Greeley Colorado Homes For Sale May 2013 Market Update
As we’ve seen in all other segments of the Northern Colorado Real Estate Market, the Greeley/Evans area has seen precipitous drops in overall housing inventory (aka ‘houses actively for sale’). As the chart below illustrates, since 2010, the Greeley/Evans area has gone from more than 700 homes for sale in the month of April, 2010 to just over 400 in the same month of 2013. This tightening of inventory combined with a substantial uptick in consumer demand (aka ‘buyers’) has led to quite a hot market this Spring!
Buyers Competing With Each Other Instead of Sellers
Another shift in market dynamics is where competition is coming from. Qualified buyers are competing with one another for the comparatively few homes available as opposed to even just 12 months ago when buyers were competing with sellers’ asking prices by seeking closing cost concessions and inspection report items.
Median Home Prices Rising in the Greeley/Evans May 2013 Market Update
Substantial increases in sales volume as well as median home prices seems to demonstrate that the Greeley/Evans Market has cast off the previously record levels of distressed inventory stemming from the economic collapse of the sub-prime credit boom. Median home prices in the Greeley/Evans Market has gone from $152,650 to $166,500. This clearly demonstrates a recovery in the mid-tier housing stock. NOTE: The spike in home sales in April of 2010 appears due to an early round of the first-time homebuyer’s tax break incentive.
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, Berthoud, Greeley or Fort Collins, please contact us or visit our web-site www.buyfortcollinshomes.com
