September certainly felt busier in Old Town activity than in years past, and the numbers prove that point well. Last September, 11 homes were listed, but only 5 of those homes actually sold while the remainder eventually expired without an offer. This Septbember, 15 new properties were listed, with 5 of those properties already under contract and 3 more already closed in the month (non-financed offers can close quickly). There is definitely a higher demand for homes closer to the overall median sales price in Fort Collins (Which is sitting around $550K) as a majority of those homes under contract this month are right around that range in price. There is no real definitive trend of median sales price in Old Town (looking at the graph looks like a heart beat monitor) so trying to judge a market trend with month over month median sales price is pointless. I do think the we saw things open up a bit more in anticipation of interest rate reductions, which ultimately are still pretty stagnant even after the FED cut rates as expected. The reality is that the FED rate cut had been anticipated for so long leading up to the middle of September, that we actually saw the rates drop a few weeks prior to the actual cut, and then increase after the cut. Either way, rates are still down and settled into the low 6% range or even high 5% range, and a slow trickle down and stabilization into the 5% range for next spring (fingers crossed) should hopefully unlock some more inventory across the board that will get the market moving again. We will see how the next month goes, but in the meantime, if you’d like to read about all of the homes that were listed this past month, you can in my write-up of each below!

August of 2024 was slightly busier in regards to amount of listings as 12 homes were listed in 2024 as compared to the 9 listed in 2023. August has traditionally been a slower month for how fast homes move, primarily as it tends to be a “transition” month in many peoples lives as summer ends, school starts, and rental cycles come to a close. That means that homes listed in August tend to take longer to go under contract until people get settled into the new normal for the rest of the year. In 2023, only 3 homes were under contract in less than 2 weeks, which is bang on the same numbers in 2024. Both years, the homes that went under contract quickly were ones in the lower price ranges (less than $700K). The largest change between the years is the amount of million dollar + homes listed in 2024 compared to 2023. In 2023 there wasn’t a single home listed over one million in August, while in 2024, four homes over a million were listed (with a few over 2 million!). While this might just be the luck of the draw, it does add more inventory and options to a price range that already has quite a few options, so that will likely equate to a longer time on market for that sector in the market. There is a sense of hope with September that rates will continue to decline creating a more affordable market for buyers and increased demand to gobble up some of the stacking up supply. We will see how the next month goes, but in the meantime, if you’d like to read about all of the homes that were listed this past month, you can in my write-up of each below!

July of 2024 fell into a familiar groove of less homes being listed than the previous month. On a year to year basis, the amount of home listed was pretty flat (12 listed in July 2023 vs 13 listed in July 2024). Some of the homes listed in July of 2024 are actually homes that have already been listed earlier in the year, so there really is about 10-11 “new” properties to the market this past month. When you dig deeper into the stats, the median price of listed homes this past month was $900K…..but interestingly, none of the homes that were priced over $500K have gone under contract. Speaking with some other realtors, it seems as though the market is getting pretty flat overall on both the buyer and seller side. It is hard to tell if everything is a seasonal slowdown as summer is ending, or if buyers are just fed up with the idea of buying a home where rates make it difficult to afford. Here would be my advice: If you are a seller looking to offload a property, the more move-in ready your home is, the better chances you will get an offer, provided you price properly (nows not the time to be too proud of your home). As a buyer, opportunities are stacking up right now and it may be the best opportunity to buy as it relates to supply. Make sure you are in constant communication with your lending partner (I’ve got recommendations if you need it) as small changes in rates can make large changes in affordability. Remember, if the rates start to drop, buyers will come out of the woodworks and we may see a more competitive market again. If you are curious about the properties listed this past month of July (which I am sure you are) you can read about each property below:

