Last month I wrote about how we are seeing a decrease in available inventory and an increase in the median price per sale in both the Fort Collins and Loveland housing markets. Today I pulled October 2011 sales statistics for the Fort Collins area from the Colorado Association of Realtors and found that as I suspected, this trend continued into October.
What this means for Sellers
As inventory declines, demand increases. Although the buyer pool is seasonally lower right now, so is the number of homes on the market. This means that it’s actually not a bad time to put your home on the market. Although you won’t see pre-2007 appreciation it will probably be encouraging to know that the sky isn’t falling. These numbers we see from October show signs of stability in our Fort Collins market.
Another benefit of listing your home in the Fall is the advantage of the holiday season. Families get together for the holidays and often end up looking for homes. A positive about the “off season” that is often overlooked is the fact that buyers that are looking for homes right now are usually serious about purchasing. Even though the number of showings may decline, they are usually higher quality showings.
What this means for Buyers
Just as I said last month, this still a great time to buy. I’ll also reiterate a few things to be aware of. It may feel like there are less good options available to you in the market, especially if you’re looking under ~$350,000. Many people are waiting for good deals and when they show up, there is competition for them. What this means is that it pays to be ready when the time comes. This means getting pre-qualified and being comfortable with your anticipated price range. When it comes time to make an offer, you’ll be ready to make a good decision.
What’s up with Condo Sales?
Condo sales were interesting to look at. The number of sales climbed and the median price dropped considerably. This may be obvious, but as you look at the numbers, what you see is that there was an increase in the number of lower cost units. I suspect that this is a result of increased investor activity combined with the fact that rental rates are increasing making it advantageous to buy, especially in this price range.
Fort Collins area CAR October housing statistics 2010 vs. 2011
Median Sales Price Comparisons
- 2010 Single Family Median Sales Price: $258,235
- 2011 Single Family Median Sales Price: $276,272
- 2010 Condo Median Sales Price: $173,837
- 2011 Condo Median Sales Price: $138,895
Total # of Active Single Family Listings (Down 16%)
- 2010: 1,391
Total # of Active Condo Listings (Down 34%)
- 2010: 315
- 2011: 208
- 2010: 152
- 2011: 168
- 2010: 30
- 2011: 41