Inventory Increases:
As inventory continues to climb throughout Northern Colorado, some jurisdictions saw as much as a 60+% increase in volume over this time period last year. While the data shows many single family homes hit the market these past couple of months, it seems townhomes & condos aren't seeing as much of an increase. In fact, in many areas in NoCo, the inventory for this group has actually seen a decrease. Except for Berthoud and Windsor, who saw a decrease in inventory for single family homes, all other areas definitely witnessed double-digit increases in homes hitting the market. Even though active inventory is at a yearly high for single family homes over this past year, with almost 400 active listings, it's still well below historical averages.
Home Prices Continue to Climb:
Although the increase in inventory this Summer would make you think home priceshave leveled off, which they have to some extent, the fact remains that prices still increased a whopping 14.8% for single family homes and 13% for townhomes & condos, over the same time period last year. Prices have also increased for single family homes and townhomes & condos an overall 20.4% & 10.3%, respectively, so farin 2022.
When we look at close-to-list price, this metric has decreased year over year for all home types, at 101% for single family homes and 102.2% for townhomes & condos. Historically, for Northern Colorado, this number sits at or below 100%.
What does all of this mean?
The Federal Housing Finance Agency publishes quarterly data called the House Price Index. This data is a broad measure of the changes in single-family home values and is an accurate indicator of house price trends throughout the U.S. The higher the ranking, the larger the percentage change in single-family home values.Included in the top 268 metropolitan areas that saw appreciation are Pueblo (#38), Colorado Springs (#63), Boulder (#79), Denver Metro ( #82), and Fort Collins Metro (#94). This latest ranking shows just how much home values in NoCo and the state have increased in recent years.
As the market data continues to reveal itself, it becomes apparent that until inventory starts to skyrocket, and we have multiple months of inventory, we will continue to see an increase in home prices. For now, and for the foreseeable future, it will remain a seller's market.
If you have questions on when it's a good time to buy or whether you should list your home now, in the Fall or even next Spring, be sure to reach out to one of our trusted Corcoran Perry & Co. real estate professionals - they will guide you through the whole process.
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