Emily’s Market Updates

April 2018 Old Town Market Update: March 2018 stats

Spring has sprung!

The housing market is in full bloom as listings are getting under contract within days.  Fort Collins, collectively saw 238 sales for the month of March 2018. The highest sales price was $920,000 and the lowest was $195,000, which made the average sales price $422,000.  In 2017 there were 271 sales with a high price of $1,512,000 and a low price of $137,000 with an average of $824,000.

For Old Town sales: March 2017 saw 19 sales with a high price of $1,512,000 and a low price of $250,000 and a average of $532,000.  This March there were also 19 sales with a high price of $765,000 and a low price of $230,000 which make an average sales price of $503,000.

I’m seeing less inventory at large, this year compared to last, and prices seem to be stabilizing some, not jumping up as fast as they were this time last year.  I am also seeing more ‘off-market deal,’ here Realtors are finding Buyer on their own before going to market.

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Old Town Market Update

Year to Date 2017 for Single Family Homes

People ask me all the time what the average price per square foot for Old Town is. My general feelings about price per square foot is that in commercial Real estate transactions, it’s a very good benchmark, but residential there’s too many variables to really use it. For example when someone quotes the price per square foot are they using all the finished square feet or just above grade or the total square footage regardless of finish level? It’s not uncommon to see Old Town Homes have $450-$500 per square foot because the average home sale prices are between $450,000 and $500,000 and many homes are at or around 1,000 ft.². Also, so many factors come into play with pricing, such as the location, finishes, and overall condition that wouldn’t be obvious just by quoting someone a price per square foot. So, I don’t generally apply at an average price per square foot to get a value for house I don’t think that’s the most accurate approach. Having said that, here are the numbers of the average home sale price, median home sale price and the average price per square foot broken down month by month and then cumulative year to date.

 

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Old Town/Fort Collins Market Update: July, 2017

Trying to buy in Old Town below $600,000

In 2017, more than previous years, I have seen a clear price pattern among Old Town buyers. Many buyers are willing to go up to $600,000 but even at this price point they either struggle to find what they are looking for, or the homes sell very quickly and there simply isn’t enough inventory at this price point in single family homes. My listings above $600,000 stay on the market longer, and seem to have much fewer showings than those below this price point. Here is the data:

Since January 1, 2017 there have been 73 single family sales below $600,000 in Old Town (North of Prospect, West of Lemay, South of Vine and East of Bryan, this does not include south of Mulberry by City Park). Those homes closed with an average of 55 days on the market, including the 35 day escrow period. Those sales averaged a sales price of $414,000.

During the same period, there have been 21 home sales above $600,000. These homes stay on the market 30% longer than homes below $600,000, and they take an average of 50 days before they receive an offer. These statistics support my experience as a Listing and Buyer’s Agent in Old Town that the majority of buyers are looking for homes below $600,000.

Lastly, there are currently 38 homes on the market below $600,000 and 23 of those homes are under contract and 15 are Active.  Above $600,000 the inverse is true: there are currently 24 homes on the market and only 5 are under contract, and 19 are still active. The moral of the story is that listings above $600,000, on average need to be prepared to spend a little more time on the market before they sell.

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Old Town/Fort Collins Market Update: June, 2017

To Carriage house or not to carriage house

I get asked about 20 times a year if there are any homes in Old Town with carriage houses. Most of the time, the person asking is looking for a place for a family member, such as an elderly parent, to come stay with them. Additionally, some members of the Affordable Housing Board feel that adding density to existing residential lots is an avenue for creating more affordable housing options. Rents from a carriage-house can offset a mortgage with some additional rental income and these units are usually small enough that they do not cost too much to rent out, a possible win-win!

Unfortunately, very few of these units exist, as the current Land Use code requires a residential lot size to be at least 10,000 square feet in order to add a detached dwelling. Most Old Town lots do not exceed 9,500 square feet.

Recently the Planning staff worked on the Old Town neighborhoods plan, which included many meetings for public out-reach and input. The result was a very positive response regarding lowering the minimum standard of lot sizes for carriage houses. As a result of that outreach, planning staff made a recommendation to the City Council to change the requirements to allow lot sizes of 9500 ft.² to be able to build carriage houses.

Council Member Cuniff requested that the City do more outreach before Council decides on this item. He cited several community conversations he’d had wherein neighbors had concerns about carriage houses. I’m sure there are many concerned neighbors about this idea. The actual amount of the lots that would be able to have a carriage house if this item passed would be 308. My personal feeling is, because of the costs inherent in building a carriage house and bringing infrastructure to the back of the property, it will greatly limit the amount of people who opt to add a carriage house to their property of those 308 lots. I think adding density here and there in Old Town (and across town) through duplexes, expanding existing properties, and adding carriage-houses is a much better alternative than having high-rises all throughout the downtown. Sometimes I think we can make decisions out of the fear of a worst-case scenario, such as “If this passes, all 308 of those properties are going to put carriage houses on them, and traffic will be horrible and what about parking etc. etc. etc.” When in reality, not that many of the units would actually ever be developed. Just some food for thought.

