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New Listings Week of October 31st
2406 Zenith Court, Fort Collins 80526
Listing Agent: Brooke Kern (970) 980-8349; MLS 954380
2406 Zenith Court is well maintained home in West Fort Collins is a must see! You will notice the very large lush green yard right away. NO HOA and a gate for RV storage on the side of the house is also a huge plus! This home has a newer roof and exterior paint! As you enter the home on the main floor you have a living room, spacious dining area, and a good sized kitchen with high quality cabinetry! Upstairs are 3 bedrooms and 2 bathrooms perfect for a growing family! In the basement, you will find an additional bedroom and bathroom perfect for guests.
322 McConnell Drive, Lyons, CO 80540
Listing Agent: Jared Foster (970) 690-5707; MLS: 954290
Tired of yard work, but love to enjoy beautiful outdoor surroundings? You can have the best of both worlds! This low maintenance home is surrounded by beautiful mountain views and backs up to the St Vrain River. Newly Xeriscaped, so you can spend less time working in the yard and more time hiking the trails and soaking in the hot tub. Great for guests or a multi-generational family with basement kitchenette and additional hook-ups for washer and gas dryer. Enjoy the 2 fireplaces making the whole home warm and cozy as cold weather comes our way.
741 Country Road Trail, Berthoud
Listing Agent: Paul Hunter (970) 673-7285; MLS: 954536
Low maintenance and an incredibly livable floor plan! Two story home with a cute backyard ready for your personal touch. Upgraded finishes throughout and a gas range in the beautiful kitchen. Detached two-car garage; new stone patio and raised garden beds in the backyard. Laundry is upstairs near the bedrooms; everything about this home makes it easy to live in. Check it out today!
238 Mill Village Blvd, Longmont, CO 80501
Listing Agent: Meagan Griesel (970) 691-0056; MLS: 954530
This Longmont home offers peace, quiet, and privacy. The location is ideal for commuters traveling in any direction and offering the convenience of Longmont in a quaint tree-lined neighborhood. Inside, the open concept design is highlighted with nice laminate floors on the main level and new carpet upstairs. You will absolutely love the primary suite – very spacious, huge walk-in closet, 5-piece bathroom, and a balcony. The basement is fully framed & ready to finish for a bedroom, living room, and bathroom. Fresh paint and newer roof have been recently taken care of by the HOA. This house has been pre-inspected and will come with a 1 year home warranty.
4218 Goldeneye Drive, Fort Collins, CO 80526
Listing Agent: Meagan Griesel (970) 691-0056; MLS: 954623
Beautiful remodel near Troutman Park. This home features real oak wood floors throughout the main level, all the pop-corn ceiling is scraped, both bathrooms have both been fully remodeled with shower tile that goes to the ceilings, kitchen features new cabinets, appliances, and concrete counters. This home is truly amazing and not a flip. No HOA, has plenty of off-street parking, and near the Max Line. I’m trying my hardest to not feature dump – but fresh paint inside and out, new gutters, new windows, new driveway and walk-ways. You get the idea – it’s a great home with a huge yard. It passed the pre-inspection with flying colors!
Zillow’s Shut Down
On Wednesday Zillow announced the shut down of its iBuying program because of mounting financial losses and increasing complexity in the real estate market.
The goal of this program was to buy properties directly from Sellers and then re-sell them for a profit.
Before looking at the interesting facts and numbers associated with this news, we want to acknowledge the people who are affected by this.
Zillow’s workforce will be reduced by 25%. Many people will be laid off and our heart goes out to them. We certainly wish them only the best.
Within our company we are not surprised by Zillow’s announcement. We observed many cases where they over-paid for a property, re-listed it for an unrealistic price, dropped the price over time to meet the market, and then sold at an amount much less than what they paid.
It actually became difficult to find specific scenarios where they sold the home for more than their acquisition cost. It was not uncommon to see losses of $50,000 per home or more.
Here is a quote from their CEO: “Our observed error rate has been far more volatile than we thought possible. Fundamentally, we have been unable to predict future pricing of homes to a level of accuracy that makes this a safe business to be in.“
In the third quarter of 2021 alone, their iBuying division lost $328 million.
