What is the market like today? Here is a look as of July 2021.
Each month the Fort Collins Board of Realtors releases statistics regarding the local real estate market. This includes a large geographic area. This data is collected from the markets for Windsor, Wellington, Johnstown, Fort Collins, Longmont, Boulder, Berthoud, Greeley, and Loveland. However, they do break them down by market area.
Overall, the one-year change in single-family sold listings was down 1.9%. The one-year change in single-family days on market was down 34%, and the one-year change in single-family median sales price was up 24%. Now these are overall statistics that include all the market areas over the last 12 months
New Listings were down 13.7 percent for single family homes and 14.4 percent for townhouse-condo properties. Pending Sales landed at 295 for single family homes and 80 for townhouse-condo properties. The Median Sales Price was up 24.1 percent to $540,000 for single family homes and 8.0 percent to $348,500 for townhouse-condo properties. Days on Market decreased 34.3 percent for single family homes and 29.4 percent for townhouse-condo properties. The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.
In Fort Collins specifically, new listings were down 11.2%, closed sales were up 6.5%, the median sales price was up 18%, and the average sales price was up 17.1%. The percent of list price received was up 4%, and the days on market until sale dropped 34.5% in the past 12 months.
In Loveland, for single-family homes, new listings were down 11.9%, closed sales were down 1.9%, the median sales price increased 11.7%, and the average sales price increased 14% the percent of list price received was up 3.8% and the days on market until sale fell 33.3% in the past 12 calendar months.
This all shows that the market continues to be strong, and maybe even overheated. Interest rates are the key factor here. As long as money is cheap, people will borrow to buy the most real estate they can afford to buy. That’s good for the economy in that homeowners pay a lot of taxes, and buy a lot of home goods, hire movers, and service people, but I also anticipate that as inflation increases, interest rates will increase, and that will dampen this market back to a more “normal” market. When, is the question. Until the FED raises the discount rate to hedge against inflation, I do not see this market slowing down.