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New Listings Week of October 31st
2406 Zenith Court, Fort Collins 80526
Listing Agent: Brooke Kern (970) 980-8349; MLS 954380
2406 Zenith Court is well maintained home in West Fort Collins is a must see! You will notice the very large lush green yard right away. NO HOA and a gate for RV storage on the side of the house is also a huge plus! This home has a newer roof and exterior paint! As you enter the home on the main floor you have a living room, spacious dining area, and a good sized kitchen with high quality cabinetry! Upstairs are 3 bedrooms and 2 bathrooms perfect for a growing family! In the basement, you will find an additional bedroom and bathroom perfect for guests.
322 McConnell Drive, Lyons, CO 80540
Listing Agent: Jared Foster (970) 690-5707; MLS: 954290
Tired of yard work, but love to enjoy beautiful outdoor surroundings? You can have the best of both worlds! This low maintenance home is surrounded by beautiful mountain views and backs up to the St Vrain River. Newly Xeriscaped, so you can spend less time working in the yard and more time hiking the trails and soaking in the hot tub. Great for guests or a multi-generational family with basement kitchenette and additional hook-ups for washer and gas dryer. Enjoy the 2 fireplaces making the whole home warm and cozy as cold weather comes our way.
741 Country Road Trail, Berthoud
Listing Agent: Paul Hunter (970) 673-7285; MLS: 954536
Low maintenance and an incredibly livable floor plan! Two story home with a cute backyard ready for your personal touch. Upgraded finishes throughout and a gas range in the beautiful kitchen. Detached two-car garage; new stone patio and raised garden beds in the backyard. Laundry is upstairs near the bedrooms; everything about this home makes it easy to live in. Check it out today!
238 Mill Village Blvd, Longmont, CO 80501
Listing Agent: Meagan Griesel (970) 691-0056; MLS: 954530
This Longmont home offers peace, quiet, and privacy. The location is ideal for commuters traveling in any direction and offering the convenience of Longmont in a quaint tree-lined neighborhood. Inside, the open concept design is highlighted with nice laminate floors on the main level and new carpet upstairs. You will absolutely love the primary suite – very spacious, huge walk-in closet, 5-piece bathroom, and a balcony. The basement is fully framed & ready to finish for a bedroom, living room, and bathroom. Fresh paint and newer roof have been recently taken care of by the HOA. This house has been pre-inspected and will come with a 1 year home warranty.
4218 Goldeneye Drive, Fort Collins, CO 80526
Listing Agent: Meagan Griesel (970) 691-0056; MLS: 954623
Beautiful remodel near Troutman Park. This home features real oak wood floors throughout the main level, all the pop-corn ceiling is scraped, both bathrooms have both been fully remodeled with shower tile that goes to the ceilings, kitchen features new cabinets, appliances, and concrete counters. This home is truly amazing and not a flip. No HOA, has plenty of off-street parking, and near the Max Line. I’m trying my hardest to not feature dump – but fresh paint inside and out, new gutters, new windows, new driveway and walk-ways. You get the idea – it’s a great home with a huge yard. It passed the pre-inspection with flying colors!
Average Prices
It’s true, average prices have increased substantially over the last year.
Would you have guessed that Weld County has seen the largest increase along the Front Range?
The specific numbers are below.
As you look at the numbers, it is important to remember that average prices have increased because of appreciation and because there are more higher-end homes that are selling.
The increased volume of high-end transactions has played a big rule in increasing the average price.
Average Price of a Single-Family Home based on closings so far this month:
- Metro Denver = $675,000
- Larimer County = $624,000
- Weld County = $514,000
Average Prices exactly one year ago:
- Metro Denver = $614,000
- Larimer County = $549,000
- Weld County = $417,000
Days of Inventory
In the residential real estate industry, inventory is typically measured in months.
For example, the definition of a “sellers’ market” is when there is less than 4 months of inventory on the market. Meaning, at the current pace of sales, it would take less than four months to sell all the homes currently for sale.
Today it makes more sense to measure inventory in days instead of months.
Here is the number of residential properties currently listed for sale in each market:
- Larimer County = 255
- Weld County = 261
- Metro Denver = 1,645
Here is the current pace of sales in each market:
- Larimer County = 10/day
- Weld County = 10/day
- Metro Denver = 112/day
So, at the current pace of sales, this is how long it would take to sell all the residential properties currently for sale in each market:
- Larimer County = 26 days
- Weld County = 27 days
Metro Denver = 15 days
Bubble Talk
A hot topic of conversation these days is the prospect of another real estate bubble. People wonder if prices can continue at their current pace and some fear a repeat of 2008.
