Market DataTroutman Park April 18, 2022

Troutman Park Quarterly Real Estate Update

We’re officially 1/4 of the way through 2022 believe it or not. Every quarter I like to take a look at what’s happened with our neighborhood’s real estate sales.

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

2022 Q1 – 10 homes sold for $4,892,400. They ranged from $431,000 – $540,000 at an average of $489,240

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

What’s interesting about the start of 2022 is that the majority of homes that have sold in Troutman Park are on the small end of square footage for the neighborhood (right about 2,000 square feet or less with the exception of just one).

You can expect that the larger, updated homes in Troutman Park (around 2,400 square feet and bigger) will be selling in the mid $600,000’s to mid $700,000’s which is what comparable surrounding neighborhoods like Mountain Ridge Farm and The Gates at Woodridge have seen this year.

The reason for the continuation of rapid appreciation simply comes down to the current supply and demand. We have seen a few buyers start to head to the sidelines with rising interest rates that combined with escalating home values have priced some out of the market and created uncertainty with others. There do seem to be more stories of homes with only one offer in the 1st week which does bode well for active buyers.

The fact of the matter is that even with some buyers taking a break there still are not enough homes out there to supply the market’s appetite. To give you an idea the number of Sold Properties in Larimer County for the month of March 2022 was down -37% compared to last year at that time.

The end result means there is a lot of opportunity for sellers to take advantage of market conditions if they want to 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 right 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.

 

Troutman ParkUncategorized February 27, 2022

Troutman Park’s Real Estate Year In Review 2021

Now that we’ve made it to 2022 it’s time to look back and see what happened with Troutman Park’s Real Estate market over the last year. You’ll see how that compares to recent years past for a little context. If you own a home in the Troutman Park area you’ll probably be happy to see the appreciation we’ve noticed (until it’s time to pay property taxes).

In Northern Colorado we typically see the market take a little bit of a seasonal breather during the 3rd quarter of the year as families put their home search on pause while getting ready for back to school. This year was no exception but the activity around Troutman Park didn’t drop off as much as we’ve seen in other years.

Here are Troutman Park’s year end numbers compared to recent years (Single Family Housing Only):

2021 – 67 homes sold for $31,821,647. They ranged from $352,052-$677,000 at an average of $474,949

2020 – 76 homes sold for $30,285,281. They ranged from $325,000-$507,000 at an average of $398,490

2019 – 68 homes sold for $28,286,883. They ranged from $300,000-$505,000 at an average of $386,571

2018 – 50 homes sold for $18,230,550. They ranged from $286,500-$480,000 at an average of $364,611

2017 – 56 homes sold for $19,372,269. They ranged from $257,500-$443,000 at an average of $345,933

2016 – 55 homes sold for $17,891,500. They ranged from $205,000-$436,000 at an average of $325,300

 

If you have questions about Real Estate I’m always happy to share what I know. I grew up here in Fort Collins, I’ve worked in Real Estate since 2002 and live right here in Troutman Park so feel free to reach out if you ever have questions.

Your neighborhood realtor,

Brandon

Market Data January 30, 2022

Current Inventory Status

Despite the extraordinarily low amount of standing inventory, it is important to understand there is still a steady stream of new inventory hitting the market.

Inventory is low. That is a reality.

New inventory is coming on the market at essentially the same pace as compared to the last few years. That is also a reality.

Because demand is so high, the inventory doesn’t stay on the market very long.  Residential listings go from ‘Active’ to ‘Pending’ very quickly (assuming they are priced correctly).

Over the course of 2021, there were 66,308 new residential listings that hit the market in Metro Denver.  That is only 5% less than 2020.

Larimer County had 8,342 which is 7% less than 2020.

Weld County had 8,499 which is 5% less than 2020.

While standing inventory is near 50% lower than last year, the stream of new inventory is fairly consistent.

It is time to register for our annual Market Forecast with Chief Economist Matthew Gardner. This year the event will be hosted online on Thursday February 3rd from 11:00 to 12:00.

You can register at www.ColoradoForecast.com

Market Data January 21, 2022

How low is Inventory?

