01/02/2025
Real estate update.
As of January 1, 2025, here's an overview of the real estate market trends in Northern Colorado, focusing on Fort Collins and Loveland:
Fort Collins:
Median Home Price: In November 2024, the median sale price was $550,000, marking a 3.8% increase from the previous year.
Price per Square Foot: The median price per square foot was $276, up 9.5% year-over-year.
Days on Market: Homes sold after an average of 57 days, compared to 49 days in November 2023, indicating a slight slowdown in market pace.
Market Conditions: The market remains somewhat competitive, with homes receiving an average of two offers.
Loveland:
Sales Activity: In October 2024, 86 detached homes were sold, an 11.69% increase from October 2023, suggesting a rise in buyer activity.
Regional Trends:
Inventory Levels: Throughout 2024, Colorado experienced increased inventory levels, with active listings reaching the highest in a decade by October. However, buyer demand remained subdued, leading to a more balanced market.
Market Outlook: The Colorado Association of REALTORS® noted sluggish sales, flat prices, and lackluster buyer demand statewide as of December 2024, with both buyers and sellers adopting a wait-and-see approach amid economic uncertainties.
Conclusion:
The Northern Colorado real estate market has shown resilience with modest price increases, particularly in Fort Collins. However, extended days on market and increased inventory suggest a shift towards a more balanced market. Loveland's uptick in sales activity indicates localized demand variations.
*Note: Real estate markets are dynamic and can change rapidly.
Text me,
Tom Romero
Keller Williams Avenues Realty
970-480-SOLD (7653)