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Old Town/Fort Collins Market Update: May, 2017

The Missing Middle

Recently I have had an influx of clients looking for a product in Old Town that doesn’t exist: townhomes, with main floor master bedrooms, for $350,000 – $600,000.00. The notion of retiring to a pedestrian friendly part of town, with a low to no maintenance home appeals to many baby-boomers. Lock and leave the property, travel the country or better yet, the world and come home to Old Town Fort Collins, sounds like an idyllic life. The only problem: townhomes in Old Town are $769,000 – 1,400,000.00. Why not a condo then? Because of the “condo defect law” no new condominiums are being built, so condos are also a very limited market. As infill projects become fewer and fewer, the opportunity to develop these sorts of housing types becomes more and more limited. As someone who works with buyers every day, I can say, to all the developers who may be reading my little post: please build something that meets the need of the retiring boomer who wants to avoid stairs, live in Old Town and pay less that $750,000.00.

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Old Town/Fort Collins Market Update: March, 2017 stats

The average home sale price for March 2017 in the Old Town East / West neighborhoods was $453,000 and the price point for 2016 was $428,000.

The rest of Fort Collins, (excluding the East / West Old Town neighborhoods) puts the average sale price at $405,000 with a median price of $385,000 for March 2017. This same time last year shows this area had an average sales price of $382,000 and a median price of $360,000.

How does this compare to Fort Collins overall? March of 2017, the average sale price for the City was 185 sales with an average of $411,000 and a median price of $390,000. This time last year, all of Fort Collins was averaging $402,000 and the median price was $369,000.

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Old Town Market Update: February, 2017 stats

The average home sale price from Feb 2016 to Feb 2017 is up $109,000

Every month we do a break down of the single family sales in Old Town for the previous month, what the average sales price was and how it compared to the year before.

In February 2016, there were 10 sales in the Old Town area. The lowest price was $265,000 the high was $643,000 and the average sales price was $401,000.00. In comparison, this last February there were 9 sales, with a low price of $314,000, a high of $769,000 and an average of $510,000, that’s $109,000 more than 2016.

Check back next month when I compare these sales averages with the rest of Fort Collins.

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Old Town Market Update: January, 2017 stats

January 2017 sales up $130,000 in Old Town over January 2016.

The first month of January is already behind us and sales volume in Old Town this year is double what it was in January 2016, with 10 sales this year and 5 sales in 2016.

The average sales price this January was $577,000 and a median price of $574,000; while in 2016 the average sales price was $447,000 and the median was $400,000.

For attached dwelling sales in January 2016, there were three sales that averaged $472,000, but this year this January there were two attached dwelling sales, with an average sales price of $215,000.

Sales are already picking up, faster than this same time last year! While most analysts expect interest rates to continue to creep up, they also anticipate sales should remain the same or increase.

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Old Town Market Update: December – Year End, 2016 stats

We knew that prices were increasing quickly in Old Town, but a 25% increase is quite a surprise! In 2016, there were 166 home sales in Old Town with an overall average price of:  $432,000 and a median of $414,000. While 2015 had 173 home sales in Old Town, with an average price of $352,000 and a median of $324,000. The overall value increase of 2016 from 2015 was $80,000, which is: 23% over last years average sale price. (See more specific monthly break down below.)

December Statistics:

The average sales price for Old Town in December 2016 was up $46,000 from December 2015! There were 16 sales in December 2016, averaging $442,000. With a median price of: $403,000. In 2015 there were 14 sales, averaging $396,000 with a median of $365,000.

You can see below that 2016 out sold 2015 in all months except August, and with 2016 values hitting their peak in June. In 2015, November was the highest sale price month, which is uncommon.

 

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Old Town Market Update: November, 2016 stats

Old Town Market Update: October, 2016 stats

Home sale prices up $45,000.00 over October 2015 and $62,000 over September 2016. Old Town sales this October yielded an average sale price of $451,000.00 and a median price of $417,000.00.  This time last year, the average home sale price was $406,000.00 and the median price was $378,000.00.

On trend with 2016 prices Year to Date: values are improving overall. We have been publishing this data month over month for single-family homes sales.

 

Prices tend to soften in the fall and winter, which has been bringing more buyers out around this time of year. However, there are less listings: Old Town saw 10 sales this October, down 11 from the 21 sales in September. More buyers and less inventory might help explain why prices bounced up in October again.

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Old Town Market Update: September, 2016 stats

September 2016 in Old Town saw 21 sales with an average sales price of $389,000 and a median sales price of $370,000. This same time last year Old Town had 20 sales, with an average price of $418,000 and a median sales price of $338,000, the higher average in 2015 was largely due to two higher end sales, one for $850,000 on Mountain Avenue and one for $1,100,000 on Oak Street.

