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.