It's a seller's market in Northern Colorado, and the lack of inventory is the reason why you might be having more difficulty buying a home than you'd anticipated. Housing inventory is on a downward run greater than at any other time in 20 years. According to Javier Vivas, manager of Economic Research at Realtor.com, “in 80% of markets, there are fewer homes for sale currently than this time last year.”
Nationally, there are 11% fewer homes on the market year-over-year in June, according to the latest data from Realtor.com. Prices nationwide in June were 9% higher than those one year ago, with a median at $275,000. When you compare that to the median pricing in NoCo for single family homes at $395,250 (up 12% from last year) and for condos at $271,000 (up 7.5% from last year), you can see why it is difficult for first time home buyers to find their way into a new home.
Housing Inventory in NoCo
Fortunately, according to the Fort Collins Board of Realtors, new listings of single-family homes in NoCo were only down 1.8% and condo/townhomes were actually up 14.7%. This latter statistic might bode well for a softening of the seller’s market for condos and townhomes. Unfortunately, many new homes are too pricey for our biggest block of buyers. Expensive new-built homes are not providing near-term relief for many people. Bottom line: inventory shortage will create a tough market for buyers for the remainder of this year.
We Can Help
We offer professional help that will give buyers the best possible chance of winning a contract on a home they can afford. Check out this summary of the services we offer our buyers as they prepare for and move into their search for a new home.
Please give us call at 970-412-1657 and we will help you navigate the ins and outs of purchasing a home in this seller’s market.