Despite an overall increase in overall supply of homes for sale in Fort Collins, June saw a small decrease in the amount of homes listed within Old Town with 19 homes listed this June compared to 24 homes the year prior. I wouldn’t consider the decrease in listed homes as significant in the market, but certainly the proportion of home that are actually going under contract is. In June, only 5 of the 19 homes listed had a contract by the end of the month (or early into July) which to me is a more telling sign of where the market stands right now. Yes, there is a hesitance for sellers to list their homes based on favorable interest rates that they are locked into, but the rates of the new purchasers and the relative affordability with higher rates is the real driver of a slower moving market. The median sales prices between the 2 years are tracking as very similar (mid to upper $500’s), so there hasn’t been a real change in the affordability based on pricing. Really, I see the inventory that is being made available as “not ideal” for many buyers to invest their money into, with the homes in best locations and best updates going much faster than others that still need work or having less ideal lots/locations. I think this trend will continue into the future until rates start to ratchet down over time, but I wouldn’t expect the second half of the year to look much different from the first. If you are a seller in this market, it pays to make sure your property is as show ready as possible, and if you are a buyer, there may be opportunities to wait or get credits from sellers to make your monthly payments more affordable. If you are curious about the properties listed this past month of June (which I am sure you are) you can read about each property below:.

April of 2024 followed a similar trend to the previous year, and there were 15 total properties listed this April compared to the 16 listed in April 2023. With the spring market in full swing, there was definitely some more inventory for buyers to choose from this April, and there are still some of those homes available for sale. Given that March was an incredibly slow month, this positioned April to be much more active with pent up demand, 18 properties hit the market in Old Town this may, which is right inline with a year over year trend from 2023 when we saw 19 homes hit the market. This May, those properties that were listed were split between 8 condos/townhomes, and 10 single family homes. The median price for all homes listed in May of 2024 was $732,000, but in reality, there are only 5 homes that were listed that are currently under contract or closed, which is a small portion of all homes listed this month. Not to beat a dead horse here, but the affordability across the board has really been hit with lingering interest rates in the 7% range. I think there is a sentiment from many buyers (and sellers) that they will wait it out to purchase or list. Those who do choose to list in the near future need to be careful of “aspirational pricing”. Times were sweet back in 2021-2022 and most homes saw some pretty substantial appreciation during that timeframe. However, real estate operates in the “here and now” so as much as you love what an online valuation tool may have valued your home at in the past….the past may be gone, at least temporarily. The reality is that the urgency that was felt in spring/summer months of the past has long past, and it is back to the homeowner/realtor to create that urgency if you want your home to move fast. If you want to chat more details on how to create that in the Old Town market (or the market in general) give me a shout and I’m happy to chat about details! In the meantime, here is what came on the market this past month and my thoughts on each.

April of 2024 followed a similar trend to the previous year, and there were 15 total properties listed this April compared to the 16 listed in April 2023. With the spring market in full swing, there was definitely some more inventory for buyers to choose from this April, and there are still some of those homes available for sale. Given that March was an incredibly slow month, this positioned April to be much more active with pent up demand, and there were a fair number of homes that delivered on the type of inventory we needed. In fact, the median of all homes listed in Old Town in April was $659,000 which is way down from the median in April 2023 of $836,500. Another thing to note, a majority of the homes listed were single family homes instead of condos, which is also helpful for providing the type of inventory that most buyers in the market are wanting. Roughly 50% of homes listed in April are either under contract or already sold, and you can read a bit more about each one below to see my thoughts on what drove those sales, and why some of the others might still be sitting. With an increasing inventory count overall (2.7 months of inventory in Old Town) we are creeping toward a more balanced level of inventory, but I suspect things won’t feel balanced overall unless the remaining inventory is closer to the overall median needed price in Fort Collins (which is currently $560K).

Slow, slow, slow. That is how I would describe the listing activity this March as we only had 7 homes (4 if you don’t count homes that had been previously listed in other months) hit the market at the start of the spring season. I had to search back to 1997 to find a March that had that few listings coming to the market. I was still in high school at that time sporting a very neon yellow Borussia Dortmund Champions league jersey my parents had purchased me during a recent trip to Germany. I digress though…thats a long time ago. I think the lack of homes on the market this month will be balanced out with more listings in the following months. That provides an opportunity to sellers listing in April/May, but the reality is that the market is still slower moving overall and patience, smart pricing, and high level marketing should be employed by sellers looking to stand out in the crowd. Which of these homes do you think were best marketed for success?