Bottom line, their valuations were off.
It is a reminder that pricing requires a hyper-local scientific approach versus a generic algorithm
Homes are not commodities. Each home is highly unique. Each has its own highly unique location, features, amenities, condition and timing.
Homes can’t be priced like a book or a plane ticket. Every unique feature must be taken into account.
Nationally, Zillow has about 7,000 homes in backlog which it hopes to sell over the next several months.
Other players remain in the iBuying game and we are more than happy to help you understand those options if you are curious.
Q3 2021 Colorado Real Estate Market Update
The following analysis of the Metro Denver & Northern Colorado real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.
Regional Economic Overview
The rise in COVID-19 infections due to the Delta variant caused Colorado’s job recovery to slow, but not as much as in many other states. The latest data (for August) shows that more than 293,000 of the 376,000+ jobs that were shed due to COVID-19 have returned. This is good news, with only 83,000 jobs needed to return to pre-pandemic employment levels. The metro areas contained in this report have recovered 243,700 of the 310,000 jobs lost, and I expect the state will recover the remaining jobs by next summer. With employment levels improving, the state unemployment rate currently stands at 5.9%—down from the pandemic peak of 12.1%. Regionally, unemployment levels range from a low of 4.4% in Boulder to a high of 6.1% in Grand Junction.
__________
Colorado Home Sales
❱ Compared to a year ago, listing activity was down more than 30%. However, inventory levels were up 38.3% compared to the second quarter of this year, suggesting that buyers have more choice now than they have seen in some time.
❱ Although comparing current sales activity with that of a year ago is not that informative—given that the country was experiencing a massive rebound in housing demand following the outbreak of COVID-19—it was pleasing to see sales up in every county other than Denver and Douglas compared to the second quarter of this year.
❱ Pending sales (an indicator of future closings) were down 5.4% compared to the second quarter of the year, suggesting that closings in the final quarter may well be a little soft.
__________
Colorado Home Prices
❱ Prices continue to appreciate at a very rapid pace, with the average sale price up 15.8% year over year to an average of $605,576. Sale prices were 1.6% lower than in the second quarter of 2021.
❱ Four counties—Arapahoe, Douglas, Weld, and Park—saw the average home sale price pull back between the second quarter and the third, but I am not overly concerned by this at the present time.
❱ Year-over-year, prices rose across all markets covered by this report. All counties except Arapahoe saw double-digit gains, but even that market saw an increase in sale prices.
❱ Several counties are experiencing a drop in average list prices, which is a leading indicator of future activity. As such, I expect to see the rise of sale prices start to slow, which will be a welcome sight for many buyers.
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Days on Market
❱ The average number of days it took to sell a home in the markets contained in this report dropped 17 days compared to the third quarter of 2020.
❱ The length of time it took to sell a home dropped in every county contained in this report compared to both the same quarter a year ago and the second quarter of this year.
❱ It took an average of only 12 days to sell a home in the region, which is down 2 days compared to the second quarter of 2021.
❱ The Colorado housing market remains very tight as demonstrated by the fact that it took less than three weeks for homes to sell in all counties contained in this report.
Conclusions
This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
The job market continues to improve, which is always a stimulant when it comes to home buying. Inventory levels have improved, and lower pending sales suggest that buyers are taking a little longer to decide on a home. That said, the market is still bullish as indicated by the short length of time it took to sell a home in the quarter. Mortgage rates will start to creep higher as we move into the winter months, and this may stimulate additional buying activity. In the last edition of The Gardner Report, I suggested we would see more homes come to market and that has proven to be accurate. Given these factors, I am moving the needle a little toward buyers, but it remains a staunchly seller’s market.
About Matthew Gardner
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.
In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.
Average Prices
It’s true, average prices have increased substantially over the last year.
Would you have guessed that Weld County has seen the largest increase along the Front Range?
The specific numbers are below.
As you look at the numbers, it is important to remember that average prices have increased because of appreciation and because there are more higher-end homes that are selling.
The increased volume of high-end transactions has played a big rule in increasing the average price.
