Market DataTroutman Park July 14, 2021

Troutman Park’s Real Estate Update Q2

 

 

Now that we’re half way through 2021 we have all heard of what has been going on with Northern Colorado’s Real Estate Market. The fact of the matter is that Northern Colorado consists of many different hyper-local markets though. So with that in mind let’s take a look at how our very own local neighborhood right here in Troutman Park compares.

 

Take a look back through time to see how Troutman Park’s Real Estate market has done through the 1st half of 2021 and compare it to the same time during other recent years. Here are the numbers:

2021 Q1-Q2 – 31 homes sold for $14,614,420. They ranged from $371,000 – $630,000 at an average of $471,432

2020 Q1-Q2 – 30 homes sold for $11,727,425. They ranged from $325,000-$507,000 at an average of $390,914

2019 Q1-Q2 – 33 homes sold for $12,724,583. They ranged from $320,000-$477,900 at an average of $385,593

2018 Q1-Q2 – 24 homes sold for $8,813,900. They ranged from $290,000-$465,000 at an average of $367,245

2017 Q1-Q2 – 25 homes sold for $8,594,519. They ranged from $257,500-$443,000 at an average of $343,780

2016 Q1-Q2 – 27 homes sold for $8,645,100. They ranged from $205,000-$436,000 at an average of $327,000

2015 Q1-Q2 – 36 homes sold for $10,185,745. They ranged from $218,325-$355,000 at an average of $282,937

 

Prior to this year the Troutman Park neighborhood had only seen 2 homes that sold for more than $500,000. Those properties sold at $505,000 and $507,000.

In the 1st half of 2021 there have already been 10 homes in our neighborhood that sold at $500,000 or more (3 of those were between $601,000 and $630,000).

This has pulled the average price in Troutman Park up 20.6% over the 1st half of last year’s average. For reference the city of Fort Collins has seen the average price increase from $494,400 to $580,046 which is an increase of 17.3%

The sale of 819 Marble at $630,000 passed the previous neighborhood all time high sales price of $507,000 by $123,000 which is an increase of 24.26%!

We’re seeing this in other areas throughout Fort Collins as well. The reason for such a significant jump in value is the inventory available for sale is down 50% in Larimer County compared to last year at the same time. With all time low interest rates available through Covid-19 lockdowns many decided to put off their search for a new home and refinance the mortgage they were currently in to either save money or add on and improve their current residence.

That combined with the fact that home builders are seeing increases in costs and lack of materials available (lumber, appliances, etc) means that there is a historic low in terms of what is available for buyers to choose from. At the same time there is a rise in demand because of the low interest rates and increasing desire for high quality suburban living.

The end result means there is a lot of opportunity for property owners if they’re looking to take advantage of these market conditions and cash in on all the equity they have developed.

If you have questions about anything or if you’re curious about what your home might be worth, just let me know. I grew up here in Fort Collins, I’ve worked in Real Estate since 2002, live right here in Troutman Park and I’m always happy to share.

Market Data April 28, 2021

Troutman Park 1st Qtr Real Estate Review

We’ve got a quarter of the year now to give us an idea of what Northern Colorado’s Real Estate Market has in store for 2021. Many were surprised to see how well Real Estate in our area weathered all the storms that last year threw at all of us. I think it’s fair to say that all of us are shocked to see what’s happened through the beginning of this year!

Let’s take a look back to see how Troutman Park’s Real Estate market has done through March 31, compared to the same time during other recent years. Here are the numbers:

2021 Q1 – 9 homes sold for $3,989,900. They ranged from $405,500 – $630,000 at an average of $433,322

2020 Q1 – 13 homes sold for $4,924,800. They ranged from $325,000-$420,000 at an average of $378,830

2019 Q1 – 12 homes sold for $4,439,400. They ranged from $325,000-$450,500 at an average of $369,950

2018 Q1 – 9 homes sold for $3,078,000. They ranged from $290,000-$394,000 at an average of $342,000

2017 Q1 – 7 homes sold for $2,377,200. They ranged from $257,500-$379,700 at an average of $339,600

2016 Q1 – 6 homes sold for $1,871,500. They ranged from $205,000-$400,000 at an average of $311,916

2015 Q1 – 15 homes sold for $4,004,175. They ranged from $218,325-$302,500 at an average of $266,945

We have a new All Time High in our neighborhood! The home at 819 Marble was listed for sale on at $585,000 on February 18, 2021 and quickly had 8 offers in it’s first few days on the market. It went under contract on Feb 22 and closed 22 days later on March 16th.

What I found interesting about the sale of 819 Marble at $630,000 was that it passed the previous neighborhood all time high sales price of $507,000 (731 Benthaven St) by $123,000! That’s an increase of 24.26%!

We’re seeing this in other areas throughout Fort Collins as well. The reason for such a significant jump is the inventory available for sale is down 71% here in Larimer County compared to last year at the same time. With all time low interest rates available many decided to put off their search for a new home and refinance the mortgage they were currently in to either save money or add on and improve their current residence.

That combined with the fact that home builders are seeing increases in costs and reduction in materials available (lumber, appliances, etc) means that there is a historic low in terms of what is available for buyers to choose from. At the same time there is a rise in demand because of the low interest rates and increasing desire for high quality suburban living.

The end result means there is a lot of opportunity for sellers to take advantage of this perfect storm if they want to cash in on all that equity that has developed.

If you have questions about anything or if you’re curious about what your home might be worth, just let me know. I grew up here in Fort Collins, I’ve worked in Real Estate since 2002, live right here in Troutman Park and I’m always happy to share.

Market Data January 15, 2020

Do Election Years Impact the Real Estate Market?

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It’s an election year which means that our clients are asking us if election years impact real estate.

According to research done by Real Trends there is zero correlation between election years and the number of transactions in the market compared to non-election years.

They found that sales were down in 1980, 1988, and 2008 compared to prior years, and sales were up in 1992, 1996, 2000, 2004, 2012, and 2016.

To hear more about what will happen this year in real estate and the factors that really do impact our market, be sure to get registered for our annual Market Forecast event next week.

It’s time to register for our annual Market Forecast event.  We will be live at 5:30 on January 15th at the Wellshire Event Center.  Back by popular demand is our Chief Economist Matthew Gardner.  Save your seat HERE.

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