Here is an overview of what hit the market this month and my thoughts on each property.

The market activity is starting to pick up this year, with 14 homes were officially listed in February 2024. However, only 5 of those homes went under contract this month, and at the time of writing, there are 22 active listing to choose from, with a median price of those home at $795,000. Comparing last year, February had only 10 homes listed, with 2 of those being affordable housing/income restricted properties which skew the stats a little bit. Overall, the early market seems to be opening up some inventory options, although perhaps not the inventory that is most desirable and affordable. The median price for sold properties listed in February of 2023 was $610,000, whereas we are seeing quite a higher overall listed median price ($700,000) which doesn’t quite match the affordability factor for many people. When you did deeper into the homes listed this February that went under contract, you will see that those properties that received offers have a median price of $600,000. While numbers alone won’t tell the whole story, there are specifics to each property that drive or deter from sale. You can reach about those specifics on each property below:

January saw an increase on year over year listings in Old Town with 11 properties hitting the market in 24’ as opposed to the 8 that came on in January of 23’ Of these 11 properties, only 4 were under contract or sold at the time of writing, so the demand in the market is either A) not quite there again or B) the supply of homes that hit the market are just not the right fit for the current demand. I’d lean towards option B as I analyze the current market. It seems we just haven’t seen properties that attractive to buyers both in regards to the liveability, but also the affordability. For years I’ve been saying that there isn’t a great “move-up” option for current old town residents without jumping straight into a million dollar plus home. Unfortunately, with many homeowners tied up with a low interest rate from covid times, there is a hesitancy for those low/mid-range homes to hit the market unless the sellers are forced to sell via life/job changes. That leaves a bit of a hole in the market from a supply standpoint where the supply is somewhat saturated in the $700K plus range with buyers that can’t afford what a monthly payment would be, or just slim pickings under $600K with the homes to choose from just being “OK”. Once we start to see the spring market really pick up, and get that first wave of new inventory hitting the market for 2024, I’d expect that most homes priced under $600K will go pretty quickly, and only the best of the higher priced homes will go under contract quickly. Stay tuned for more as the year progresses, but in the meantime, here is an overview of what hit the market this month and my thoughts on each property.

December of 2023 showed similar characteristics in the amount of homes listed to the previous December with a total of 6 listed in 2022 and 6 listed in 2023. However, the major differentiation is that a majority of those homes listed last year went under contract in less than 2 weeks, and nearly everything listed this December is still sitting an active into the start of 2024. Of course, the interest rates, which dominated the conversation throughout the year, played a huge role in this phenomenon, but also the quality and style of product plays into the conversation as well. The homes listed this December just may not have been quite as attractive to the buying pool, not only based on associated costs, but just as a home itself. Add to that the fact that previous months of inventory (IE October and November leading into December) also had a slower churn, which provided more competition for each home being listed in the end of the year.

Here is an overview of what hit the market this month and my thoughts on each property.

After a standout month of October where 26 homes were listed, I expected that November would be a much quieter month in terms of new listings. In a similar trend to last year, there were only 6 homes listed this November (5 were listed last November) which trends towards some normality in the market compared to October. I think that many sellers saw October as their “last chance” to list in 2023 before the holiday season sets in….but the recent decrease in interest rates might actually help those homes that were listed in November compared to those in October. One thing to note, there are still a few of these homes that have already been listed prior, so in regards to new and unique inventory, November really only saw 2 homes that haven’t been listed in the past 12 months….and both of those listings were Park Lane Tower condos. The slowdown in single family home listings will prove a benefit for sellers who choose to list in the beginning of the year as there has been a shortage of new and unique inventory of that type, and mixed with potentially beneficial rates and emerging spring season, it could be a great time to list and get some semblance of a competitive buyers market.

