tips May 15, 2017

The New Gardner Report!

The Gardner Report  | CO Q1 2017

The following analysis of the Metro Denver and Northern Colorado real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me.

ECONOMIC OVERVIEW


Annual employment in Colorado grew by a respectable 2.3% in February, which equated to about 64,000 new jobs over the past 12 months. Within the metropolitan market areas included in this report, employment has been mixed, with Denver, Fort Collins, and Colorado Springs reporting above-average growth. However, Greeley and Grand Junction saw a modest decline in employment.

In February, the unemployment rate in Colorado was 2.9%, down from 3.3% a year ago. The lowest reported unemployment rates were in Fort Collins and Boulder, at just 2.6%. The highest rate was in Grand Junction, but it was still a respectable 4.7%.

HOME SALES


  • There were 11,640 home sales during the first quarter of 2017, an annual increase of 2.2%.
  • Arapahoe County saw sales grow at the fastest rate over the past 12 months, with a 7.9% increase. There were also impressive increases in Douglas County. There were very modest sales declines in the relatively small Larimer and Weld Counties.
  • Listing activity remains well below historic averages, with the total number of homes for sale in the first quarter 10.7% below that seen a year ago.
  • Home sales are generally higher than seen a year ago, but inventory levels are well below where they need to be to satisfy would-be buyers.
Annual Change in Home Sales

HOME PRICES


  • With demand remaining strong, home prices continue to escalate. In the first quarter of this year, average prices rose by 8% when compared to a year ago. Average home prices across the region broke the $400,000 barrier at $402,273.
  • Home prices remain well above historic highs and continue to trend upward. While there are very modest slowdowns in price growth—possibly a function of rising interest rates—they should continue to appreciate at above-average rates throughout 2017.
  • Appreciation was strongest in Arapahoe and Weld Counties, where prices rose by 12.2% and 10.1% respectively.
  • The housing market remains strong and this will continue until we see a substantial increase in the number of homes for sale, which is unlikely in the near-term.
Colorado Home Sales Heat Map
Annual Change in Home Sale Prices

DAYS ON MARKET


  • The average number of days it took to sell a home dropped by one day when compared to the first quarter of 2016.
  • Homes in a majority of the counties took less than a month to sell.
  • During the first quarter, it took an average of 30 days to sell a home. This is down by one day compared to the same time last year.
  • Demand remains very strong across the region, which is evident by the remarkably short amount of time that it takes to sell a home.
Average Days on Market

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.

In the first quarter of 2017, the needle remains well into seller’s territory. The recent increases in mortgage rates have not had any dampening effect on either demand or home prices, and I expect this will remain unchanged through the end of the year.

ABOUT MATTHEW GARDNER


Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has over 25 years of professional experience both in the U.S. and U.K.