Sales prices have softened from Spring and Summer. Homes that would normally sell quickly, at or above list price in those seasons are still sitting on the market, or have had to take significant price reductions in order to sell. Some have asked me if I think this is a sign of a declining market, but I have seen the same type of declines over the past few years. We published these figures last month, but here is a recap of all the average sales prices in Old Town, since January 2016:

 

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Old Town Market Update: August, 2016 stats

The average sales price for August 2016 was $389,000, which is down $45,000 from 2015’s average price of $434,000.00. The main reason why 2015 had a higher average sales price is that a home sold on West Mountain for $1,124,000 in August 2015. Without that sale, the average sale price for August 2015 would have been $371,000.00.

 

As evidenced above, seasonality for Old Town sales is a strong reality. The competition, and urgency level of buyers greatly varies from month to month. As you can see above, values start to ramp up in March and then hit their peak in April, May, June and July, then prices start to soften as the year progresses. We will continue to keep you posted on sales trends and values in Old Town. Check our website downtownre.com for monthly market analysis and every active downtown listing in Northern Colorado.

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Old Town Market Update: July, 2016 stats

Old Town Market Update: June, 2016 stats

The average sales price is up $67,000 from June 2015 to June 2016 in Old Town. In the month of June 2015, Old Town saw 23 sales with an average sales price of $417,000 and a median sales price of $342,000.  This June, there were 19 sales, with an average price of $484,000 and a median price of $434,000.

In June 2015, there were 4 attached dwelling sales, with an average sales price of $352,000 and a median price of $316,000.  June 2016 was up $66,000 as an average sales price from 2015.  June 2016 saw 2 attached dwelling sales with an average price of $418,000 and a median price of the same value.

So the average single family home is up $67,000 from 2015 and the average attached dwelling is up $66,000 from 2015.  The summer tends to be a convenient time for Buyers and demand increases leading to an influx on valuations.  Multiple offer situations are very common right now, also ascending purchase prices.

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Old Town Market Update: May, 2016 stats

Old Town Market Update: April, 2016 stats

Average home sale price is up $99,000.00 from April 2015 and average attached dwelling sale price up $352,000 from April 2015.

In April 2015 there were 15 single family sales, with an average sales price of $381,000.00 and a median sales price of $323,000.00. This April Old Town saw 18 sales, with an average sales price of $480,000.00 and a median sales price of $459,000.00.

For Attached dwellings, there were two sales this April, with an average sales price and median price of $573,000 In 2015 there were four attached dwelling sales in April with an average sales price of: $221,000 and a median price of $193,000

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Old Town Market Update: March, 2016 stats

The average home sales price was up $21,000 from March 2015.  This past month Old Town saw 14 sales with a high of $670,000, a low of $237,000, and a median of $453,000, yielding an average sales price of $438,000. In contrast, March 2015 has 17 sales with a high $968,000 low $225,000, median of $399,000 and an average sales price of $417,000.   On average, these homes closed in 51 days on market this past March. March 2015 shows 56 days on the market.  This March there were 3 attached dwelling sales with an average price of $332,000.  In March 2015 there were no attached dwelling sales.

The Value of Local Lending:

In this competitive market, with homes selling well above list price, it’s even more important to use lenders with a local appraisal base.  This does not guarantee the home will appraise at the purchase price, but it does help insure the appraiser understands our local market.  A recent transaction in Old Town ran up against a major appraisal issue.  What was this big problem? The National Lender hired a National Appraisal company, which lacked expert local knowledge. The home was on a prominent Old Town street, near a prominent landmark, in a historic district.  The home appraised less than the lot alone would have sold for.  The end result, Emily contacted a local lender who knew the property well and instantly said they thought the property would appraise at list price and the deal rolled on to closing. Fort Collins is endowed with some great local institutions, if you’re thinking of buying or selling, talk to your hometown folks.

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Old Town Market Update: February, 2016 stats

February 2016 saw 7 single-family home sales in the Old Town Fort Collins area, the average sales price was $385,000.00 and the median sales price was $335,000.00. The average sales price per square foot was $249.00. How does this compare to February 2015 you ask? Great question, in February 2015, which had one less day than this year, there were 10 sales in Old Town. The average sales price was $383,000.00 and the median sales price was  $344,000.00, the average price per square foot was $243.00.

For Attached dwellings this February, there were no sales in Old Town. However, in 2015 there were three sales, with an average price of $318,000.00 and a median price of $315,000.00 and the average price per square foot was $313.00.

There are currently 9 houses and attached dwellings on the market in Old Town, not including upcoming construction. If a home is priced well, it is moving quickly, regardless of price point.

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Old Town Market Update: December, 2016 stats

Average sale price for single-family homes in Old Town up $106,000 from November last year!

Last month, eight single-family homes in Old Town sold at an average price of $496,000 and a median price of $483,000. How does this compare to 2014 sales?  In November of last year, there were four sales in Old Town at an average price of $390,000 and median price of $384,000.

This November there were no attached dwelling sales in Old Town, compared to the same time last year when three attached dwellings sold for an average price of  $193,000 and a median price of $120,000. Sale prices continue to increase in Old Town, as there is no place like it in the rest of Fort Collins.

Happy Holidays and remember to shop locally owned!

Statistics obtained from the Information and Real Estate Services Multiple Listing Service.

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Old Town Market Update: November, 2015 stats

The average single family home sale price is up $88,000 from October of last year!

