What’s the latest update from our northern Colorado market?
The good news is interest rates are still low. With low interest rates, consumer demand is growing. We’ve seen a slight increase in inventory, but it’s still considerably low in our area. The bright spot in all of this is new construction. We’ve seen a 9% increase in new construction from last year to this year.
Whether you’re buying or selling, there’s reason to be optimistic. Overall, positive consumer sentiment is driving the market in a positive manner. Interest rates are trending upward, but that’s more of a reflection of the increasing economy.
“WHETHER YOU’RE BUYING OR SELLING, THERE’S REASON TO BE OPTIMISTIC.”
Statistics show that single women represent 17% of our homebuyer market, while single men represent 7%. As the last four years have shown, millennials continue to represent the largest piece of the market. The bottom line is that nine out of every 10 homeowners recognize that real estate is still their best and safest investment.
In northern Colorado, 1,087 homeowners waded into the selling waters. 683 of those homes sold, and they closed in an average of 59 days. The median sales price in our region is $320,000, which is up almost $30,000 from last year.
If you’re a buyer and these stats worry you because you feel like you don’t have a lot of choices, don’t be discouraged. Our market is showing signs of self-adjusting and leveling off. If you’re serious about moving into new homeownership or you’d like to put your home on the market to relocate or downsize, prepare to move forward in the right way by working with a local lender to discuss your financing options.
Next time, we’ll have Scott from Loan Simple join us to explain all the financing options available to you and bust any down payment myths about how much money is required to achieve homeownership.
In the meantime, if you have any questions about our market or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help you.
