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.