The average home sale price in Old Town Fort Collins is up $88,000 from last year’s average home sale price. Nine Old Town sales averaged $415,000 this October, ranging in sale price from $289,000 to $786,000. The median sale price was $349,000, and the average price-per-square-foot was $240. Homes spent an average of 59 days on the market from list date to closing.

In contrast, in October 2014 there were also nine sales averaging $327,000. Those sales ranged from $200,000 to $445,000. The median sale price was $325,000, and the average price-per-square-foot was $234. Homes spent an average of 110 days on the market from list date to closing. Prices continue to climb in Old Town and the rate that homes are going under contract is even faster than October of last year.
Two attached dwellings sold this October in Old Town with an average sale price of $562,000, which was one sale for $315,000 and another for $810,000. The median sale price was $315,000. The average of these sales gives a price-per-square foot value of $391. These attached dwellings spent an average of 145 days on the market from list date to closing.

Let’s compare these numbers to attached dwelling sales from October of last year. Six attached dwellings sold last October with an average sales price of $402,000. Prices ranged from $175,000 to $650,000. The median sale price was $350,000. Price-per-square-foot averaged $315, and they spent an average of 79 days on the market from list date to closing. With more condo sales in October 2014, it would appear that prices of condos in Old Town are decreasing. However, with a lack of inventory and few attached dwellings being built, we are seeing prices continue to rise for these units.

Statistics obtained from the Information and Real Estate Services Multiple Listing Service.

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Old Town Market Update: October, 2015 stats

The average single family home sale price is up $62,000 from September of last year!

Last year, 12 Old Town homes sold in September, compared to 15 homes sold last month. Both years showed three homes in September sold for more than $500,000 while the remaining sales stayed around $300,000.

For attached dwellings, September of last year showed three condo sales, all in the Mason North neighborhood, averaging $345,000. Last month, Old Town saw four condo sales, all across Old Town, with an average sale price of $210,000.

With the Condo Defect Law in place, developers are not building condominiums, only apartments, so the value per unit is increasing rapidly. However, these figures don’t necessarily reveal that increase due to the variety of units that sold from this year compared to last year.

Statistics obtained from the Information and Real Estate Services Multiple Listing Service.

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Old Town Market Update: September 12, 2015 stats

Online Home Value Estimates Don’t Know the Fort Collins Market

Last month there were 14 single family home sales in Old Town, with an average sale price of $451,771 and a median sale price of $346,750. In comparison, 13 homes sold last August, with an average price of $298,846 and a median sale price of $280,000. That’s an increase of more than $66,000 in median sale price!
Many of you reading this article are looking to buy a home, or maybe you’re close followers of the local real estate market simply because it interests you. If you conduct your own research online, you should be aware that a lot of the information on national real estate websites is inaccurate. One popular site attempts to provide home value estimates for homes using public records and neighboring sales. We have seen these estimates for properties in Fort Collins vary wildly with what homes actually sell for. Checking these online home value estimates against the sale prices of the 14 homes above showed that most estimates were off by tens of thousands of dollars, some even more than $100,000 different than the actual sale prices. Most of these estimates undervalue Fort Collins properties, but some estimates are overvalued. Remember that the market knowledge of a local Realtor is an invaluable resource.

Statistics obtained from the Information and Real Estate Services Multiple Listing Service.

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Old Town Market Update: August, 2015 stats

Average sale price up $100,000 from July of last year!

Old Town sales in July of this year show that 19 homes sold with an average sale price of $412,000, a median price of $365,000, and an average price-per-square-foot of $246. In July of last year, there were 17 sales, with an average sale price of $311,000, a median price of $269,000, and an average price-per-square-foot of $204.

In other words, the average sales price in July 2015 is 32% higher than the same month last year. Low supply and high demand continues to drive Old Town prices up, which is good for sellers but hard for buyers trying to enter the market.

If you needed more evidence of the value of homes and land in Old Town, look at the home value appreciation in Old Town, Fort Collins versus another neighborhood in Fort Collins. The two homes in this example are both 3 bedroom, 2 bath homes of similar square footage, and both homes were sold three separate times between 1998 and 2015. Both homes had kitchen and bath remodels done over this 17 year time frame. The Old Town home sold for $152,400 in 1998, the second time it sold for $224,900, and the third time it sold for $565,000. The house sold for 3.7 times its 1998 sale price. The other home is in the Brown Farm neighborhood, and it sold for $123,900 in 1998, the second time it sold for $188,280, and the third time it sold for $235,000. This house sold for 1.9 times its 1998 sale price. Home values in all of Fort Collins are appreciating at a steady pace, with Old Town leading the way.

Statistics obtained from the Information and Real Estate Services Multiple Listing Service.

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Old Town Market Update: July 2015 stats

Last month only two Old Town homes sold, with an average sale price of $520,000 and a median sale price the same $520,000. The average days-on-market was just a single day.

This compares to June of last year where 14 homes sold with an average sale price of $357,500, median price of $333,500, and average days-on-market of 71 days.

