IRES’s* Annual Report shows a potential trend toward a still growing market.
*IRES – Information and Real Estate Services, is the multiple listing service that Northern Colorado Realtors® real estate agents and brokers along the Front Range use to list and find properties.
Two bedroom homes saw the largest percentage increase in prices, the number of homes available across 2018 was up, and closed sales were down by a hair.
This year’s annual report has just come out, and the situation for Fort Collins and the rest of Colorado real estate might be changing slightly. If it is changing, right now, I’d only venture to say it’s changing ever so slightly.
According the report, which is heavier on data than it is opinion, and rightfully so, housing affordability is down, but homes are still selling throughout Colorado.
Home buyers, now steeped in several years of rising prices and low“Annual Report for IRES” page 2 – All data from IRES MLS. Report © 2019
inventory, became more selective in their purchase choices as
housing affordability achieved a ten-year low.
Yet the appetite for home buying remained strong enough to
drive prices upward in virtually all markets across the country.
The summary is quite thorough, and has all the attached numbers needed to validate the situation from last year to this. Here are a few paragraphs from the page two summary of this report.
Sales: Pending sales decreased 3.1 percent, closing 2018 at
21,082. Closed sales were down 2.7 percent to finish the year
at 21,209. A booming economy would seem to indicate more
sales, but fewer homes to choose from coupled with lower
affordability made it tougher for buyers in 2018.
Listings: Year-over-year, the number of homes available for
sale was higher by 10.9 percent. There were 2,983 active
listings at the end of 2018. New listings decreased by 0.3
percent to finish the year at 26,858.
Bedroom Count: Increases in sales prices occurred across
homes of all sizes over the last year. In 2018, properties with 2
bedrooms or fewer saw the largest growth at 7.1 percent. The
highest percent of original list price received at sale went to
properties with 3 bedrooms at 99.8 percent.
Prices: Home prices were up compared to last year. The overall
median sales price increased 5.6 percent to $380,000 for the
year. Single Family home prices were up 5.3 percent compared
to last year, and Townhouse/Condo home prices were up 8.9
List Price Received: Sellers received, on average, 99.6“Annual Report for IRES” page 2 – All data from IRES MLS. Report © 2019
percent of their original list price at sale, a year-over-year
reduction of 0.1 percent. If demand shrinks in 2019, original list
price received at sale could drop as well.
Click on the report link above to see data from 2018 including:
- New Listings
- Pending Sales
- Closed Sales
- Inventory of Homes for Sale
- Median Sales Price
- Average Sales Price
- Days on Market
- List to Sales Price Ratios
The important thing to note about this report and about using a real estate agent, Realtor® or brokerage that has a membership in IRES, is that this is solid data, with information that is recorded and tracked in a timely and official basis.
The big national real estate websites are not like IRES and other local MLS services because there is no guess work or outdated or incorrect data. They are an official listing service, and as such, have a responsibility to collect, track, display and make accurate data available. It’s serious business, and our particular MLS, IRES, is by reputation and from my experience with them, a fabulous service. The people are dedicated and accomplished in their jobs, and I love having access to their services.