Mary & Dick's Blog

Interpreting The September 2011 Market Reports - Northern Colorado

During September, we provided a lot of information on the state of the northern Colorado real estate market. We covered Larimer & Weld Counties and their respective cities; ten neighborhoods in Fort Collins and Loveland; and quite a few specific market segments.

And while this close-up information is very useful for insights on the individual components of our market, the overall question remains: How is the northern Colorado housing market doing?

Here's what's been happening:

September 2011 Northern Colorado Home SalesProperty sales have been better than in 2009 and 2010 - we're seeing some signs of improvement, but we're still way down from the numbers we saw in 2003-2005. Buyers are still relatively scarce, but the time it is taking homes to sell has been trending downward.

September 2011 Northern Colorado Home PricesPrices are also trending upward, although slowly. Both average and median prices are improving somewhat across the board, and this is good news. We were fortunate that our market never got overheated enough to cause a bubble, so we never saw steep declines in home values - the worst hit segment of the housing crisis was condos and townhomes, and that was caused more by bad timing and over-building than anything else.

September 2011 Northern Colorado Home Inventory

The inventory of homes for sale remains low, and it would be our guess that home owners are seeing that the best move for right now is to wait rather than sell if they have the choice. We think that any noticeable improvement in the market would create its own increase in inventory, as home owners who have been deferring the opportunity to sell would move to take advantage of better conditions.

For the immediate future, it is still an excellent time to buy a home in northern Colorado. Prices are probably as low as they're going to get, interest rates are at historic lows and there are a lot of excellent housing choices available, with sellers eager to put a deal together. This is the bottom of the market - the place where you want to be the buyer.

For sellers, it is a bit more difficult - the homes that are selling quickly are either in excellent condition and priced correctly, or are excellent bargains. Proper preparation, pricing and patience, as well as a Realtor who will provide state-of-the-art marketing, are the tools necessary for a successful sale today.

Northern Colorado has weathered the worst of the storm and pretty much held its own. Things are improving slightly, but a recovery is going to depend on regional job growth as a first condition. And there is some cause there for optimism - we have a positive business environment, a highly-educated labor force, and a very well-diversified economic base. There are some projects underway and on-going efforts to find more.

We will continue to post market reports here. Every month we will cover Larimer & Weld Counties, Fort Collins, Loveland, Greeley, Windsor, Berthoud, Johnstown and Wellington. In even months, we'll report on ten neighborhoods - Fossil Lake, Harvest Park, Brown Farm, Ridgwood Hills, Westchase, Old Town, Hunters Run, Mariana Butte, Alford Meadows, and Boise Village North. In odd months, we'll cover the various market segments, such as condos/townhomes, foreclosures, 4 bedroom homes, etc.

If you have an interest in a particular neighborhood or market segment that we're not covering, just let us know - we would be happy to run a special report for you. And if you want to access any of the city or county reports, you can also find them on our website at Market Reports.

Mary & Dick

Mary & Dick Greenberg
New Paradigm Partners LLC
2601 S. Lemay Ave. #41
Fort Collins, CO 80525
970-689-4663
www.maryanddick.com

 

Data Source: IRES MLS

Comment balloon 5 commentsDick Greenberg • September 28 2011 11:29AM

Comments

Great post....and data!

Thanks for sharing. Have a great day!

Posted by Lori Gardiner, GRI, SRS, ABR, e-PRO (RE/MAX River's Edge) almost 7 years ago

I think you have some of the best market reports on the Rain.  Easy to understand, but comprehensive.

Posted by Ron Marshall, Birdhouse Builder Extraordinaire (Marshall Enterprises) almost 7 years ago

Great chart! Dipping down below 6 months of inventory starts turning to a seller's market!! Motivated buyers coming out.

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) almost 7 years ago

Hi Lori, Ron & Donna - Thanks for stopping by and commenting on my market report. We have really focused on doing these since they are so easily linked back to the search pages on our web site, and we have been very pleased with the results. And once you get a system going, they are reasonably easy to do.

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) almost 7 years ago

Hi Dick - 

Well I've been watching your market reports for a month now and you've taught me a good bit.  Guess it's time to step up to the ole plate and begin working in the area of charts, graphs and numbers myself.  Only two more days in the Localism contest.  I had to get my feet wet some where and it seemed to work well now on with making the Google kings happy with market reports.

Best regards from The Q

Posted by John McCormack, AlbuquerqueHomes.com, Albuquerque Homes Realty (Albuquerque Homes Realty * www.AlbuquerqueHomes.com) almost 7 years ago

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