Glimmers of increased inventory have sent ripples of hope through the Fort Collins and Northern Colorado real estate community. Is it actually happening?
Facebook posts and water cooler conversations indicate that residential real estate inventory in Fort Collins and other parts of Northern Colorado’s Front Range seems to be loosening. Or, it might at least be approaching a point where it feels less like a noose and more like a rescue line.
Am I hopeful? Always. Do I have any reason to be hopeful besides eternal optimism? I do. Why am I writing in this ‘question/answer’ style? It just kind of came out that way.
Anyway, on to the topic at hand.
Simple economics tells us that a desirable commodity that is in short supply will cost more than if there was plenty of product. For our purposes, the “desirable commodity” is real estate in Colorado. The supply of that commodity has been, of late, very slim. So, we’ve watched the prices of real estate go up in Northern Colorado.
But that which waxes eventually will wane, right?
The answer to that question is still being revealed. Here is today’s report on inventory, calculated by Infosparks as Month’s Supply of Inventory for all price ranges and types (attached or detached) of residential real estate in Fort Collins.
COOL FEATURE! Scroll over or tap chart lines for time specific data boxes to enhance this interactive experience!
Data compiled and formatted by Infosparks. I access this service through our multiple listing service, IRES.
The percentage gain/loss varies across the area.
The number 1.8 (Fort Collins) represents “month’s supply” of homes for sale right now. So, in Fort Collins’ case, if all the homes for sale right now sold right now, we’d run out of inventory in 1.8 months. A “healthy market” in real estate has about six months of inventory supply.
The percentage number represents months supply this year compared to months supply last year. So, January 2019 compared to January 2018.
What does this mean?
It’s business as usual. Home ownership still holds the same benefits and challenges that is always has. And, if you want to buy or sell real estate in Colorado and are in the position to do so, I believe I can find you what you need!YES! Have Paul send me a FREE CUSTOM REPORT on my Real Estate Situation!