Monthly Archives: June 2012

Northern Colorado Business Report | Home sales up again in Larimer

Home sales up again in Larimer, down in Weld

June 15, 2012

Home sales in Larimer County improved again in May, but continued to decline in Weld, according to the latest data from Loveland-based Information Real Estate Services.

Home sales for the Loveland-Berthoud area through May were up 15 percent over the same period in 2011.A total of 154 homes were sold in the Loveland-Berthoud area in May with a median sales price of $233,200, up 16.6 percent from the $200,000 median home sales price of May 2011.

Home sales through May also increased in Fort Collins, with the number of sold listings moving up by 18 percent from 818 year-to-date in May 2011 to 965 in the same period of 2012.The IRES report said 277 homes were sold in Fort Collins in May with a median sales price of $238,800, up 1.2 percent from the $236,000 median sales price in May 2011.

In the Greeley-Evans market, home sales decreased by 6.3 percent through May. A total of 460 homes were sold through May, down from the 491 homes sold through May 2011.In Greeley-Evans, 132 homes were sold in May alone with a median sales price of $145,500, up 15.5 percent from the median sales price a year earlier, at $126,000.

via Northern Colorado Business Report | Todays News | Home sales up again in Larimer, down in Weld.

Advertisements

Longmont Single Family Home Sales UP 21% YTD

Single Family HomesAttached HomesStatistics from  BARA Sales Report, IRES—Information Real Estate ServicesData deemed reliable but not guaranteedLocation# Sold # Sold %# Sold# Sold%CurrentAvg. SalesAvg. DaysMedian SalesMay-11May-12ChgYTD-11YTD-12ChgInventoryPriceto ContractPriceBoulder689235.3%21529738.1%401$686,69464$580,000Broomfield334433.3%12315613.6%133$350,969 54$309,000 Erie243337.5%9110212.1%142$314,44188$326,000 Lafayette192636.8%849513.1%114$448,73869$444,375Longmont84907.1%28134121.4%406$274,15041$230,500 Louisville152353.3%667716.7%88$386,22153$372,562Superior142471.4%415739.0%55$393,58053$378,750Mountains183277.8%628537.1%351$427,240124$395,500Plains2458141.6%11315537.2%319$567,42874$469,450Total299422107613652009Location # Sold # Sold%# Sold# Sold%CurrentAvg. SalesAvg. DaysMedian SalesMay-11May-12ChgYTD-11YTD-12ChgInventoryPriceto ContractPriceBoulder577226.3%19924422.6%330$298,232 91$257,000Broomfield5740.0%222513.6%40$273,918 102$304,000 Erie3433.3%1311-15.4%10$145,750210$136,500Lafayette81362.5%849513.1%36$162,826 50$160,000 Longmont1125127.3%548048.1%101$197,366 87$190,000 Louisville5980.0%14157.1%12$259,032128$204,000Superior06100%818125.0%6$201,38334$198,200Plains109-10.0%3729-21.6%40$203,955 65$132,000 Total99145431517575DeMarie Niedlingdniedling@fnf.com303-441-5115BOULDER AREAResidential Statistics         MAY 2012

Q. What should I do to get my home ready to sell?

Q. What should I do to get my home ready to sell?

A. You want your home to be in the best condition possible before you list it for sale. But now, there is an even more compelling reason to do this.

Borrowers are getting more thoroughly examined for a loan than ever before, but also the properties themselves are being scrutinized as never before.

Many lenders are now considering the physical condition of a property to be just as important as the value of the property.

Historically the FHA and VA have been more stringent than conventional lenders with respect to the condition of a property but now real or perceived deficiencies in the property’s physical condition may cause as much of a problem for a conventional loan as for one that is FHA or VA.

In point of fact this is not a bad thing. The institution that is putting up the lion’s share of the money for a home purchase certainly has a right (perhaps even an obligation to its investors) to require that the security for the loan is in an acceptable condition.

Many appraisers are no longer just doing the things they’ve always done – measuring property, drawing floorplans, etc. They are conducting their own mini-inspections, which may not affect evaluation, but, if flagged, could become a condition of loan approval.

Loan underwriters may ask to see a copy of the home inspection and property disclosure to see what the seller has disclosed to the buyer about the property’s condition and history.

Even if a deficiency has been revealed through a home inspection that a buyer chooses to ignore (perhaps because they are going to remodel anyway), the lender could insist it be remedied before they’ll approve the loan.

I’m here to help in any way I can and, of course, answer any other questions you may have about real estate. Feel free to call me.

Is it a sellers’ market? | The Coloradoan | coloradoan.com

Is it a sellers’ market? | The Coloradoan | coloradoan.com.

Is it a sellers’ market?

