Why you haven’t found a home in Old Town yet

Mountain Avenue in Old Town Fort Collins Colorado

Today I’m going to break into a brief comparison of the past 6 months of Old Town Fort Collins homes that have sold versus the same 6 months in 2011.  I’ve been working with a handful of buyers seeking to find a home in Old Town and it’s been a bit of a frustrating experience, especially if you’ve been watching the market through this transition and started your search at the end of last year.  What the numbers basically boil down to is a big jump in demand and a significant rise in the median price of a home in the Old Town Fort Collins area.

The Numbers

I’m comparing 2/13/11 thru 8/13/11 with 2/13/12 thru 8/13/12.

# Sales Total Volume High Sale Low Price Average Price Median Price ADOM/ACDOM
2011 99 $25,154,311.00 $725,600.00 $125,000.00 $254,083.00 $220,000.00 105/114
2012 120 $34,416,665.00 $845,000.00 $135,000.00 $286,805.00 $260,750.00 81/93

What this means for buyers

In my opinion the most important factor for a buyer seeking a home in Old Town right now is realistic expectations.  If you were looking for a home in 2011, 50% of all the available inventory sold between $183,000 and $290,000.  In 2012, 50% of the available inventory sold between $210,000 and $320,000.  This means buyers who want to find a home for sale in Old Town Fort Collins will either need to adjust their price window upward or lower their criteria for sqft, bedrooms, baths, etc.