Metrostudy, who in our opinion is the leader in new home research, recently did a study on the average price of a new home in each of the Front Range Counties.
Here are some interesting takeaways…
If you want to find the least expensive new home on the Front Range, the places to look are Weld County and El Paso County.
· Weld County Average New Home Price = $411,269
· El Paso County Average New Home Price = $427,361
The most expensive place for a new home is in Boulder County (no surprise) at $698,208.
Jefferson County has the largest difference between the average price of a new home and the average price of a resale home: $664,600 vs. $510,003.
Here’s the County by County breakdown of the average price of a new single-family home:
· Boulder = $698,208
· Jefferson = $664,600
· Douglas = $624,315
· Broomfield = $612,779
· Denver = $581,480
· Arapahoe = $545,943
· Larimer = $507,105
· Adams = $480,464
· El Paso = $427,361
· Weld = $411,269
A statistic we keep our eye on is the percentage of homes which sell for at least list price.
In a robust, healthy, market with lower inventory, we will frequently see homes selling for their asking price or even higher.
Here are the number of sales that occur for list price or higher in each of our major markets:
- Fort Collins = 60%
- Loveland = 60%
- Greeley = 71%
- Windsor = 56%
There are a couple of things we notice about these numbers. First, well over half of all sales are for at least list price. This means that a buyer needs to be prepared to make a full price offer (or higher) in most cases. This also means that if a seller is priced right and marketed effectively, they should achieve their asking price.
We also notice that these percentages are lower than one year ago. In 2018 these numbers were 5% to 10% higher in each market. This is good news for buyers of course because the bidding wars are not as intense as last year.