Got Property? Housing Market update
By Kevin Westhuis President, Fort Collins Board of Realtors and Chuck McNeal, Chairman with The Group, Inc. Real Estate
For the first seven months of 2008 the Fort Collins residential real estate market has been a mixed bag of good news and not so good news. Sales of existing single family homes are down about 14% from last year, but average sales price of those homes is up to over $267,000 from $259,000 last year. Inventory is much more balanced this summer than last and time on the market in lower price ranges has dropped, even creating inventory shortages in some price ranges.
Inventory and average time on the market for higher price ranges (over $500,000) has increased, but well priced and prepared homes are selling. Fort Collins has not been impacted by foreclosures to the extent that many communities nationwide have, and new lending guidelines are helping first time buyers take advantage of good opportunities.
Fort Collins has had positive appreciation in home values this year; check out HUD’s website at www.ofheo.gov, for appreciation rates of 290 metro areas around the country.