“All markets are local” is a commonly used phrase in real estate.
This adage is proving to be true as we notice slight changes recently in the market.
Bottom line, the market, in some locations, is not behaving exactly like it did even 30 days ago. Properties that perhaps would have received 10 or more offers last month, are now receiving only one.
It is as important as ever to examine not only the general market area, but also hyper-local markets in order to understand the nuances that exist in specific locations.
A common activity we perform with our clients is to research the months of supply in their own neighborhood. We will frequently find that this stat varies considerably from the market as a whole.
To illustrate how ‘all markets are local,’ take a look at the days of inventory statistic for the following markets:
Larimer County = 18 days
Fort Collins = 15 days
80521 Zip Code = 24 days
80525 Zip Code = 9 days
While data on the overall market clarifies overall trends, it is the hyper-local research that is incredibly valuable when pricing property. If you have questions or would like to know what is going on in your hyper-local neighborhood market just let me know. I’m always happy to share!