November 2001 Fort Collins Real Estate Market Report
Here in Fort Collins we continue to see a decline in the housing inventory available to home buyers. Especially in relation to available condos. In November 2011 compared to last year, the number of available single-family homes was down by 18% and the number of condos was down by 39%. Yes, I had to double check. There were 39% less condos available on the market in Fort Collins.
In general, the Fort Collins market has weathered the housing down turn much better than many other areas of the country. As the number of buyers in our market has decreased, so has our housing stock. In the last few months, we’ve actually been seeing our median sales price start to creep up a bit which means that the homes in the higher price ranges are slowly starting to sell better as well.
Fort Collins-Loveland posts second-lowest unemployment rate in Colorado
In addition to these numbers, the Northern Colorado Business Report wrote about statistics recently from the Bureau of Labor showing that the unemployment rate in the Fort Collins-Loveland metro area was 6.1% and the second lowest of all areas in Colorado behind only Boulder. That’s lower than the state average of 7.7% and the national average of 8.5%.
What this means for sellers
This dearth of housing inventory is magnified when you get into the lower price ranges. If you have a home for sale below $250,000 you will probably see a lot of interest and might even experience some indicators of a seller’s market. For sellers in the higher price ranges, we’re also seeing buyers slowly returning to the market. This means that your home that you couldn’t give away in 2009 will have some interested buyers although there is still heavy competition in the market.
What this means for buyers
Buyer’s in the sub 200 price ranges are going to be competing with investors for affordable housing stock. This is a good time to be a landlord and homes that are in a good location are getting snatched up quickly. Be ready. This means meeting ahead of time with a lender to see how much you can afford as well as knowing your timeline. Good deals can still be found, but it helps to do your homework, work with a Realtor you can trust, and know how much you can afford.