Because we get asked about this topic so often from our clients, we thought it would make sense to ask our in-house expert, Matthew Gardner.
Matthew is our Chief Economist and was our Keynote Speaker at the Windermere Annual Market Forecast.
During the Forecast presentation, he discussed the bubble concerns and laid out his reasons why he sees no potential of prices bursting along the Front Range.
Quite the opposite actually, he sees that prices will continue to go up, but just not as fast as they have been.
His reasons for no bubble bursting are as follows:
- Record-low inventory – prices cannot crash without a glut of supply on the market
- Highly-qualified buyers – lending guidelines are more stringent today than they have been in our lifetime
- Growing jobs – job growth in Colorado is projected to far outpace the national average this coming year
So, we project a healthy real estate market in 2021.
To see a replay of the Forecast presentation, simply reach out to us, we would be happy to send you the recording.
6 Million
The National real estate market just hit a massive milestone.
Based on the numbers through August, we are now on pace to sell 6 million homes. This is the highest pace we have seen in 14 years.
The 6 million threshold is a big deal in the real estate brokerage world.
Each month, as they have for a long time, the National Association of Realtors tracks the sales and then calculates the annualized rate of residential closings.
For many, many years this number has bounced around 5.5 million. The fact that it just jumped to 6 million speaks to many factors especially the effect of today’s interest rates.
Pendings are Popping
Temperatures may be cooling off but the Front Range real estate market is not.
Typically the market starts to slow down a bit in the Fall after a hot Spring and Summer.
Not this year.
The indicator we use to measure future closed sales is current pending sales.
Simply, we look at the number of properties under contract and scheduled to close versus the same time last year.
Current pending sales are way up along the Front Range when measured against 2019:
Metro Denver up 34.1%
Larimer County up 48.6%
Weld County up 50.2%
Based on these numbers, closed sales numbers over the next 60 days will be very strong.
Forbearance Falls
The number of loans in forbearance just fell to their lowest level since mid-April.
This is good news for the real estate market.
Less and less people are seeking payment relief on their mortgages.
The number of loans currently in forbearance stands at 7.16%.
This news coincides with the U.S. Unemployment Rate falling to it’s lowest level in 5 months as more people are getting their jobs back.
The economy has added back roughly half of the 22.2 million jobs that were lost in March and April of this year.
New Home Surge
Sales of new homes have jumped to their highest levels in 14 years.
The annualized rate of single-family new construction homes is now at 901,000 according to the new Census Bureau report.
This means that across the U.S., at the current pace of sales, there will be almost 1,000,000 new homes built and sold over the next 12 months.
This pace is 36% higher than one year ago and the highest it has been since the end of 2006.
Given the low inventory levels of previously-owned homes that most of the Country is experiencing, this uptick in new home activity is welcome news.
Price Report
The Federal Housing Finance Authority just released their most recent quarterly report which tracks home price appreciation in the top 100 metropolitan areas in the U.S. plus appreciation in individual states.
Some significant findings from the report:
House prices have risen for 36 consecutive quarters, or since September 2011.
House prices rose in all 50 states and the District of Columbia between the second quarters of 2019 and 2020.
The top five areas for annual appreciation were:
1) Idaho 10.8%
2) Arizona 9.1%
3) Washington 8.6%
4) Utah 8.1%
5) New Mexico 7.7%.
Idaho has been the leading state for the last 7 quarters.
Colorado showed annual appreciation of 4.4%.
The areas showing the lowest annual appreciation were:
1) West Virginia 1.1%
2) North Dakota 1.1%
3) District of Columbia 1.4%
4) Illinois 2.5%
5) Alaska 2.6%.
House prices rose in 99 of the top 100 largest metropolitan areas in the U.S. over the last four quarters.
Annual price increases were greatest in Honolulu, HI, where prices increased by 11.7%.
Prices were weakest in San Francisco, where they decreased by 0.3%.
Rare 10+ Acre Horse Property in Drake!
Here is your chance to own a home with wide open space and 360 views. Sprawl out in this spacious 2,000 sq ft home with plenty of outbuildings awaiting you and your animals! Enjoy beautiful Colorado summer nights on the large deck right off of the kitchen. Perfectly located only 30 minutes from Estes Park and Loveland to enjoy the conveniences of town and the seclusion of the mountains. Contact Jared Foster at (970) 690-5707 for your private showing for more information or click the link below
CLICK HERE TO CHECK OUT THE FULL PROPERTY DETAILS
