Facebook
Twitter
Pinterest
Copy Link
Fort Collins Real Estate Market Update
The Fort Collins Real Estate market has definitely been an interesting ride for the last 12-18 months! With properties selling so quickly we have had to be not just ready to show homes and write offers at a minutes notice, but get creative on how I obtain properties to show and sell to my clients.
There is good news though for both buyers and sellers going into the summer. For sellers, homes are still selling quickly and pretty much right at list price (we’re at 98.5 % of list price in Fort Collins so far in 2014). We are still maintaining the appreciation that we’ve seen over the last couple of years, so that is great news for the equity in your home if you are a seller.
On the buying side, there is some good news there as well! Interest rates have stayed low (while not 3% like they were last year, 4.5% is still historically VERY low) which has kept buyer’s purchasing power higher than it was a few years ago. We also have stabilized pricing because if you look at the average sales price percentage increase for 2014 we are at 2.4%. The only issue is that we are creeping up on $300,000 as an average sales price for Fort Collins, we are currently at $292,893. But, with homes sitting on the market a little bit longer, the frenzy should hopefully start to slow at least a little bit. We are at 3.12 months of inventory on the market, where we had been at under 3 months since October of last year. To put that in percentages, homes are sitting on the market 7.1% longer than they were at this same time last year.
There are opportunities for both buyers and sellers right now, so if you or anyone you know are looking to make a move, please give me a call so we can sit down and chat about what might be best for you. Have a great week!
Inventory Is Slowly Coming Back To Fort Collins Real Estate Market
It's Heating Up!
As you may or may not know, we run the KEVCO Investment Tour every week, where brokers from our office and others in the northern Colorado area preview properties in Old Town and around the Colorado State University campus that meet certain criteria. For Old Town Fort Collins, we look for homes that are priced well according to an analysis tool that we use to calculate the spread needed to buy a property, make any renovations, and sell with a margin (believe it or not, those properties may be rare but they’re still out there!). Around the CSU campus, we’re looking for properties that will have low vacancy (KEVCO historically has right around 0% vacancy for the properties we manage), decent appreciation, and cash flow/yield numbers that are appropriate for the type of property it is (i.e. single family vs multi family).
So during the winter months and until about a week ago, we were having trouble finding enough properties that were coming on the market each week to warrant having 15 brokers go out together and analyze these properties. In my opinion it was due to both the seasonality of real estate, as well as sellers thinking that it was not the time to sell regardless of what type of property you have.
We are finally starting to see inventory come back on the market, on both the investment side, as well as single family homes. This is good news for buyers who have been waiting on the fence to buy something because of a lack of homes to look at, as well as sellers who are beginning to realize that if you price your property appropriately in Old Town or around campus those buyers are pulling the trigger and they can get it sold.
If you have any questions about investing in Fort Collins or looking to purchase a home, give me a call and we can talk more about it. Have a great week!
