Where The Buyers Are... June 2013 Market Update Homes in Fort Collins

By
Real Estate Broker/Owner with Elevations Real Estate, LLC www.BuyFortCollinsHomes.com

Where The Buyers Are... June 2013 Market Update Homes in Fort Collins, Colorado

If Connie Francis had been a REALTOR, then "Where The Buyers Are" would have been her chart topping hit instead of that other song/movie that made Fort Lauderdale famous (and no, I'm not old enough to remember that - I was born 3 years later).

Record Low InventoryIn preparation for the monthly update of statistics, it occurred to me that potential sellers might be interested in seeing a breakdown of how last month's sales shook out in terms of price point (i.e. where the buyers are).  As I picked through the month-end data it showed that 63% of the 318 single family homes sold in Fort Collins Area 9 last month were between the prices of $160,000 and $299,999.  A little more digging showed that 66 homes, or 21% of homes sold in this area were priced between $300 and $400 thousand dollars.  When you add it all together, more than 84% of all single family home transactions in Northern Larimer county sold for less than $400,000.

If you've read my market reports in the past (insert link to page here), just like elsewhere in the country inventory levels have plummeted significantly the last 4 years.  When you look at May 2013 compared to the same time last year, the number Record Low Inventoryof homes available for sale is down another 16%.  This is the first time the Fort Collins market has had less than 1000 units available in May since the turn of the Century 13 years ago!  Yet, year-over-year sales volume is up 18.8% for the month and over 27% year-to-date. 

ElectrifiedAs of June 5th at 1:45 p.m., there are 521 single family homes active on the market under $300,000.  When you filter out the homes that are under contract, you're left with 248 actually available to buy.  That's little more than 1 month of inventory based on current sales figures.  With demand outstripping supply, the economic reality is that competitive offers have become the rule rather than the exception and this is leading to higher prices in the most popular price points.  The median price of homes for sale in Fort Collins has jumped nearly $28,000 from last year ending the month of May at $266,500.

Nearly two-thirds of last month's buyers snapped up homes under $300,000.  If you've been on the fence about whether now is a good time to sell a home in this price point - it isn't shocking that your fence is being electrified!

 

 

 

Comments (10)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Chris, great market report for Fort Collins, and sure looks like you are experiencing the low inventory as we are in Denver.

Jun 06, 2013 11:57 PM
Chris Hardy
Elevations Real Estate, LLC www.BuyFortCollinsHomes.com - Fort Collins, CO
Northern Colorado Real Estate

Thanks, Joan!  Yes, it is quite an interesting dilemma!  I've already heard stories of home owners of unlisted properties receiving a door-knock with an agent stating "I've got buyers in my car that want to buy your home - are you interested?"  : )

Jun 07, 2013 01:45 AM
Kevin A. Guttman-Author, ReverseMortgageSpecialist
NMLS #384936 - Colorado Springs, CO
877-251-9709

Chris,

There is  a lot of good news in Colorado right now!

Glad things are going well in Ft Collins, what a beautiful city!

Have a great weekend.

Kevin

Jun 07, 2013 03:26 AM
Chris Hardy
Elevations Real Estate, LLC www.BuyFortCollinsHomes.com - Fort Collins, CO
Northern Colorado Real Estate

Thanks, Kevin.  Yes, there is!  Hope things in the Springs are going well for you, too!

Jun 07, 2013 03:47 AM
Mike Sibbald
Elevations Real Estate, LLC - Fort Collins, CO
Broker/Owner Elevations Real Estate, LLC

Good information Chris.  Thank you.  Can I use some of your hard work when I speak to my buyers and sellers?  Have a great day, Mike.

Jun 07, 2013 06:36 AM
Chris Hardy
Elevations Real Estate, LLC www.BuyFortCollinsHomes.com - Fort Collins, CO
Northern Colorado Real Estate

Use any and all of it!!  That's why I post it!!  Thanks, Mike!

Jun 07, 2013 06:58 AM
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Chris,  this is a truly amazing market report!  Great job!  I am suggesting this post.

Jun 07, 2013 07:17 AM
Chris Hardy
Elevations Real Estate, LLC www.BuyFortCollinsHomes.com - Fort Collins, CO
Northern Colorado Real Estate

Wow!  Thanks Sharon!  Appreciate the praise (and the suggest)!

Jun 07, 2013 07:22 AM
Venus Howard
Re/Max Alliance - Westminster, CO
CDPE, CIAS, SFR, GRI

Our inventory is picking up a bit here in the Metro Area (Denver) looks like you're still struggling.  Multiple offers aren't fun unless you're the seller and the winning bidder. 

Jun 07, 2013 10:02 AM
Chris Hardy
Elevations Real Estate, LLC www.BuyFortCollinsHomes.com - Fort Collins, CO
Northern Colorado Real Estate

Venus - yes, 'struggling' certainly sets the tone for the market paradox we're experiencing!  Thanks for reading!

Jun 07, 2013 01:28 PM