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Welcome > Local Market Statistics ...
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NoCo Market Statistics: July 2010
July 2010 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 8/7/10
Home Sales
Existing home sales marked the twelfth consecutive month of year-over-year increase
in June with a 9.8% jump to 5.37 million units sold. On a monthly basis, sales activity
eased 5.1% from May. The moderation in home sales reflects understandable swings
as buyers responded to the tax credits, according to Lawrence Yun, NAR chief
economist. He anticipates such impact to show up in the next two months. In June,
first-time buyers purchases, while down from 46% in May, remained historically
elevated at 43% of sales.
Median Home Price
Junes median home price increased for the fourth consecutive month to $183,700.
This is up 5.2% from May and 1% from a year ago. Distressed homes, accounting for
32% of sales last month, continued holding home prices at highly affordable levels
for the time being. While distressed sales hovered around the same level as a year
ago, the gain in home prices is pointing to a sustained stability in the making (see
graph below).
InventoryMonths Supply
Total inventory edged up 2.5% to 4 million from 3.89 million last month, providing
buyers with a nice selection of homes. This represents 8.9 months of supply at the
current pace of sales. The increase, while pulling housing supply above the 8.3
months in May, is still 5.3% below levels seen a year ago, and it is unlikely to have a
significant impact on home prices due to overcorrection in many markets.
Affordability - Percentage of Income
Housing remains highly affordable, and prospective home buyers stand to benefit
from the lowest mortgage rates in decades, as well as advantageous home prices. The
home price-to-income ratio continues to remain well below the historical average of
25%, but stabilizing home prices are drawing affordability back up toward more normal
levels. The ratio now stands at 15.7%.
* Latest Data Release: July 22, 2010. Source: National Association of Realtors.
Source: Keller Williams Realty, This Month in Real Estate, released 8/7/10.
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County Housing Market Snapshots
Please note: The second quarter 2010 column (Q2 10) shows forecasted movement. Actual second
quarter 2010 numbers will be available in follow-up posts. Source: IRES Economic
and Market Watch Report, 1st Quarter 2010
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Larimer County, 1st Quarter 2010
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Weld County, 1st Quarter 2010
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Closing or Settlement >Escrow Rules
The lender is allowed to accumulate a borrower's payments up to a two-month advance cushion at the end of a year. But if a surplus develops beyond this amount, the borrower is now entitled to an immediate refund unless the surplus is less than $50. These rules apply to new loans.
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| Q |
What famous American sign was originally erected as a real estate ad?
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| A |
The Hollywood sign, built in 1923, was conceived as a real estate ad that originally read, "Hollywoodland." |
 See More Real Estate Trivia > |
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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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