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Loveland Homes For Sale May 2013 Market Update

May 16, 2013 By

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.

Loveland Homes For Sale May 2013 Market Update

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.

 

Loveland Homes For Sale May 2013 Market Update

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

 

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Northern Colorado Real Estate April Market Update!

May 8, 2013 By

Welcome to the Northern Colorado Real Estate April Market Update!

Spring is finally here and the market has really taken off!  In each of the 3 major communities covered in this report, all are reporting substantial gains in both number of homes sold and and median prices.

First, let’s talk about inventory.  Of all the indicators tracked in this post, this is the only one that seems to be lagging.  Inventory just hasn’t kept pace with demand which is leading to bidding wars over desirable homes certain markets.  The chart below shows a comparison of the last 6 years of inventory levels for single family dwellings in the Northern Colorado Real Estate market made up of the Fort Collins, Loveland/Berthoud, and Greeley/Weld County areas.

April Active Inventory History

 Next let’s take a look at the number of transactions that have actually sold in the last 6 years.  As you can see, the number of closed transactions has increased steadily across all four communities.  When you see an increase in transactions but a lagging inventory, demand is outstripping supply and prices are likely to go up.  The second chart shows the tightening gap between inventory coming on the market compared to inventory sold (and leaving the market).

April Homes Sold HistoryApril New Listings versus Sold Listings

Finally, this last graph shows the sales volume in April over the last 6 years.  It is evident (including the bump from the first-time homebuyer tax credit in 2010) that across all the Northern Colorado Real Estate statistical areas that units and volume are up and prices are liking edging higher with the median price of homes sold in each of these areas has seen a substantial increase year over year.  Fort Collins metro area median price for April has gone from $245,000 to $264,000.   Greeley/Evans went from $152,650 to $166,500 for the same time frame while the Loveland/Berthoud area went from $235,000 to $267,515.

April Sales Volume History

It is clear that change is afoot and for those either thinking about selling their home or buying one, now may be a good time to act.  Mortgage rates are still incredibly low and loan programs like VA and USDA provide low or no money down payment features that have never been more attractive for buyers.

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