The standing inventory of residential properties currently for sale is staggeringly low.

The number of active properties for sale is almost 90% below the average for this time of year.

In Metro Denver, there are 1,144 residential properties for sale today.

In Larimer County, there are 136 and in Weld County there are 174.

Current inventory along the Front Range is essentially half of what it was one year ago.

The low standing inventory bolsters our belief that nothing resembling a decline in housing prices is on the horizon.  The low supply will continue to put upward pressure on prices.

It is time to register for our annual Market Forecast with Chief Economist Matthew Gardner.  This year the event will be hosted online on Thursday February 3rd from 11:00 to 12:00.

You can register at www.ColoradoForecast.com

Troutman Park October 28, 2021

Troutman Park Q3 Market Update

Now that we’ve made it through the 3rd Quarter of 2021 it’s time to look back and see how Troutman Park’s Real Estate market has performed compared to other recent years. If you own a home in the Troutman Park area you’ll probably be happy to see the appreciation we’ve noticed.

In Northern Colorado we typically see the market take a little bit of a seasonal breather during the 3rd quarter of the year as families put their home search on pause while getting ready for back to school. This year was no exception but the activity around Troutman Park didn’t drop off as much as we’ve seen in other years.

Here are the numbers compared to the 3rd Quarter of recent years:

2021 Q3 – 21 homes sold for $9,904,802. They ranged from $352,052-$623,000 at an average of $471,657

2020 Q3 – 27 homes sold for $11,109,356. They ranged from $340,200-$480,000 at an average of $411,457

2019 Q3 – 19 homes sold for $7,555,400. They ranged from $300,000-$494,500 at an average of $397,652

2018 Q3 – 17 homes sold for $6,043,650. They ranged from $290,000-$449,500 at an average of $355,508

2017 Q3 – 18 homes sold for $6,290,750. They ranged from $296,000-$429,900 at an average of $349,486

2016 Q3 – 19 homes sold for $6,288,000. They ranged from $260,000-$405,000 at an average of $330,947

If you have questions about Real Estate I’m always happy to share what I know. I grew up here in Fort Collins, I’ve worked in Real Estate since 2002 and live right here in Troutman Park so feel free to reach out if you ever have questions.

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.

EconomicMarket Data October 28, 2020

Housing and Economic Update

In this episode Windermere Chief Economist Matthew Gardner dives into three of the latest housing market data releases and gives context to their historical significance.

Troutman Park October 21, 2020

Troutman Park Real Estate Market Update Q3 2020

Now that we’ve made it through the 3rd Quarter of 2020 it’s time to look back and see how Troutman Park’s Real Estate market has performed compared to other recent years. Earlier in the year many felt like property values would decline like so many other investments did through all the Covid-19 adjustments. If you own a home in the Troutman Park area you’ll probably be happy to see that we’ve actually fared quite well though.

In Northern Colorado we typically see the market take a little bit of a seasonal breather during the 3rd quarter of the year as families put their home search on pause to get ready for back to school. This year has been a little different though as we saw our neighborhood’s real estate sales accelerate significantly from July through September.

Here are the numbers compared to the 3rd Quarter of recent years:

2020 Q3 – 27 homes sold for $11,109,356. They ranged from $340,200-$480,000 at an average of $411,457

2019 Q3 – 19 homes sold for $7,555,400. They ranged from $300,000-$494,500 at an average of $397,652

2018 Q3 – 17 homes sold for $6,043,650. They ranged from $290,000-$449,500 at an average of $355,508

2017 Q3 – 18 homes sold for $6,290,750. They ranged from $296,000-$429,900 at an average of $349,486

2016 Q3 – 19 homes sold for $6,288,000. They ranged from $260,000-$405,000 at an average of $330,947

It is noteworthy to point out that the 1st two Quarters of 2020 only saw 2 more sales in our neighborhood than the 3rd Quarter!

If you have questions about Real Estate I’m always happy to share what I know. I grew up here in Fort Collins, I’ve worked in Real Estate since 2002 and live right here in Troutman Park so feel free to reach out if you ever have questions.