Only two attached units sold last month, with an average and median sale price of $203,000 and average days-on-market of 25 days. For comparison, in June of 2014, four attached units sold with an average sale price of $323,000, median sale price of $335,000 and average days-on-market of 65 days.

These statistics show that few people want to leave Old Town Fort Collins and many others want to join what our community offers. This includes a walkable vibrant Downtown with dining, shopping, a movie theater, Public Library, museums and Max Rapid Transit. We have cultural events at the Lincoln Center, the weekly Farmer’s Market, beautiful parks with mountain views, and various festivals throughout the year. A newer addition to town is the Food Truck Rally in City Park every other Tuesday. The proliferation of “Little Free Libraries” in many front yards is an example of the community spirit residents enjoy in Old Town Fort Collins.

Statistics obtained from the Information and Real Estate Services Multiple Listing Service.

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Old Town Market Update: June 2015 stats

Price-per-square-foot in Old Town now at $327!

While the Old Town price-per-square-foot statistics rose dramatically over the last year, the average sale price is comparable to the same time last year.

Last month, 17 Old Town homes sold with an average sale price of $429,000 and a median sale price of $396,000. The average price per square-foot over the last month was $327/square foot.

In comparison, May of last year had 19 sales, with an average sale price of $429,000 and a median sale price of $450,000. However, the average price-per-square-foot last May was $200/square foot. Even though the median sale price in May 2015 is less than May 2014, the average sale price remained the same, and the price-per-square-foot has increased drastically.

For attached units, such as condos and townhomes, the median price in May of 2015 was $303,000— up $28,000 from 2014. However, there were only three condo/townhome sales this May versus four in May of last year.

Values continue to soar in Old Town.

Statistics obtained from the Information and Real Estate Services Multiple Listing Service.

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Old Town Market Update: May 2015 stats

There is more of a need for homes and attached dwellings in Old Town than ever before!

This year in April, there were 15 home sales with an average price of $397,000 and a median price of $335,000. Last year in April, there were 11 home sales, carrying an average price of $409,000 and a median price of $375,000. This may seem like prices are $40,000 lower than the same time last year. However, five of the 14 sales from this year hail from the Hanna neighborhood, where houses tend to sell at a lower price point than those closer to downtown. Even so, values from the Hanna neighborhood are up $33,000 from last year.

For condo and townhome sales in April, five attached dwellings sold in Old Town, carrying an average price of $204,500 and a median price of $138,000. In April of last year, there were three sales with an average price of $218,800 and a median price of $187,500. This April, three units sold for under $150,000 in buildings with lower demand, whereas in 2014, only one unit sold below $150,000.

Given the low volume of inventory and continued buyer demand, there is a need for more homes and attached dwellings than ever before!
Statistics obtained from the Information and Real Estate Services Multiple Listing Service.

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Old Town Market Update: April, 2015 stats

Median Home Sale Prices in Old Town up $140,000 from last year!

Seventeen single family homes sold in Old Town last month, carrying a median sales price of $425,000, and an average sale price of $424,000. These homes were on the market an average of 56 days, and six were priced over $500,000.

Last March, only 11 single family homes sold in Old Town, carrying a median sales price of $285,000, and an average sale price of $341,000. These homes were on the market an average of 61 days, and only two homes were priced over $500,000.

Now let’s compare last month with the same time last year. Six more single family homes sold in Old Town. The median sales price is $140,000 higher. The average sales price is $83,000 more. Yet, the homes were on the market nearly the same amount of time.

Clearly there is an increasing demand to live in Old Town, and people are willing to pay more for that lifestyle.

As far as the condo/townhome market is concerned, there were no sales last month, and only one sale in March last year— a 1 bedroom condo for $255,000. There are currently only 10 condo/townhomes for sale, which carry a median sales price of $200,000.

As of the second week in April, there are only 16 single family homes for sale in Old Town. These homes hold a median sales price of $612,000.

Spring has sprung and it is a great time to get top dollar for your home!

Statistics obtained from the Information and Real Estate Services Multiple Listing Service.

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Old Town Market Update: March 14th, 2015 stats

Values continue to rise as we head into spring!

How does February 2015 compare to February 2014? In 2014, six properties sold with an average sale price of $354,000, a median sale price of $280,000, and an average of 67 days on the market. This year in February, there were 11 home sales with an average sale price of $403,000, a median sale price of $372,000, and an average of 81 days on the market. Median prices are up $92,000 compared to the same time last year, and homes are taking 14 days longer to sell.

There are only 18 homes currently for sale in Old Town, and they range from $259,000 to $1,000,000! So once again the market lacks inventory, and this continues to drive prices higher and higher.

This year, February only saw three condo/townhome sales, which had a median sales price of $315,000 and an average of 80 days on the market. There were no sales in 2014. Again, there is a short supply of housing with many buyers hoping to live in vibrant Old Town! If you are considering selling, now is a great time to list your home!

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Old Town Market Update: February, 2015 stats

Property Sale Prices are up $63,000 in 12 Months!

