Market Statistics to Sink Your Teeth Into

September market statistics are out and available for viewing here

Scroll through the commentary to get to the meat of the statistics.  Numbers are what drive economies.  It gives us a gauge as to where we stand, whether good or bad.  Northern Colorado is broken down into three different markets, Greeley/Evans, Loveland/Berthoud, and Fort Collins.  These three markets are again broken down into sub-categories of detached (single family homes) and attached (condos, townhomes, and similar). 

Realtors rely on a number of variables when understanding the market and which way we're moving.  I conduct my understanding of the market based on three key statistics: number of listings sold, days on market, and median price.  The reason why the number of listings sold is so important is because that represents the true market.  Knowing how many homes are actively on the market doesn't indicate anything, unless you know what has sold.  Think about it, the only way to truly measure how much inventory is getting moved is how much is sold, not how much is on the shelf.  That's why I don't focus much on "active listings".  Average days on market indicates how long a home is for sale, which gives you a good idea of how long it takes for inventory to move.  On top of that, median sales price gives a good indication as to which direction the market is moving, up or down.  Having statistics through the third quarter gives us enough of a sample size to understand 2011's market.

Below is a breakdown and interpretation of each market.

Fort Collins detached home sales for 2011 are just trailing 2010 just slightly with a drop off of 2.7%.  Normally this would be a negative sign; however, the due to the 2010 first-time home buyer tax incentive of $8000, multitudes of home buyers were able to jump into the market early in 2010, as opposed to sometime in 2011.  Noticing the attached sales, we're far ahead of 2010.  Median sales prices are just slightly higher in 2011, meaning home prices aren't falling (good news to all you sellers).  The reality of short sales and foreclosures continues to impact the market, but not in sales price, just days on market, in which we have seen a slight increase in 2011.  Overall, the Fort Collins market in both attached and detached homes have been very healthy in 2011 and will continue to stay strong in the next year. 

Loveland/Berthoud home sales (both attached and detached) have outpaced 2010 through September, which is a very positive signal.  Considering the tax credit from 2010, Loveland is faring very well as we climb out of the recession.  Attached home days on market has increased significantly, where as detached days on market has remained stable.  Median prices are coming in a bit higher for detached homes and nearly even with detached homes.

The Greeley/Evans is fairly consistent with the rest of the region.  There is a slight reduction in detached units sold, but once again keeping in mind the tax credit from 2010, the market is healthy.  Days on market for attached homes have decreased significantly, where detached homes have increased.  Year to date median home price averages are slightly lower as the short sale and foreclosed homes in area are decreasing home values.  Greeley/Evans and most of Weld county was hit hard by distressed properties, and considering the amount of foreclosures and short sales that have gone through, the price dips are actually promising.  Another glimmer of hope for Weld County is the oil and gas production increases that are being projected.  With workers and servicers soon moving to call Weld County home, property prices will be expected to recover.