Old Town Market Update: June 10th, 2014
Prices in Old Town up $112,000 in May!
May 2014 yielded 18 transactions for single family home purchases, resulting in an average sales price of $437,000. That is $112,000 higher than the sales price during May 2013, which averaged $325,000. The median sales price is up $180,000 from May 2013.
Additionally, the median condo/townhome/attached dwelling sales price is up $77,000.00, while the average days on market for these units has decreased by 85 days since May 2013. These lower priced homes are selling more quickly.
Due to the increase in property values, single family homes are remaining on the market longer; the average days on market was 131 in May 2014, up 89 days from May 2013’s average of 42 days on market. Although it is taking longer for single family homes to sell in Old Town, there is no shortage of demand for these properties.
The rising demand can be reflected by the following: the number of homes priced over $400,000 has doubled in the last 12 months from 5 in May 2013, to 10 in May 2014. Buyers are generally taking longer to purchase homes, granted buyers in May 2014 spent nearly 35% more than buyers in May 2013.
Despite the increase in average prices, buyer demand continues to increase, Old Town Fort Collins continues to be among the nation’s most desirable areas to reside.
Fort Collins Homes for Sale, Old Town Homes for Sale, Fort Collins Real Estate, Old Town Real Estate, Colorado Homes for Sale, Colorado Real Estate, Downtown Real Estate Partners, Emily Heinz