Fort Collins Colorado May 2013 Market Update

The Fort Collins market is experiencing a housing drought.  The first graph shows a comparison of the active inventory in each month over the last 7 years.  With levels far below historic averages, even a modest uptick in buyer demand creates a highly competitive purchase environment.  This may be good news for those home owners thinking about selling.  With the market responding within hours of an updated home search, Sellers are foregoing weeks of keeping a house in pristine showing quality or having to spend weekends away from the home while an agent holds an open house.

With the substantial increase in sales volume and units, especially when compared over the past 7 years, it is clear the “pent-up” demand has broken loose and more people are interested in real estate they can call their own!

What does this Fort Collins Colorado May 2013 Market Update Mean to You?

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 Fort Collins has gone from $245,000 to $264,000.

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 Fort Collins, please contact us or visit our web-site www.buyfortcollinshomes.com