Average Price of a Single-Family Home based on closings so far this month:
- Metro Denver = $675,000
- Larimer County = $624,000
- Weld County = $514,000
Average Prices exactly one year ago:
- Metro Denver = $614,000
- Larimer County = $549,000
- Weld County = $417,000
Your Guide to Trick-Or-Treating in Northern Colorado
It’s the sweetest, spookiest time of the year! If you’re in the Northern Colorado area, we’ve put together a list of family-friendly trick-or-treat locations that are sure to hit the spot!
1. Anderson Farms is opening its doors for all the “Little Ghouls” out there. This daytime trick-or-treat event will be hosted on both Saturday and Sunday from 11a to 2p, giving the kiddos the perfect chance to show off their costumes, collect candy and explore the farm’s “Fall Festival”. Tickets are $5 per participant and registration includes a trick-or-treating sack!
2. Trick or Treat Street 2021 is back and better than ever! Enjoy this completely outdoor trick-or-treat event taking place on Friday October 29th from 4p-6p in Downtown Greeley. Over 40 businesses will be in attendance and they’re bringing more than just candy… booths, prizes, treats, and trunk-or-treat cars are all a part of this short and sweet celebration!
3. Not quite ready to take on the crowds yet? We’ve got you! The Thompson School District is hosting its second annual “Drive-Thru Trick or Treat”. This socially distanced event gives the kiddos a chance to dress up and collect candy from the comfort of the car, all while checking out Halloween scenes decorated by local businesses, schools and nonprofits. The best part? This event is doubles as a fundraiser for the Thompson Education Foundation! Get into the spirit of Halloween while supporting a great organization! Tickets are $5 per vehicle and the event will take place on Saturday, October 30th from 10a-2:30p.
4. Head to Downtown Fort Collins the kick off your Halloween weekend! Nearly 70 businesses in the downtown area will be participating in this trick-or-treat event. Join in the fun on Friday October 29th from 10a-1p! Not in the area? Downtown Windsor will also be hosting it’s annual Trick-or-Treat event on Saturday from 1p-4p. Stop by and say hi to the 20 participating businesses including our Windsor office located at 207 4th Street!
5. Stick with tradition and trick-or-treat in your neighborhood over the weekend. Wherever you choose to celebrate this year, we’re wishing you a Happy Halloween!
Seller Facts
Here are some fun facts about recent home sellers. This research comes from the National Association of Realtors survey of home buyers and sellers:
- 10 years = the average time recent home sellers have lived in their home. This number has remained essentially unchanged for the last ten years. From 1987 to 2007 the average was 6 years.
- 89% = the percentage of home sellers who use a Realtor to help sell their home. This has been trending higher over the last 20 years. In 2001, 79% of home sellers used a Realtor. As the transaction gets more and more complex, more sellers seek the help of a Realtor.
- 75% = the percentage of home sellers who found their Realtor through a personal relationship as opposed to seeking out an agent they didn’t know.
- 77% = the percentage of home sellers who only interviewed one Realtor for the job of selling their home.
Pumpkin Patches Worth Visiting in Colorado!
Oh my gourd, we love fall! How about you? Whether you’re looking to spruce up your front porch with some festive décor or preparing to put your carving skills to the test, we’ve got a list of the best pumpkin patches to visit across the state:
A pumpkin patch, hayrides, playgrounds, and a 25-acre corn maze are just a few of the attractions offered at Anderson Farms. Home to over 70 species of pumpkins, squash and gourds, you’re sure to find the perfect match this fall season. Bring the family, pick a pumpkin, and enjoy a day of fun!
Bartels Farm, Fort Collins, CO
Family owned and operated; this farm has been around since 1905! The pumpkin patch was established in 2000 when a surplus of pumpkins led the owner to opening the farm to the public. Years later, Bartels Farm has become well known site for seasonal decorations including pumpkins, Indian corn, squash and gourds! Head down to the farm and enjoy a day of pumpkin picking, hay riding and corn maze adventuring!
