July was an active month when it came to real estate. Fort Collins came out of the Stay at Home order and this allowed the market to start moving again. Buyers were quick to purchase homes and multiple offers on well-priced homes were common. The amount of inventory on the market is at historic lows. This constraint on supply has led to Fort Collins’ homes maintaining their value, some are even appreciating. More detail below for the July 2020 Market Update:
Pent-Up Demand
The real estate market comes alive in the summer. People move for work or closer to better schools. This demand was stifled but the COVID-19 virus. The fear of the virus, along with changing rules of how to operate in a pandemic, slowed the market down considerably in June. However, people still have the housing demands that need to be filled. July became the month where this pent-up demand was seen on the market. The median listing price was less than the median selling price of $450,000. This shows that homes were being sold for more than what they were listed for.
Want to Move
The changing job market has also given people a reason to move. With working from home becoming more prevalent, the appeal of a home office or study has grown. Some people just need a change of scenery too. With many being stuck at home, people are growing tired of their current home and wanting something new. Many parents are also looking for an area in the home to educate their kids from home. The Poudre School District announced that K-12 would be all online until October 16th.
Historically Low Inventory
A large part of the July 2020 Market Update was the lack of inventory. I believe fears of the virus has led less people to open their homes for showings and to the market in general. Listing for the year are down 1.66 percent from 2019. The competitive buyers can also stop someone from listing a home. If you sell your house, you will need to find another one. But then you are yet another buyer in the market competing with others.
August
August 2020 is slower than July as the low inventory is holding buyers back. We have multiple buyer that are looking to buy but there just isn’t anything on the market that will suite their needs. If you are looking to list your home, now is the time! Please contact me and we can get your home on the market quickly and safely.
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