Here’s a question we sometimes hear…
“What is the most active price range in our market?”
For most of Northern Colorado, the range of $300,000 to $500,000 is far and away the most active (no surprise there). For example, in Fort Collins there are more than three times as many sales in this price range compared to the range of $500,000 to $700,000.
The one exception is Greeley. In Greeley the most active price range is under $300,000. This price range has twice as many sales as the $300,000 to $500,000 range. Why is this true for Greeley and not other places? You guessed it – it’s because the other locations don’t have much inventory under $300,000.
It’s interesting to note that in Fort Collins there are more sales in the $500,000 to $700,000 range than the under $300,000 range. This was not the case even one year ago.
The market is changing right before our eyes.
Metro Denver is short by 10,000 listings.
The average number of homes for sale for this time of year in the Denver area, going all the way back to 1985, is 14,309.
Right now there are 4,084 residential properties on the market. This is a difference of 10,225 listings compared to the long-term average.
The peak was 2008 when there were 25,037 listings. The lowest year was last year with 3,878 (a drop of 21,159 in 9 years?!).
The good news for buyers is that inventory is up 5% compared to last year. Another piece of good news is that the Spring tends to produce the highest amount of inventory for buyers to pick from.
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