Loveland Homes For Sale May 2013 Market Update
April 2013 sales volume in the Loveland/Berthoud real estate market nearly eclipsed last June’s high which at that point was the highest monthly sales volume in the area for the last 5 years. With just over 54.6 million dollars in sales volume in April, the area is seeing yet another consecutive month of increased sales and activity.
However, one of the challenges facing buyers in this market is the relative lack of inventory. As the chart below demonstrates, inventory levels for single family homes in the Loveland/Berthoud real estate market is moving in the opposite direction of sales volume and units. This tightening of inventory has created much more competition among buyers who are scouring neighborhoods and the internet hoping to get a first glimpse of the next home for sale.
Median Home Prices Rising in the Loveland/Berthoud May 2013 Market Update
Median home prices are moving up as well. Since the median home price reflects the true middle of the bell curve of home prices, jumps in this indicator demonstrate a recovery in the number of homes being sold in higher price points. This is in sharp contrast to the more widely reported “average sales price” which is easily moved up or down with fluctuating luxury property sales. In just the last year the median price of homes sold in Loveland has gone from $235,000 to $267,515, which is $3,515 higher than Loveland’s larger neighbor to the north, Fort Collins.
Interest rates remain at historic lows which is also creating an interesting opportunity for Sellers. With high demand in the median price points, a well-positioned seller in this market could take advantage of existing equity and use the increased buying power offered by sub-four percent 30 year fixed mortgage rates! Currently, bankrate.com is showing 30 year fixed conventional mortgages from a national survey of lenders at 3.71% and 2.92% for a 15 year fixed mortgage. Trends indicate that mortgage rates are ticking up slightly as the economy continues to improve.
If you would like more information on the market in Loveland or Fort Collins, please contact us or visit our web-site www.buyfortcollinshomes.com