September fell into a familiar pattern as has happened in years past. As would be expected, not as many homes hit the market as we cruise into the fall, with 11 homes coming to market in October was a standout month in regards to the amount of homes hitting the market. Suprisingly, there were 24 new homes to hit the market this October, which is nearly double the 14 that came on the market in October 2022! This is second in number of homes listed this year just barely behind June which had 25 homes listed. So what does this mean? Frankly, it is a bit tough to decipher why this October was such a standout month for listings, but I’m inclined to think that many realtors (myself included) would urge a seller to either listing in October (prior to the holidays coming) or wait until early next spring to list. Because the timeframe to get a home up and on the market has a small lag time (to get it done right) many of these listings that showed up in October were probably planned back in August/September and are just now hitting the market. With demand seriously hampered by high interest rates (now at the highest they have been nearing 8%) and a major influx of Old Town Supply, I’d expect that only the cream of the crop ends up with offers in the very near future, with other listings chasing the market with price reductions every 2-3 weeks to try to garner interest in their homes. Whether or not November continues to see elevated inventory is a 50/50 bet in my opinion, and I would verge towards the side that says we see a less busy November in regards to listings than normal

Here is an overview of what hit the market this month and my thoughts on each property.

September fell into a familiar pattern as has happened in years past. As would be expected, not as many homes hit the market as we cruise into the fall, with 11 homes coming to market in September 2023 vs the 10 that were on the market in September of 2022. Within those properties that were listed in September, many are still active and sitting, following the pattern of much of the rest of the market which currently struggles due to overall affordability from higher prices mixed with high interest rates. Unfortunately, it doesn’t seem that the rate situation will go away anytime soon, so many of the currently listed homes may have to price adjust to attract the interest of potential buyers, and I wouldn’t be surprised to see many homes get withdrawn if they aren’t under contract by the end of the month. Within those that get withdrawn, the likely attitude would be relisting them in Spring, or potentially looking to rent them out, which also may be tougher to do on a fall/winter rental cycle. Really, I didn’t see many “standout” properties listed this month, with the exception of 912 W Magnolia, which attracted multiple buyers and went under contract in quick fashion. This lines up October/November for sellers to stand out if they have a property that is fully dialed in and ready to go. If you don’t know what “dialed in” looks like, lets have a conversation and I can get you lined out!

Here is an overview of what hit the market this month and my thoughts on each property.

It seems that this past August really saw a slowdown in market activity across Old Town (and the market in general). In fact, the amount of homes listed in August 2023 was 9, compared to 18 listed in August of 2022….which is a pretty large swing year over year. Looking back even further to 2021 where 17 homes were listed that August, it seems evident that this particular month has been slow in the Old Town market. Within this years listed inventory, only about half of the properties are either under contract or sold, and a majority of those properties fall under $700K.

As has been the story all year long in the real estate market, higher interest rates very much be to blame for a slowdown in both listings and the speed of sales. To look comparatively, the interest rate in August of 2021 (17 homes listed) was at 2.75-3%…about as low as we’ve seen in. In August of 2022 (18 homes listed) the rates were hovering around 5-5.5%. The current rates in August 2023 (9 homes listed) was around 7-7.25%, which is about as high as rates have been in the last 2 decades. The market truly is turning into a “have to sell” market where most homes hitting the market are predicated on the sellers need to sell a home, whether for relocation, financial purposes, divorce, or other reasons. Quite frankly, most homeowners who owned through lower interest rates took advantage of those rates through refinances, and now are stuck with “golden handcuffs”….IE perhaps they would like to upgrade or change, but it is a tough pill to swallow to leave a low interest rate for a higher rate.

There has also been a heavy return to seasonality in the market that we saw pre-covid. During the last 2-3 years, the market remained heavily weighted towards the sellers as the inventory was so low and demand was so high (due to available rates), which caused a quick moving market even through the traditionally slower months of late summer into fall/winter. However, this year that “high” point in seasonality peaked earlier than normal around March/April, and we’ve seen a steady decrease in market speed and climbing inventory up until August. I do think that September/October provides an opportunity for sellers to list homes and get good activity. In months past, when there has been an overall shortage in a previous month, the inventory in the following month tends to attract higher than usual interest.

