September is here, the season of cooling off can officially begin. That means it’s time to make some plans for the upcoming months. The conversations over the last 12-16 months in the real estate business have been all about how hot the real estate market has been. Fort Collins is no different. But the conversations have kind of shifted lately. Now, there’s a narrative that the housing market is maybe turning and that it’s cooling down too.
Here are some updates and predictions for Fort Collins real estate market.
Through the month of June 11th to July 12th, we saw about 55 single-family residential homes having a price reduction. In the last month, we saw about 85-90 houses have price reductions, which is about a 60% increase in reductions.
They’re relatively decent, about a 3% reduction for a median-price house. That to me means that sellers have tried selling while the market was extremely hot but they didn’t get it, so they did a price reduction in the first 5-15 days.
More conversations with listing agents
When we were trying to buy houses for our clients over the last few months while the market was at its hottest, we couldn’t even get a conversation back from some of the listing agents. Now the situation is different and we’re having more and more conversations about listings. They are reaching out to us after a showing and asking “how did your buyers like it? Do you think they will be submitting a contract?”
Now instead of being ghosted, we are at least being acknowledged that we are alive!
The number of house offers has decreased
Depending on the price point, we were seeing 5-8 offers per house. As of the past few weeks, we’re seeing closer to 2-3 offers. So we’re still at multiple offers per house situation but not as many as before.
Other real estate market updates in Fort Collins
The market is still incredibly hot in Fort Collins but it’s not as hot as it was up to one month ago. These updates are proof:
- Inventory has perched up a little bit
- Days on market are up 10%
- Houses are going on average only 1.05% above list price.
What’s going to happen with Fort Collins real estate market in the future?
With the Delta variant coming, the CDC eviction moratorium, mortgage forbearance expiring soon, and new construction, there’s been a lot of talks lately about the future of the market. Here are some of my predictions.
- The eviction moratorium has expired or been removed. What does that mean now for those landlords who can evict their non paying tenants? Keep the rental or put it on the market and cut their losses?
- If inflation comes roaring. Buying a house and getting a fixed interest rate is a great hedge against inflation.
- With more people coming to live in Fort Collins, inventory will always be battle to keep up with the demand.
And there you have it! Those were some updates and predictions for Fort Collins real estate market. Hopefully, this article helped you get a better idea of the situation so that you can make more informed decisions for yourself and your family. If you’re considering moving to Fort Collins, drop us a message and we can help you find your dream house.
Check out the full video below and consider subscribing to our YouTube channel: