An article in today’s Denver Post about the Metro Denver real estate market cooling off has prompted questions from our clients.
Is the same thing happening in Northern Colorado?
Are the Larimer and Weld County real estate markets showing signs of slowing?
Here’s the deal…
The Denver Post article points to the difference in number of transactions between June and July of this year. It’s no surprise to us that July had fewer closings.
What’s true in Metro Denver is also true in Northern Colorado – June tends to have more closings than any other month during the year so of course July will be slower.
In all major markets in Northern Colorado, the difference between June and July is the greatest it has ever been in the last four years.
For example, in Fort Collins, July had 18% fewer closings than June. Whereas last year the difference was 9%. In Greeley, the difference this year was 16% while last year was only 5%.
A month over month difference does not necessarily indicate a long-term trend. However, there is a difference compared to last year which should be welcome news to buyers who have been waiting for a slowdown.
The second quarter Gardner Report states that due to solid demand, home prices continue to rise with average prices up by 8.5% year-over-year to an average across the region of $438,980.
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