New construction home sales in Loveland for the first quarter of 2011 were 37, up 32% from the first quarter of 2010. That trend has continued into April, with 12 homes sold, as compared to 8 homes sold during April of 2010, with a few crucial end-of-month days still left to take that number even higher. That's a good start, leaving us with a reasonable expectation that the second quarter will also outpace 2010.
The median sales price for 2011 new construction sales was $221,579, quite a change from the 2010 median price of $328,000. We'll have to dig a bit to get an explanation for that difference, but for now, our guess is that it is reflective of the return of larger regional and national builders, who are concentrating on a more affordable segment of the marketplace.
Inventories are high, with 150 active new homes on the market, close to a year's worth of inventory at current absorption rates. The median price of $222,232 for these active homes is consistent with the median price for sold homes, and indicative of the persistence of the change in values from 2010. While most of this new home inventory remains unbuilt, and actually consists more of builder lot inventory, there are more spec homes being built.
This data suggests that the market for Loveland CO New Houses for Sale is a bright spot in an improving market - it's worth taking a closer look.
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