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Record Highs
While our temperatures felt like record lows this week, real estate prices have been hitting record highs along the Front Range.
Here is the average price for residential sales so far this year in each of our Front Range markets (includes both single-family and multi-family):
Fort Collins = $567,000
Loveland = $449,000
Windsor = $537,000
Greeley = $376,000
Metro Denver = $544,000
These prices are generally up 10% or more compared to last year.
If you are curious to know what your personal property is worth today, even if you aren’t considering moving any time soon, we are happy to do the research for you. Just let us know!
Big Numbers
It turns out a lot of real estate changes hands over the course of a year in our market.
In 2019 Metro Denver had…
- Over 56,000 residential sales
- Over $28 Billion of residential sales volume
Overall, 2019 saw a slight increase in the number of transactions compared to 2018 and approximately a 5% increase in sales volume.
For a detailed look at the 2019 numbers plus our forecast for 2020, click the links below…
It’s time to register for our annual Market Forecast event. We will be live at 5:30 on January 15th at the Wellshire Event Center. Back by popular demand is our Chief Economist Matthew Gardner. Save your seat HERE.
Where Are The Sales?
A high-level look at the Northern Colorado region shows that the number of residential sales is down 5.4% in Larimer County and up 4.7% in Weld County. This is simply comparing the number of closings from June 2018 to June 2019 versus June 2017 to June 2018.
The high-level look doesn’t tell the whole story. It get’s more interesting when we look at individual Northern Colorado cities and towns:
• Fort Collins = -8.8%
• Loveland = -5.7%
• Greeley = +11.7%
• Windsor = +16%
• Wellington = -16.9%
• Timnath = +44.1%
• Severance = +20.4%
• Johnstown = -18.7%
• Berthoud = +18.1%
• Evans = -14.7%
So, what can we learn from this? The areas with increased sales are where there is an abundance of new construction (Timnath and Severance for example).
The areas with decreased sales don’t have an abundance of new construction (Fort Collins for example).
The exceptions to this would be Wellington and Johnstown. It appears that there is price sensitivity to the new construction product now being built in these areas. Given rising costs, builders are challenged to deliver a product under $350,000 in these places.
For instance, in Wellington, between June 2017 and June 2018 there were 137 sales of new homes priced under $350,000. Today there are only 6 new homes on the market at that price point.