Here is an overview of what hit the market this month and my thoughts on each property.

July 2023 started a slight downturn in the amount of homes listed in Fort Collins, with 12 homes officially listed this past month. That is a huge swing from last month, where 25 homes were listed, and it is down from last year in which 15 homes were listed (July 22’). I don’t see this downturn as an alarming event, as this happens every single year in the market, where we hit a peak of homes listed in May/June, and a gradual decline month to month in homes listed as we near the holiday season and the end of the year. July seems to be the month where many people take their vacations as it is the last month before school gets back into session. This is true for both homeowners and realtors alike, so July historically is a slower month in the grand scheme of things.

Looking at the comparison year/year, it is very interesting to see the divergence in the price of homes listed between July 22’ - July 23’. In July 22’, 7 of the 15 homes listed were priced over $1.0 million, whereas July of 23’ only saw 2 homes listed above $1.0 million. This doesn’t imply a reduction in home values as much as a change in the type of inventory listed this past month. A majority of the homes listed this past month were smaller SQFT homes on the “outskirts” of Old Town….think 3 bed/2 bath ranch homes in Hannah Farms/Mountainview as opposed to last year where we were seeing larger 4 bed/3bath homes with bigger sqft listed in the heart of Old Town west. Moving into August, I’d expect to see yet again less homes listed, but there is still certainly a demand for move-in ready homes across the board that are priced competitively in the market. Here is what was listed this past month:

As a year over year comparison goes, June is traditionally a busy month for homes hitting the market, and this year was right on track with the normal trend. Last June, a total of 23 homes were listed in Old Town, and this year we are slightly up with 25 homes listed (at least on paper). Digging in a bit deeper, a few of those homes are duplicates or withdrawn/relisted homes, so I really look at this as a flat year over year pattern. Again, on paper, the median price is pretty much the same as well, with a median price of all properties at $640K in 2022 and $635K in 2023. The average price, however, is way up year over year, with the average price of all properties in 2022 being $689K and the average of all properties in 2023 being $830K.

I do think there is some merit into looking at the amount of homes in certain price points each year as 2022 only had one listing above $1.0 million, whereas 2023 had a total of 5 listings all coming in above $1.0 million, with a few of those into the $2.0 million range. I do think that we are starting to see a bit more of these larger homes, or homes that have had additions over the years, finally hit the market and sell, which drives the overall upper limit of pricing higher and higher. Once 1, 2, 3 homes over $2.0 million sell, that sets a precedent for other homes of similar characteristics to try the market in that range. While in the past we saw the increased demand push the values higher as multiple offers came in and drove values up, we are now seeing the aftermath of initial pricing and patience strategy pulling the values forward. Sometimes this strategy works in the market, but in general, I’ve found that the homes selling quickest, and with best terms and conditions, and that includes price) are those in which the small and obvious work is done, and the price seems fair for the market. This creates some semblance of urgency for a product and ultimately nets a seller more with less stress.

Was this May really less busy than last May? Looking at numbers alone, it would imply that is was as May of 2022 had 25 listings compared to May 2023 with 18 listings. As I look at the May 2022 listings, I noticed that 7 of those listed ended up not selling and eventually expiring, so I wonder if we will have the same phenomenon this year? Half of the homes listed in May of 2023 are still available as of early June, and not all of those are incredibly high priced homes. Memorial day has come and gone already, signaling the official beginning of summer, and with that, much more travel and potentially a few less buyers out in the market. Surely the demand is not being helped by interest rates which have once again climbed into the 6.5-7% range again.