Fritzler’s Corn Maze, La Salle, CO
“Fall Days” is currently underway! Guests are welcome to explore the eight-acre pumpkin patch as well as the iconic corn maze. Special activities are also offered in the form of pumpkin cannons, pedal go-karts, face painting, a beer garden, an inflatable obstacle course and more!
Rock Creek Farm, Broomfield, CO
Rock Creek Farms is a 100-acre pumpkin patch! They’ve got the selection; all you have to do is pick! This farm also features six miles of corn mazes, a petting zoo, festive decorations, and delicious treats, all the makings for the perfect fall outing!
Colorado Pumpkin Patch, Monument, CO
Not your average pumpkin patch! This family-friendly farm has it all: hayrides, laser tag, pony rides, sports camps, food, and more. Make a day of it and enjoy a day of fall fun!
Shop Your Local Farmers Markets
Keep it simple and shop local: head to a farmers market near you and shop this years pumpkin selection. What a great way to support small businesses while celebrating fall in Colorado!
Windermere Northern Colorado Foundation Tailgate Party 2021
September signifies something different for everyone: for some it’s the beginning of football season, for others it’s the end of summer, but for our Northern Colorado team, September means it’s time to tailgate! Each September, for the past five years, we have hosted our Windermere Foundation Tailgate Party to raise funds and spread awareness in support of a local organization dedicated to the betterment of our community.
This year, we teamed up with ChildSafe Colorado, a non-profit that provides resources, education and treatment to victims of childhood abuse. For such an amazing organization, we had no choice but to go all out. On September 17th, 2021 we joined together as a community on to party with a purpose. Our guests enjoyed complimentary drinks, complimentary food from Pepe’s Tacos and the Ball Joint, and live music performed by Kelsey Jo and the Wildcards. Special entertainment was also available for the kids in the form of balloon art, face painting and a petting zoo!
To raise funds, custom-made cups were available for purchase and prizes donated by local businesses were raffled off. Otterbox, Walmart, Pure Barre Fort Collins, Orangetheory Fitness, Board 30 Fort Collins, Ascent Climbing & Fitness Studio, Pure Drip IV, The Cupboard, Butter Cream Cupcakery, Rally5 Crafted Eats & Bar, Jax Outdoor Gear, New Belgium Brewery, Odell Brewing Co, Coyote Gold, Smilin Faces Face Paint, Painting with a Twist, Amy Vandegrift with Skin Pretty Aesthetics, and Kali Johnson with Salon One Ten were among the generous donor who contributed to the event.
With the help of our platinum donors Elevations Credit Union and Fidelity National Title Company in Northern Colorado, we were able to raise over $4,000 dollars in support of this wonderful organization.
Want to get involved? Click here for more information.
In Perspective
Let’s put today’s home prices in perspective.
Appreciation has been significant over the last 18 months. Some people are wondering if it can last and if there might be a housing bubble.
There are two ways to look at prices. One way is in absolute terms. This is simply looking at the dollar amount a home would sell for at some point in the past versus the dollar amount it would sell for.
The other way is in real terms. ‘Real’ is an economics term which means that inflation is factored into the valuation.
For example, a gallon of milk costs more today in absolute terms than it did 15 years ago. However, in real terms, the cost is about the same as 15 years ago because inflation is factored in. The price of milk has essentially escalated at the same rate as inflation.
So, how about home prices? As we know, prices in absolute terms are higher than 15 years ago. To be exact, prices are 43% higher Nationally compared to 2006 according to Case-Shiller.
However, in real terms, prices are the same as 2006.
Over the last 15 years, homes have appreciated at essentially the same rate as inflation.
No Inventory?
One misconception about today’s market is that there is ‘no inventory.’
Actually, there are numerous new listings that hit the market each month. It just so happens that they tend to sell quickly.
The numbers show the number of new listings that came on the market in September closely equate to the number of sales that occurred.
- In Larimer County, 693 new residential listings hit the market last month and there were 688 sales.
- In Weld County, there were 681 new listings and 733 sales.
- In Metro Denver, there were 6125 new listings and 5233 sales.
So, while homes tend to sell quickly today, there is still a significant amount of new inventory hitting the market each month for buyers to consider.
