If you’ve been wondering about the latest updates on the real estate market in Fort Collins, this article is for you! Continue reading to learn more about the latest real estate market update for Fort Collins, CO.
Fort Collins real estate stats
Here are some real estate market stats in Fort Collins in August 2022:
- Single-family detached homes had a little bit of a price reduction for the median sales price from $647,000 to $613,000, which is a 5.2% reduction;
- The difference between the original list price and the sales price is not that big anymore closing in to about 100% rather than 106%;
- Days on market for a house went from 31 to 33;
- We’re seeing an 18% reduction in homes under contract, and this is a direct correlation to new mortgage applications, which have decreased by 18% this year compared to last year;
- Interest rates went from 6% to 5% over the last two weeks.
While it’s true that the interest rates have increased to 5%, that’s still a really good rate historically.
We’re finally in a good spot where you don’t have to buy a house in the first three days; you have enough time to make all the big decisions, go through inspections and not have appraisal gaps. There’s also far less stress involved, and you’re going to potentially get the house for at least the asking price (sometimes even under the asking price).
Lower buyer demand
With the rising inflation and more inventory on market, the buyer demand in Fort Collins is significantly lower than it used to be. Some people seem to be holding off on buying a house right now. Additionally, getting multiple competing offers on a single house is getting more and more rare, so if you’re a seller in 2022, you need to make sure you price your house correctly.
Renting vs. Buying in 2022
When it comes to renting versus buying in Fort Collins in 2022, renting may be a better option for you if you plan to live in your house for a shorter period of time. But if you’re planning to settle down in Fort Collins, then buying might be a better idea. We recommend having a timeline of at least 4-5 years to live in/own the home.
So there you have it! In general, Fort Collins is a healthy market, and it’s on everybody’s radar right now because it’s one of the best places to live.
Hopefully, this article helped you understand the Fort Collins real estate market update in August 2022. If you’re looking for more information about buying or renting here in Northern Colorado, drop us a message; we’d love to help you out!
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