What strikes me most about this past month was that it didn’t feel like there was a plethora of Old Town homes hitting the market, and a few of those homes that did hit the market were actually relisted homes from previous months. It seems that the current buyer pool demands new and unique listings, with little work to be done. Homes like 1100 Beech, and 1034 Oak used to fly off the shelves as they are turn-key, and are not sitting a bit longer if the pricing isn’t “just right”. Leading into the heart of summer, if you are looking to list your home, I find it especially important to market your property with cleaning, staging, and professional photography. The goal of any listing is to provide a sense of urgency between the available buyers, and having your ducks in a row when listing a property and controlling the process will be key to making sure you attract buyers instead of chase buyers.

April of 2023 followed a similar trend to the previous year, and there were 16 total properties listed this April compared to the 17 listed in April 2022. With the spring market in full swing, there was definitely some more inventory for buyers to choose from this April, and there are still some of those homes available for sale. In regards to actual pricing and averages/median prices, those went up from 2022 to 2023 with the average price of all homes listed/sold in April 2023 being $943,000 (up from $700,000) and the median being $817,500 (up from $580,000). These numbers can be a bit misleading because Old Town really has some markets within the market depending on the overall size of the home, numbers of beds, and numbers of baths.

Overall, it seems as though the market as started to normalize to the new interest rates, which would certainly keep the prices a bit more honest as opposed to years past where we saw huge swings in prices going above the listed value with multiple offers. The most desirable homes that are marketed best will still potentially get multiple offers, they just may not go quite as high as they used to in the past!

Similar to last March, there was quite the influx of listings that came on in March 2023. In fact, 19 homes officially hit the market this past month. I found a few things interesting about the properties listed this march. First, only one of those was an attached dwelling, and it is pretty rare for us to see 17 single family homes listed in a month in Old Town. It felt like there were quite a few sellers who have been on the fence this past few months who were just waiting for the March/April timeframe to list. The second thing that is most interesting is that quite a few of these homes fell in the $600-$900K range which is traditionally the range that almost gets skipped. To be fair, some homes may have just appreciated into this range, but there at least a couple homes that have 3+ bedrooms and 2+ bathrooms that didn’t immediately get plopped into the million plus pricing territory. Lastly, more than half of the homes listed in March are already under contract, and that includes some homes that were previously listed but struggled to get contracts last year.

From a sellers standpoint, there is still an overall shortage of inventory in the market with Fort Collins in general hovering around 1.0 months worth of inventory (6 months of inventory is a balanced market). Despite interest rates being in the 6% range, there is still a spring demand in buying with many qualified buyers still out there in the market. The best selling successes I’ve seen are when homes are properly merchandised and are move in ready, so now is not the time to cut corners and push on pricing.

For buyers, I’d expect to see more inventory come into the market in April-May-June, with a bit of a slowdown as we enter into July/August. The next few months are going to be the months with the most supply, but also with the most demand. If rates do finally find the footing they need to drop, expect that the demand will increase as well, so it is that much more important to get your ducks in a row early to take advantage of that dip when it comes. Many lending institutions are offering “refinance rewards” programs, which will allow you to refinance your loan within the next 2-3 years at a reduced rate. These programs are a great option for buyers….if you can stomach the current payments, make the purchase happen and refinance down the road. If you want to connect about buying or selling in the upcoming months, I’m happy to connect.

February of 2023 has continued on a “trickle” trend of homes hitting the market, with a rare occasion of more than one home hitting the home each week (in a similar pricepoint). As we review the year over year trend, this February looks more active than last February in numbers (10 listed in 2023 vs the 9 in 2022), but in reality, some of those homes that are shown as “listed in February” are actually homes that have already been exposed to the market, and then relisted in February. If we exclude those as “new” inventory to the market, we actually had 6 homes come to the market this February. Of those homes, many fell within the $500-$700K range and moved quite quickly, and the homes in the higher price points above $1.0 million are taking some more time. That makes sense given the current cost to borrow money with interest rates hovering near the 7% range at the current time of writing. I am anxious to see what March will bring as the pent up demand implicit in the spring market it starting to show is teeth again with many of the lower priced homes receiving multiple offers despite the interest rate.