Northern Colorado Real Estate update for July 2009

As many know, the Northern Colorado real estate market is brighter than those in many areas of the country. For that, we are thankful, even though it is sometimes seems difficult to work in the business. The July numbers show some bright spots from which we can draw energy. Based upon numbers from IRES, our local MLS, here is the updated data for our area.

Fort Collins

In Fort Collins, we saw fewer single family homes sell within the city(252), and in the area as a whole (278), than the same period last year (274/291 respectively), but the number of homes sold under $250,ooo actually increased by 4% in town and 8.5% in the area. It appears that many are taking advantage of the first time home buyer tax credit to purchase their first homes. The median price of single family homes sold in Fort Collins and surrounding areas was down and the longer average days on market shows it took longer for a home to sell than druing the same period last year. In the under $250k category, the average days on market increased considerably (14% city / 23% area), possibly due to appraisal and or lending delays.

Attached dwellings showed a bit of improvement over last year, with the number of units sold increasing over last year by 7%. It also took 6% less time to sell a condo or townhome in Fort Collins than it did last year. However, the median price was nearly 5% lower than last year.

Year to date sales data in both categories shows we have sold fewer properties than we had by this time last year, but activity is currently strong.

There are 14% more single family homes on the market in Fort Collins than there were at this time last year, giving us a roughly a 6.5 month inventory. The number of attached dwellings listed is down by 27% from last year, to an inventory level of 6.5 months.

Loveland

In the Loveland area, there were slightly fewer (138) single family transactions than last year (149), but when you toss out Berthoud and outlying areas, the number of homes sold in town (144) went up 8% from last year (115). The median price stayed virtually the same, as did the time to sell a home.

There were 10 fewer attached dwellings sold in Loveland than last year, but the median price increased by 17%. It did, however, take 17% longer to sell them.

Year to date numbers show fewer sales in both categories than last year. Inventory levels are sitting at 6.5 months for in-town properties, and 9.5 months for all area. THe inventory of homes under $250k is sitting at just 4 months. Attached dwellings are plentiful, with 10 months of inventory available.

For questions contact me:

Mike Weber

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