Northern Colorado 2008 Year End Market Results

Compared to the rest of the country, the resale housing market last year could have been a lot worse here in Northern Colorado.

 Unfortunately new construction fell right in line with everywhere else. National builders have not returned to Northern Colorado. The small builders that are still around are liking that very much.

 The following table shows how 2008 compared with 2007 for residential single family homes (resale and new construction) in each market area. 

From an overall stand point, Greeley is the shinning star for 2008 for resale volume being in the positive. All other market areas were down. Median prices in all areas lost ground in 2008, however the average price did see some positive growth. One thing I did see in the fourth quarter was some over all rebounding from earlier quarters. Without that rebound, it would have been more in line with the rest of the country.

  Foreclosures in 2008 still had a  gripe on the market. It kept some of the owner occupied homes on the market a little longer then the sellers would like. However, foreclosures are starting to lighten up and should help others to sell faster.

 In 2008, to get a home sold it needed to be in the right location, priced at market value, and in superb condition. It was not uncommon to see a home with all three of this attributes to be under contract in less than 30 days. Features like location, market value, and condition have always been needed to get a home sold fast. If you don't have all three, you might have to put a little extra into the remaining ones to compensate for the missing feature for in 2009.

Rob Proctor, GRI,  Broker w/ At Home Realtors   http://www.at-home-realtors.com

Rob Proctor