As the Colorado real estate market ramped-up in 2012, one of the issues facing the Northern Colorado real estate market as 2013 began was available inventory of homes for sale when compared to previous years. In March/2012 there were 2,334 active single family listings in Northern Colorado. In March/2013 that number was 2,095 representing a 10.24% reduction, which was driven by increased buyer activity.
When comparing March/2013 to March/2012, single family home sales are up 17.52% for Northern Colorado. Attached unit sales are up 11.26% for the same time periods. Collectively, those two market segments are up 16.67%.
Below are some sold numbers for single-family homes and attached units for various geographic areas throughout Northern Colorado. Information is courtesy of IRES (Northern Colorado MLS).
As spring deals with winter’s last feeble efforts to hang on, this is the scenario that exists across Northern Colorado, the Boulder Valley, and Metro Denver – fewer listings and more sales. Combined with low mortgage interest rates the result is a perfect storm, if you’re a seller.
Normally, scarcity creates demand, which in turn adds value to whatever is in short supply. Looking at the areas noted above and average sales value, here is what has happened to the average sales value for single family homes when comparing March/2012 to March/2013: Fort Collins (+3.9%): Greeley/Weld County (+18.3%); Loveland (+8.8%); and Windsor (+10.17%).
Look for the Northern Colorado spring real estate market to continue to flourish. Available inventory will creep-up, but will continue to be swept-up by prospective buyers waiting in the wings. Mortgage interest rates have trickled-up over the past few weeks, but there are no signs on the horizon they will shift noticeably either up or down for the balance of 2013.