The 2015 real estate market is off to a strong start. Despite the fact that there were only 23 properties listed in January this year, down 16 listings from January 2014, average prices are yielding much higher results. During January 2014, there were 22 total property sales with an average price of $285,000 and a median price of $236,000. This January, there have been 17 total property sales, yielding an average sale price of $348,000 and a median price of $265,000. This reflects the change in the real estate market over the past 12 months, as average home sale prices are up $63,000. Although prices are up this year, homes are remaining on the market for an average of 41 days longer. Clearly, patience is a virtue in this market, and the results of waiting will be very rewarding. If you’re interested in buying or selling, give us a call!

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Old Town Market Update: January 2015 stats

Year in review: 2014

As 2014 comes to a close, it’s time to do a year-to-year comparison for home sales in Old Town. Single family homes in 2014 showed a consistent overall value increase in average and median sale prices as compared to 2013. Even though 34 fewer homes sold in 2014 than 2013, this past year still yielded 147 home sales. In the last year, the average sales price increased to $356,500, with a median of $302,500. In 2013, the average sales price was $335,000 with a median of $290,000. Overall, average home prices increased $21,500, whereas median prices increased $12,500.

Statistics for attached dwellings (condo/town homes) showed a higher percentage increase than the previous year. In 2014 there were 31 sales with an average price of $359,000 and a median of $290,000. A single sale of a $2,200,000 condo unit skewed this average, but after removing this sale from the statistics, the average price drops to $297,500, and the median adjusts to $285,000. In 2013 there were 39 sales with an average price of $227,500 and a median of $219,000. Between these two years, the average sales price increased $70,000 for condos & town homes, highlighting the clear demand and short supply for attached dwelling homes in Old Town. Hopefully builders will meet that demand by starting new projects in 2015! This winter has remained very busy, with numerous property showings and many homes continuing to go under contract, indicating a robust 2015 for Old Town Real Estate!

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Old Town Market Update: December 2014 stats

November 2013 vs. November 2014

Single-family homes in Old Town, Fort Collins sold for an average of $390,000 in November, a figure $27,000 lower than the average price at the same time last year. Despite the lower average home price, the median sales price is $77,000 higher than the same time last year. Homes are on the market an average of 16 days, a number that’s gone down 66 days since last November. Although many people will be reluctant to list their home during the holidays, now is a good time to sell due to low inventory in the Old Town market.

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Old Town Market Update: November 2014 stats

Prices are up $60,000 in October!

Last month there were 18 single family home purchases in Old Town, yielding an average sale price of $329,000. In the same month last year, there were four less single family home transactions, yielding an average sale price $59,000 lower than the current average.

Home prices in Old Town are up nearly $60,000 from this time last year. However, homes are taking about 10 days longer to sell than last year. As of October, homes are on the market an average of 64 days, nine days longer than the same time last year.

As winter approaches, sellers may be tempted to remove their homes from the market, decreasing the already low inventory. Removing homes from the market will result in an increased demand for homes that remain on the market. Although it is taking longer to sell homes this month compared to October 2013, sellers should not be discouraged. Be patient, those nine extra days may result in a much higher price.

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Old Town Market Update: October 2014 stats

Old Town performance remains strong and steady in September

Old Town property sales in September continued to perform well. In September 2014, there were 13 single family homes sold in Old Town, with a median sales price of $310,000 and average days on market of 56 days. In comparison to September 2013 when 20 single family homes sold, the median sales price was $263,250 and average days on market was 72 days. This month-to-month comparison shows reduced inventory, with an increase in median sales price of $46,750, and 16 fewer days to close in September 2014.

Something we are seeing across Fort Collins, and throughout Colorado as well (according to several conversations with other Realtors), is initial contracts on properties sometimes failing to close. This is often caused by the more stringent lending practices in place by mortgage lenders, and results in the property being placed back on the market. It is always a good practice for sellers to continue to market a home for sale even after a contract is accepted, and for buyers to consider writing a backup offer on a property they truly desire. The sale of a property with a backup offer in place can then quickly move forward with the second contract, if the first contract falls through.

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Old Town Market Update: September 2014 stats

As projected in early January, the Old Town real estate market heated up these first two quarters, with prices significantly outpacing last year. A brief look at the market between January 1st and June 30th of 2013 brought us a median sales price of $295,000 with an average of 66 days to sale. 91 transactions happened in the first 6 months with 17.5% of those selling for over half a million dollars.
For the year 2014, between January 1st and June 30th, 75 transactions occurred with an average of 92 days to sale. The median selling price comes in at $344,500 with 23% of those selling for over half a million dollars. Statistics show that for both 2013 and 2014, Old Town homes sold at an average of 98% of the listing price.
As Fall is approaching, the Old Town Market is expected to remain active with last minute buyers looking before the holidays. Buyers continue to see favorable interest rates and with a continued lack of inventory. The Old Town market is expected to remain strong.

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Old Town Market Update: August 2014 stats

A quick look at the real estate market in Old Town shows there are 25 single family homes currently for sale as of August 4th, with a median price of $436,000, and an average of 55 days on market. Prices for single family homes have stabilized somewhat from the increases seen since this same time last year.

