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Welcome > Local Market Statistics ...
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NoCo Market Statistics
The latest available northern colorado real estate market statistics are in! In the chart below, we examine the following leading market indicators for Greeley, Loveland/Berthoud and Fort Collins:
- U/C = Under Contract
- Number of sold properties
- MSI = Months Supply of Inventory
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National Numbers that Drive Real Estate
Numbers Released January 2012
Home Sales
Sales among existing homes rose in November by a seasonally adjusted 4%, to 4.42 million units up from 4.25 million in October, and are 12.2 percent above last year at this time. Lawrence Yun, chief economist for NAR said, Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 a genuine sustained sales recovery appears to be developing.
Median Home Price
While median home prices in November rose to $164,200 from $162,500 in October, they are down 3.5% from a year ago. David Stiff, chief economist at Fiserv, stated, Housing affordability has improved dramatically because of declines in both prices and mortgage interest rates. The monthly mortgage payment for a median-priced single-family home is now $700, compared to $1,140 in 2006a decline of nearly 40%. (Based on 2011 Q2 figures)
InventoryMonths Supply
With increased levels of sales, the inventory of homes on the market continued to decrease, falling by 5.8% in November to 2.58 million homes available for sale, or an equivalent of a seven month supply at the current sales pace. This positive sign of increasing sales and lower inventories are keeping the housing market on track for stabilizing home prices and a stronger housing sector.
Mortgage Rates (30-year fixed)
Mortgage rates continued to push historic lows in November, dropping another .08 points, to 3.99% for a 30-year fixed mortgage. "Rates on 30-year fixed mortgages have been at or below 4 percent for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year, which means that today's homebuyers are paying over $1,200 less per year on a $200,000 loan, said Frank Nothaft, Vice President of Freddie Mac.
Source: Keller Williams Realty, This Month in Real Estate, released January 2012.
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Disclosure Laws >Hard Sell
Many real estate listings come from individuals who thought they had sold their homes. Sellers who try to sell their own home learn the hard way that selling a home is not easy. Keeping it sold and getting to the closing table is even more difficult. What are the pitfalls involved in selling your own home?
Face-to-face negotiations can be difficult, even when the buyer really wants the house. Then there is the paperwork. Standard contract forms rarely cover all of the local requirements regarding disclosure laws. Such contracts may provide loopholes which could allow a buyer with cold feet to back out at the last minute.
When you have finally come to an agreement, how can you be sure that your buyers will engage competent professionals to handle their loan and complete the closing? What if structural problems are discovered or property boundary problems are revealed? The experience and expertise of a professional real estate agent is your greatest asset in concluding a successful transaction.
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Kittle Team
Keller Williams
2580 E. Harmony Road Ste 201
Fort Collins, CO 80525
970-690-4920
Fax: 970-377-3701
robkittle@NUMBER1EXPERT.com
As a leader and owner of the Colorado Home Specialists, Rob graduated with honors from the University of California in Santa Barbara with a B.S. in Hydrology and a B.A. in Environmental Sciences. After purchasing his first home in Fort Collins shortly after graduating, he was intrigued as to why there were so many students who were renting when could own a home and enjoy the benefits that home ownership provides. This passion led to a full time career in Real Estate where he initiated a first time home buyer program for the Colorado State University Students.
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