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.