Market Data September 29, 2020

Northern Colorado Real Estate Market Update

 

The following analysis of the Metro Denver & Northern Colorado real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent. 

 

ECONOMIC OVERVIEW

COVID-19 had significant negative impacts on employment in Colorado. The pandemic caused the loss of over 342,000 jobs in March and April as unemployment rose to 12.2%. For comparison, peak unemployment following the Great Recession was 8.9%. However, it appears as if the massive contraction in employment is behind us (at least for now). Employment in Colorado rose in May by 68,800 jobs, a monthly increase of 2.8%, pushing the unemployment rate down to 10.2%. Regionally, the Denver metro area added 18,600 jobs in May and the Fort Collins metro area added 3,500 jobs. It is certainly too early to say that we are out of the woods, but we seem to be headed in a positive direction. Colorado’s COVID-19 infection rates started increasing again in June, which could slow down the economic recovery. However, I do not believe that it is likely to have any substantial impact on the housing market.

 

HOME SALES

  • In the second quarter of 2020, 9,867 homes sold. This represents a drop of 20.7% compared to the second quarter of 2019, but sales were 7.4% higher than in the first quarter of this year.
  • Sales dropped across all markets compared to the second quarter of 2019. I do not find this concerning as the drop can be attributed to limited supply and COVID-19.
  • Inventory levels remain tight, with the average number of homes for sale in the quarter down 21.3% from the same period in 2019. However, listings were up an impressive 15.6% over the first quarter of 2020.
  • I was pleased to see total pending sales in the quarter increase 16.3% compared to the first quarter, suggesting closing data for the third quarter will be better than we are currently experiencing.

 

HOME PRICES

  • Home prices held steady compared to the second quarter of 2019 at an average of $480,831. Prices were up 0.7% compared to the first quarter of this year.
  • Interest rates remain at very low levels and will stay in the low 3% range for the balance of the year, if not longer. This can allow prices to pick back up.
  • Price growth across the region was varied. Seven counties saw price growth and five experienced a drop in average sale price. Clear Creek County again saw prices rise substantially. However, as you are likely aware, it is a very small market and subject to wild swings. Prices dropped most in the equally small Gilpin County.
  • I am still watching affordability in many Colorado markets and will take this temporary “pause” as a good thing.

DAYS ON MARKET

  • The average number of days it took to sell a home in the markets contained in this report dropped by only one day compared to the second quarter of 2019.
  • The amount of time it took to sell a home dropped in eight counties, remained static in one, and rose in three compared to the second quarter of 2019.
  • It took an average of 29 days to sell a home in the region.
  • The Colorado housing market is demonstrating solid demand, and listing activity is trending higher. I expect that the summer market will be brisk.

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Demand appears to be returning, which—combined with historically low interest rates—should lead to a brisk summer housing market. Assuming that the state gets new infection rates under control, I do not see why the housing market wouldn’t perform well this summer. As such, I have moved the needle just a little more in favor of home sellers.

 

Market DataTroutman Park July 17, 2020

Troutman Park Mid-Year Real Estate Review

Now that we’ve made it through a very unique 1st half of 2020 it’s a good time to look back and see how Troutman Park’s Real Estate market has done compared to other recent years. Many felt like property values would decline like so many other investments did through all the Covid-19 adjustments. If you own a home in the Troutman Park area you’ll probably be happy to see that we’ve actually fared quite well though. Here are the numbers:

2020 Q1-Q2  29 homes sold for $11,357,425. They ranged from $325,000-$507,000 at an average of $391,635

2019 Q1-Q2  33 homes sold for $12,724,583. They ranged from $320,000-$477,000 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 $257,000-$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 $320,188

A noteworthy sale from April this year was 731 Benthaven St which set the all time record high for our neighborhood at $507,000! So as you can see the 1st half of 2020 was actually quite impressive for property values here in Troutman Park, especially in light of everything we’ve all gone through recently.

If you have questions about Real Estate I’m always happy to share what I know. I grew up here in Fort Collins, I’ve worked in Real Estate since 2002 and live right here in Troutman Park so feel free to reach out if you ever have questions.