Fun Facts February 24, 2023

A Little Perspective…

Those of us in the real estate industry agree that the years 2020 to 2022 were anomalies.  During that time there were unique factors which drove abnormally high real estate activity. The number of transactions that occurred in those three years were at levels never seen before.It has become customary to compare the market in 2023 to the years 2016 to 2019 when looking at the number of closed transactions.Here’s what is interesting, while the number of closings so far this year is much less than last year, it is very close to what we saw in the more normal market of 2016 to 2019.Last month, 295 properties closed in Larimer County and 296 closed in Weld.The average January during 2016 to 2019 was 334 in Larimer and 303 in Weld.So, this year is only 12% lower than the average in Larimer County and 2% lower in Weld.

Fun FactsMarket NewsWindermere Real Estate May 8, 2020

What the Numbers Say

April represents the first time we can look at the impact of COVID-19 on a full month of real estate activity.

To no one’s surprise, activity in April in terms of closings and new contracts did slow significantly.

Much of this slowing was caused by in person showings not being allowed for most of the month.

(showings are now allowed again by following Safe Showings protocols)

Here’s what the numbers say…

Closed transactions were down compared to April 2019

  • 26% in Northern Colorado (Larimer & Weld)
  • 27% in Metro Denver

New written purchase agreements were down compared to April 2020

  • 48% in Northern Colorado
  • 44% in Metro Denver

So, while activity did slow, there was nothing resembling a “screeching halt” that took place.

While the way property is shown has certainly changed, the market is still very active and we expect activity to increase even more with showings now being allowed again.

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