Looking at statistics for attached dwellings (condominiums) in Old Town priced under $400,000, there are 6 units for sale with a median price of $327,000, and an average of 27 days on market.

The Old Town market remains vibrant, with a strong demand for both single family homes and condos. The relative short supply of attached dwelling homes, along with their corresponding short market time, shows that demand for this type of home is high. This is a result of many buyers wanting the simpler lifestyle that accompanies owning an attached dwelling home.

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Old Town Market Update: July 2014 stats

Is your home under priced in today’s market?

Pricing a property in Old Town is difficult as we see so many different prices, styles and features unlike a standard subdivision where all the homes are virtually the same. It is critical to assess the property’s details carefully to make sure you are getting top dollar. Lately, we see so many homes priced $15,000, $30,000 or even some as much as $50,000 underpriced!  The best way to be sure you are getting top dollar for your home is to get 3 price opinions before placing it on the open market.

There were 18 transactions in Old Town in June 2014 with a median price of $323,000 and the average number of days to sell at 57.  In June 2013, there were 26 transactions with a median price at $306,000 and an average days to sale at 61.  This shows how homes in June 2014 averaged $17,000 more and sold in less amount of time than in 2013! In May, prices were up over $100,000 from 2013 due to the abundance of homes that closed at a sales price over $400,000.

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Old Town Market Update: June 2014 stats

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.

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Old Town Market Update: May 2014 stats

Prices in Old Town up $38,000 in April!

There were 11 transactions for single family homes purchased in April 2014, yielding a median sales price of $375,000. In April 2013, there were 16 single family home transactions, yielding a median sales price of $336,950, resulting in a total sales price increase of over $38,000. The average number of days is down 9 days; currently 48 days versus 57 days in 2013.

As buyer demand continues to increase, we are experiencing some buyers rushing to write an offer on a home to secure the transaction before someone else does. However, in this flurry, the buyer can use one of their many objection deadlines to cancel the contract should they decide against moving forth with the purchase. The Colorado Real Estate contracts are written in such a way that they favor the buyer and not the seller. In this type of market, it can be in the best interest of the seller to take his or her time when entertaining offers, so that they do not fall victim to being pressured into accepting the first offer to be presented, which often gives sellers a short deadline to accept (sometimes only hours). Generally, sellers can expose their property to several potential buyers. A good approach to selecting an offer is to establish a specified date by which the seller must receive all offers. This gives the seller enough time to evaluate each offer and select one that works well for them and their situation. While price is usually the motivating factor in a seller accepting an offer, the terms of a contract can be just as important.

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Old Town Market Update: April 2014 stats

Given the current market statistics for the 1^st quarter, the average sales price for an Old Town home is up approximately $10,000 vs the same time last year.

Here are the latest stats:

From 1/1/2013-3/31/2013 there were a total of 35 single family homes that closed, resulting in an average price of 323k and a median price of $290k, with an average of 79 days on the market.

From 1/1/2014-3/31/2014 there were a total of 22 homes that closed, resulting in an average price of $332k and a median price of $288k, with an average of 63 days on the market.

Due to the low inventory of homes available to sell, and the decreasing average days on market, prices continue to escalate in order to meet the high buyer demand.

As of 4/1/2013, there are a total of only 22 homes on the market in all of Old Town, yielding an average price of $485k & a median price of $475k. This demonstrates that there is a critical demand for more affordable homes, either single family, condominiums or townhomes.

It is yet to be determined if builders will meet this demand, either by building on the outskirts of Old Town or with infill projects.

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Old Town Market Update: March 2014 stats

The Old Town market is changing as a result of rapidly escalating prices, due to the continued buyer demand and limited inventory, which disrupts the normal appraisal process.

The past couple of months have proved to be a challenge in getting some homes to appraise to current values because of the continuing price increases in Old Town. This is primarily due to the lack of inventory in this area. Many homes are getting multiple offers within a few days of going on the market, therefore, buyers are bidding up the price, resulting in sellers accepting offers above listing price. If the buyer is getting a loan, the appraiser that is hired by the lender will have to use comparable sold listings of properties that have sold in the last 6 months to justify the home’s value. Since market prices have increased in relation to where they were 6 months ago, and there are so few new sales to use as comparable properties, it’s hard to find appropriate sales to support these increases. Appraisers might have to consider using homes that are under contract but not yet closed, and may also need to make adjustments to these changing market conditions. Lately, we are seeing homes that are not appraising at the contract price, which results with the buyer requesting that the seller adjust the price accordingly. With so much demand for their home, sellers are reluctant to do this and will just as well accept another offer and take their chances that the next offer will not have any appraisal issues, or even possibly receive an all-cash offer where there is no financing and/or an appraisal contingency. It’s good news for the sellers that many of them have these options, but not so great news for the buyers who end up losing the home to someone else through no fault of their own. A Realtor can help in this process by providing the appraiser with a current market analysis, to show other properties that are under contract and ready to close for the appraiser to consider when determining value. If we saw an increase in inventory to meet this buyer demand, it would certainly be a more stable market in Old Town, allowing buyers to find a home without having to inflate the price in order to get a home.

