Imagine what would happen if we actually had a decent amount of homes on the market so every buyer could buy a home and be happy.
It’s just not reality right now. So, buyers are offering thousands over list price, bringing as much cash as possible and waiving appraisal.
According to Biz West, the median price for a single-family detached home in Fort Collins went up 17% from January 2014 to January 2015. That’s $248,000 to $289,733 in one year. The most telling statistic is that during the month of January 2015, there was a 25% increase in sales from January 2014 while there was a decrease of 24%. That means the competition for homes was fierce.
The numbers were similar for Loveland/Berthoud, Boulder and Longmont. Loveland’s median price is a surprising $299,000 even higher than Fort Collins. There were also more listings available with only a 8% decrease in the number of listings.
It’s a tough market for everyone. People assume that everyone is doing well but the fact is sellers can’t sell if they have nowhere to go, buyers who are without a tremendous amount of cash are left out of the game and houses once worth about $190,000 in the market are inching above $230,000 or more. So, sure, sellers are doing well but they better be moving out-of-state to a market that’s slower than ours or buying above $400,000.
But, ever optimistic, March is just around the corner and I am ready!
Are you? (I’m talkin’ to you sellers).