This is the September 2014 Real Estate Market Report for
Fort Collins CO
Home sales declined in August 2014 with 292 homes sold, down 13.0% from 330 in July 2014, and down 12.3% from 328 in August 2013. This is the expected result of low inventory combined with traditionally slower sales in August as people wrap up their summer vacations and prepare for the start of the school year. We expect sales to continue slowing a bit as we head into fall and winter.
Home prices in August were essentially unchanged, with median price down 1%, to $287K from $290K in July 2014, and average price up to $335K, a 1.2% increase from $331K in August 2014. The long-term trend line shows steady growth, most of which is again likely to be a result of low inventory exerting upward pressure on prices. This effect is more dramatically visible in the lower price ranges, and truly affordable homes are becoming scarce.
Inventory has probably peaked for the year - seasonal effects and a lack of strong incentives to sell will lead us into the slower part of the annual cycle. The inventory of homes for sale declined slightly in August 2014, down 0.6% to 1166 homes from 1174 in August 2014, and down 1.8% from the 1188 homes on the market in August, 2013. And 39% of those 1166 homes are already under contract. Current levels of buyer demand, though slowing, are unlikely to be addressed by rising inventory for the remainder of this year.
There were no real surprises in the August real estate market data. August has always been a slow month in northern Colorado, and, absent any dramatic changes in the regional economy, the market performed pretty much as expected. It’s not much of a guess to predict that the remainder of 2014 will be pretty much to script as well - a gradual slowing of sales, with perhaps slight bumps upward before the holidays, prices remaining stable and inventory declining. But when the year is over and we look back, we’ll see this year as one of continued recovery and good overall performance.
If you are curious about the homes currently for sale in Fort Collins, check out the Available Inventory. If you find something you'd like a closer look at, please give us a call - we'd be delighted to schedule a showing at your convenience.
Mary & Dick Greenberg
Data Source: IRES MLS