March condo & town home sales were 41, down 6.8% from 44 in March of 2010 but 13.9% higher than the 36 sales last month. March 2011 sales were at their lowest level compared to March of 2010 and 2009. March YTD sales of 102 are running 9.7% ahead of last year's year-to-date sales of 93.
The median sales price for condos and town homes in March was $140,000, down 12.2% from $159,450 in March of 2010 and down 11.9% from $158,900 last month. The average sales price in March was $143,209, down 14.3% from $167,009 in March of 2010, and down 5.7% from $151,913 last month. The March 2011 average was at the lowest level compared to March of 2010 and 2009.
The total inventory of properties available for sale as of March was 272, up 27.7% from 213 last month and down 18.8% from 335 in March of last year. March 2011 inventory was at its lowest level compared with March of 2010 and 2009.
The average days on market (DOM) for March was 131, up 81.9% from 72 days last month and up 36.5% from 96 days in March of last year. The March 2011 DOM was at a mid level compared with March of 2010 and 2009.
Lots of data, but what does it all mean? Well, there's a fair amount of property for sale out there right now, and it looks pretty much like a buyer's market - sellers can be expected to be flexible on price and other terms. With vacancy rates at 10 year lows and rents on the way up, it's probably a good time to think about long-term investment, and condominium real estate in Fort Collins CO is certainly worth taking a hard look at.
And let us know if you'd like an investment evaluation spreadsheet - we've got a pretty good one in Excel format.
Mary & Dick Greenberg
Data Source: IRES MLS