What a year! 2010 was the year of the tax break and record low mortgage interest rates.
I have put together a table that will help you see how 2010 ended up for residential single family homes (resale/existing and new construction) in the four market areas where I sell homes.
|
Market area |
Volume Resale |
Volume New |
Median $Resale |
Median $ New |
Avg $ Resale |
Avg $ New |
|
Loveland-Berthoud |
+ 2.4 % |
+11.7 % |
+ 7.1 % |
- 9.8 % |
+ 9.9 % |
-15.7 % |
|
Fort Collins-Wellington |
+1.8 % |
- 0.9 % |
+ 2.5 % |
- 9.8 % |
+1.8 % |
-10.9 % |
|
Greeley-Evans |
- 4.0 % |
- 46.3 % |
+0.0% |
+5.4 % |
+3.5 % |
- 8.2% |
|
Windsor |
+1.7 % |
+ 11.0% |
+18.4 % |
+ 5.7 % |
+ 8.7 % |
- 5.6% |
On the existing home front in 2010, Loveland/Berthoud was the winner with sales volume up 2.4%. Runner up is Ft Collins/Wellington +1.8% and Windsor right on the heels at +1.7%. The Median price winner for 2010 is Windsor with +18.4% and Loveland/Berthoud second place at +7.1%. For a second year in a row, low end inventory was reduced due to the government tax credits.
Foreclosures in 2010 still control the market. The biggest concern for 2011 is that there is a large inventory of foreclosed homes not on the market. This "Shadow Inventory" as it is called is controlled by mortgage companies and could have an effect on prices should it get forced on the market at a fast rate.
New construction is starting to see a little rebound in the Loveland/Berthoud and Windsor market. However, it is still a long way from being healthy. Back in 2009, Greeley/Evans led the way on new construction. But in 2010 that market fell by 46%. New construction pricing saw a pull back to a more affordable level in most markets in 2010.
Looking forward to a fantastic 2011!
Rob Proctor - Broker/Owner, At Home Real Estate Company, Loveland Colorado
http://www.AtHomeRealEstateCo.com
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