Fort Collins, Greeley, Loveland set records for median price
How hot can it get? The region’s housing market continued to set records for median sales price in many cities in May, with low inventories and high demand pushing prices up.
That’s according to the latest sales data from Loveland-based Information & Real Estate Services LLC, the multiple-listing service for the region.
“We are an extremely red-hot market, and whether you look at it good or bad, we are going to continue to see this type of increase because the lack of inventory is forcing those prices up. We still have an incredible amount of buyers who are trying to land,” said Dennis Schick, broker owner of Re/Max Alliance, which has offices throughout the Boulder Valley and Northern Colorado.
A confluence of factors, many of which are exacerbated by the COVID-19 pandemic, have combined to create an environment where there is an historical low total of homes on the market.
Those factors include low interest rates, an increasing number of Millennial buyers entering the market, people who now work from home demanding additional space, an influx of new buyers from more expensive real estate markets on the coasts and rising construction costs.
Here’s a snapshot of active listings in March from around the region:
• Boulder: 117 active listings , down 20.4% from 147 a year ago.
• Fort Collins: 301 active listings, down 42.2% from 521 a year ago.
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From Boulder to Broomfield, from Windsor to Wellington and well beyond, the Front Range residential real estate market is locked into a seemingly intractable state of low inventory.
A confluence of factors, many of which are exacerbated by the COVID-19 pandemic, have combined to create an environment where there is an historical low total of homes on the market.
Those factors include low interest rates, an increasing number of Millennial buyers entering the market, people who now work from home demanding additional space, an influx of new buyers from more expensive real estate markets on the coasts and rising construction costs.
As Northern Colorado climbs out of the COVID-19 pandemic doldrums, local real estate experts are left wondering when workers will return in person to the office and whether the virus has caused a permanent shift in commercial real estate markets.
Similar concerns exist regarding the retail sector, and while the residential sector is red-hot, there are significant headwinds related to the rising cost of land, water and construction materials, Northern Colorado real estate pros said Tuesday during BizWest’s virtual CEO Roundtable.
Citing an internal survey, CBRE broker Peter Kelly estimated that about 90% of workers will be back at work in some fashion in the next year.