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Old Town Market Update: February 2014 stats

This month we will talk about Old Town home values over the past 10-15 years, using three homes as specific examples. One home has remained largely unchanged over the time span, one home has been remodeled with a small addition over the years, and one has had a significant addition built.

The first example, a home west of College Avenue and north of Mulberry Street, is a 3 bedroom 1 bath home that was purchased in 2002 for $216,500.00. It was spruced up but underwent no major changes. It sold for $305,000.00 in 2007 and sold again for $373,000.00 in January of this year without any major changes in this time frame.

The second example is a home west of College Avenue and north of Laporte Avenue.

This home was purchased in 1997 for $85,000.00. A small addition was built adding a bedroom and bath. It sold for $285,000.00 in 2010 and sold again with no additional modifications for $350,000.00 in 2013.

The third example is a home west of College Avenue and north of Mulberry Street that was purchased in 2004 for $254,000.00. It underwent a significant remodel, adding a master suite, updated kitchen and major exterior improvements. It sold for $499,000.00 in 2008 and sold again with no additional improvements for $548,000.00 in 2010.

These examples show a consistently strong Old Town Fort Collins real estate market in which people are confident investing in their homes and in our community!

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Old Town Market Update: January 2014 stats

The Old Town market currently has just short of about 25 single-family homes for sale in all price ranges to start the New Year. This is a fairly low inventory considering that historically, many new buyers enter the market right after the holidays. The laws of supply and demand can make the early months of the year one of the best times to sell! There is less competition and a fair number of buyers.

Sometimes it is difficult to properly price a home in Old Town due to changing market forces and the variety of homes, as compared to a newer subdivision with several standard floor plans. Below are four examples of Old Town homes that sold over list price.

1) Home listed at $359k, went under contract in 4 days at $375k -$16,000 over list price.

2) Home listed at $449k, went under contract in 5 days for $471k- $22,000 over list price.

3) Home listed at $350k, went under contract in 5 days for $376k-$26,000 over list price.

4) Home listed at $289k, went under contract in 11 days for $320k- $31,000 over list price.

These examples show that a well thought out market analysis, using all available data and insight is important to correctly price your home so as not to underprice it when selling and to maximize its equity.

Pricing a home is not only based on what has sold, but also what is currently available for sale. Realtors and appraisers can use both when establishing a fair market value, especially in an ever changing market. Instead of potentially losing thousands of dollars in the sale, consider pricing your home at a slightly higher asking price to test the market if you have time on your side. On the other hand, setting a higher price for your home may require a price adjustment in order to find out where the home should be priced.

Happy New Year!

Emily Heinz is the Broker/Owner of Downtown Real Estate Partners, LLC and can be reached at Emily@DowntownRE.com 970-988-9367.

Your comments are also welcome so leave us a voice mail directly on our website, follow us on Twitter or visit us on Facebook!

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Market Update Year End 2013

Here is a brief overview of the Old Town Real Estate market for the 2013 year starting January 1^st 2013 until November 30^th 2013. All numbers were obtained from IRES Multiple Listing Service for Northen Colorado. The following data represents the geographic area from Vine Drive on the north to Prospect Road on the south and Riverside Avenue on the east to Grandview Avenue on the west, and represents only single family homes.

There were 104 homes sold with the lowest price of $129k to $299,999k with an Average Price of $232k and a Medium Price of $230k and an Average Days on Market of 62.

There were 58 homes that sold priced between $300k-$499,999 with an Average Price of $382k and a Medium price of $358k and an Average Days on Market of 84 days.

There were 24 homes that sold priced over $500k with an Average Price of $647k and a Medium Price of $624k and an Average Days on the Market of 86.

Compare this to 2012: 15 homes sold priced over $500k with an Average Price of $603k and a Medium Price of $557k and an Average Days on Market of 214.

Inventory is still at an all-time low with a total of only 48 homes for sale in the entire Old Town area with a low price of $175 & a high of $2,225,000.

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Summer 2013 Market Update

We have compiled interesting sales statistics pertaining specifically to the Old Town market from 2010 to the present. The following data represents the geographic area from Vine Drive on the north to Prospect Road on the south and Riverside Avenue on the east to Grandview Avenue on the west, and represents only single family homes.

Year           Avg. Sales Price          Median Sales Price      Total sold properties   Avg. Days on Market

2010          $256,143                       $215,000                        173                                  118

2011          $270,510                       $230,000                        139                                 120

2012          $286,515                       $250,000                        171                                  116

2013          $344,854                       $295,000                         93                                   66

2013 statistics are of the six month period from January 1 to June 30.  All numbers were obtained from IRES Multiple Listing Service for Northern Colorado.

These statistics show a steady increase in prices year to year, with the first half of 2013 showing a particularly sharp jump along with shorter time to closing, indicating a continuing strong demand for Old Town homes. Also of note: 16 homes sold in the first six months of 2013 above $500,000. This compares to an average of about 12 homes each year in that price category for 2010 through 2012. Look for more stats at the end of the year to see how 2013 continues to perform.