Low inventory and high prices have been the story across Northern Colorado as we draw towards the end of the year. The winter months are traditionally slower in real estate but this year it is not the case. Earlier in the year quarantine and uncertainty about COVID 19 slowed the traditionally busy summer months. It seems all the pent-up demand is coming to the market because of the restrictions being lifted or lessened.
Boulder
The median home price for a single-family home in Boulder has exceeded one million dollars again. That’s up 14% from the median home price in October 2019 of $920,000. Active listings in Boulder fell to 153 which is down 33% from a year ago. Interestingly, the monthly sale volume in October totaled $109.7 million, up 63% from last year.
| Boulder | Median Price of Single-Family Home | Active Listings | Monthly Sales Volume |
| October 2020 | $1,047,750 | 153 | $109.7 million |
| October 2019 | $987,500 | 186 | $67.4 million |
| Change | Up 14% | Down 33% | Up 63% |
Loveland Berthoud
The median home price for a single-family home in Loveland-Berthoud reached $445,000 in October. This is up 20% from October 2019’s median price of $370,250. Active listings totaled 285 which is down 38% in volume from last year. The total sale volume was $132 million which is up 75% from last year.
| Loveland Berthoud | Median Price of Single-Family Home | Active Listings | Monthly Sales Volume |
| October 2020 | $445,000 | 285 | $ 135 million |
| October 2019 | $370,250 | 459 | $ 75.5 million |
| Change | Up 20% | Down 38% | Up 75% |
Fort Collins
The median home price for a single-family home in Fort Collins increased 11% in October compared to last year, with the price reaching $460,000. Active listings were down 36% at 449. And the sale volume for Fort Collins was up 69% at $182.3 million from 109.3 million,
| Fort Collins | Median Price of Single-Family Home | Active Listings | Monthly Sales Volume |
| October 2020 | $460,000 | 449 | $ 182.3 million |
| October 2019 | $416,060 | 702 | $ 109.3 million |
| Change | Up 11% | Down 36% | Up 69% |
Greeley
The median home price for a single-family home in Greeley increased 11% as well from $306,650 to $340,000. Active listings were down 23% in October at 222. The monthly sales volume was up 24% at $59.8 million.
| Greeley | Median Price of Single-Family Home | Active Listings | Monthly Sales Volume |
| October 2020 | $340,000 | 222 | $ 59.8 million |
| October 2019 | $306,650 | 288 | $ 48.4 million |
| Change | Up 11% | Down 23% | Up 43% |
Million Dollar Homes
There is a little-known phenomenon happening in Larimer and Weld County. The housing market for homes in the seven figures has been extremely busy. Listings over a million dollars are selling quickly and homes priced in the high 900s are being bid into the seven-figure range. Through November 1st, 210 homes have been sold for at least $1 million and 50 more are expected by the end of the year. Compare this to the 159 million-dollar sales of 2019 and you can see something is happening. Many are attributing this surge in high priced home to be a result of the Federal Reserve. Interest rates have been at historic lows for 2020 and this has pushed purchasing power upwards. Brandon Wells, president of The Group Inc. Real Estate, says that “people effectively get a 20% increase in affordability with where interest rates ended up.”
The low inventory and high price of the market is tricky to manage currently as most homes in affordable price ranges in Fort Collins are receiving multiple offers. An experienced real estate agent will help you understand terms and conditions of offers as well as escalation clauses. Angie will help buyers make the best offer they can and get them their dream home! Contact Angie today!
Source: Reporter Herald
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