Despite the COVID pandemic, the Northern Colorado real estate market remains strong! Typically the March/April/May buying and selling season is the busiest time for real estate agents and their clients, and for many of us that has continued for the most part for 2020. Homes are still getting bid up and receiving multiple offers! The difference is that homes in the spring/summer season of the last 5 years could get 3 or more offers in 1 weekend, today they are getting 1 or 2 in the same number of days. In prior years, some homes would get bid up $10K, $15K or even $30K – today it is more like $1K, $2K or $5K. Still a GREAT time for sellers and a “slower”/better time for buyers.
Below are stats for homes that closed in May 2020 (these are people that went under contract and closed on homes during the quarantine period) vs. homes that closed in May 2019. On average closings were down about 50% but the number of homes still selling at list price or above is still very reassuring.
Fort Collins. Single Family homes. $350-$500K.
- Total Number Of Homes Sold in 2020: 47 (compared to 91 in 2019)
- Total Number Of Homes at List Price in 2020: 14 (compared to 27 in 2019)
- Total Number Of Homes Sold above List Price in 2020: 14 (compared to 36 in 2019)
- Total Number Of Homes Sold under List Price in 2020: 19 (compared to 28 in 2019)
Loveland. Single Family homes. $325-$475K.
- Total Number Of Homes Sold in 2020: 41 (compared to 54 in 2019)
- Total Number Of Homes at List Price in 2020: 17 (compared to 19 in 2019)
- Total Number Of Homes Sold above List Price in 2020: 12 (compared to 18 in 2019)
- Total Number Of Homes Sold under List Price in 2020: 12 (compared to 17 in 2019)
Wellington. Single Family homes. $300-$450K.
- Total Number Of Homes Sold in 2020: 8 (compared to 17 in 2019)
- Total Number Of Homes at List Price in 2020: 4 (compared to 8 in 2019)
- Total Number Of Homes Sold above List Price in 2020: 1 (compared to 4 in 2019)
- Total Number Of Homes Sold under List Price in 2020: 3 (compared to 5 in 2019)
The exact figures are not available yet, but initial findings are showing that average and median home prices are well above prices in 2019, so given the current situation with COVID19 – I’d say this is good news for both buyers and Sellers in 2020.