Buying frenzy leads to multiple offers, higher prices in some price ranges

Homes sold by price range
Price range sold in last 12 mos demand/mo active listings mos. supply
Up to $200K 1,235 103 477 4.6
$200-$300K 1,037 86 495 5.8
$300-$400K 405 34 263 7.7
$400-$500K 138 12 120 10.0
$500-$600K 86 7 70 10.0
$600-$750K 48 4 69 17.3
$750K – $1 M 24 2 49 24.2
$1M + 6 0.5 33 66.0
TOTAL 2,979 248 1,576 6.4
Source: Dave Pettigrew, Prudential Rocky Mountain, Realtors

Fort Collins area home sales
2011
Month Homes Avg price
January 133 $244,669
February 145 $250,152
March 217 $230,714
April 239 $239,824
2012
Month Homes Avg. price
January 148 $241,429
February 140 $232,861
March 281 $266,392
April 284 $258,134
Source: Dave Pettigrew, Prudential Rocky Mountain, Realtors

Single family building permits through April

FORT COLLINS
2012: 113
2011: 74
2010: 83
2009: 39
2008: 104
2007: 145
2006: 216
Source: City of Fort CollinsLOVELAND
2012: 69
2011: 45
2010: 48
2009: 17
2008: 67
2007: 114
2006: 186
Source: City of Loveland

More

Sixteen months after putting her Fort Collins home up for sale in late 2010, and getting only one lowball offer, Laura Carlson yanked it off the market, frustrated it would never sell.

Carlson hired real estate agent Sharianne Daily of Re/Max Alliance and relisted the house earlier this year, hoping the impending spring, recovering economy and record-low interest rates would bring more attention.

Within two months of listing, Carlson received three offers in two days. She sold the home for $5,000 more than her asking price.

“I was in a lucky situation in that I was still able to make my mortgage payments and wasn’t forced to sell, so I was waiting for the perfect time and perfect buyers. It all happened literally within 36 hours,” said Carlson, a nurse at Poudre Valley Hospital and a relief flight nurse with Greeley’s Flight for Life.

“It was crazy how it all fell together like it was supposed to,” said Carlson, who put her house on the market after moving in with her significant other.

Her story is being repeated throughout Larimer County as a previously sluggish, often dismal, sales environment gives way to a market frenzy.

Homes priced at less than $300,000 are fetching multiple offers — sometimes in a single day — and selling for more than the asking price.

The shift started to show up in March — the first month both home sales and the average sales price rose.

The frenzied market is a whirlwind for Realtors scrambling to get clients to showings and offers made before the competition. Delays or hesitation can leave a buyer in the dust.

“You have to strategize right now,” said Realtor Carolyn Wade of Re/Max Advanced Inc., in Fort Collins. “You can come in with a higher offer and still not get the property. It’s an unusual time. Everyone is enjoying the boom but also scrambling to get things for people using FHA” to finance their homes.

The Federal Housing Administration doesn’t loan on more than a home’s appraisal, meaning they often get outbid by clients offering more than list price.

Report: Colorado economy outperforms nation’s – Denver Business Journal

Report: Colorado economy outperforms nation’s

Colorado’s employment and personal income grew faster than the national average between 2000 and 2010, according to a report Wednesday from Headwaters Economics.

The Bozeman, Mont.-based nonprofit research group works to improve community development and land management decisions in the West.

The Headwaters paper says personal income grew by 15 percent in Colorado over the decade ending in 2010, ahead of the national growth rate of 14 percent.

It says employment in the state increased by 8 percent, outpacing the 5 percent national average.

And its says Colorado ranked fifth in the nation for “entrepreneurial activity” in 2010, as measured by new businesses launched per month for every 100,000 residents.

The paper says that over the 10-year period, government and health care/social assistance jobs increased the most in Colorado, followed by finance/insurance, professional/scientific/technical services and real estate.

The Headwaters paper argues that there is a correlation between Colorado’s economic prosperity and the state’s success in protecting the natural environment as a contributor to quality of life.

The paper argues that there is a correlation between Colorado’s economic prosperity and the state’s success in protecting the natural environment, including national parks, as a contributor to quality of life.

“Protected public lands play an important role by providing recreational opportunities, wildlife habitat, and amenities that attract and keep creative people in Colorado,”Daphne Greenwood, an economics professor at the University of Colorado Colorado Springs, said in the report.

Ray Rasker, Headwaters executive director, said in a statement that “Western non-metro counties with more than 30 percent of federally protected public lands increased jobs by 345 percent from 1970 [to] 2010. These jobs extend far beyond tourism and include higher-paying service sectors as well such as engineers, accountants, or software developers.”

Report: Colorado economy outperforms nation’s – Denver Business Journal.

Northern Colorado Business Report | Todays News | Home prices continue upward trend regionally

Homes sale values rise 1% nationally, 4% in Loveland – Ft Collins, and 6% in Greeley. 

Home prices continue upward trend regionally


Home prices in Northern Colorado continued their upward trend in April, according to the latest data from CoreLogic. 

Home prices, including distressed sales, increased in both the Fort Collins-Loveland metropolitan statistical area and in Greeley in April.

In Fort Collins and Loveland, home prices increased by 4.5 percent. In Greeley, home prices increased by 6.2 percent.

In Colorado as a whole, home prices including distressed sales increased slightly from April 2011, up by 4.2 percent, according to the report.

Nationally, home prices increased by 1.1 percent year-over-year in April.

“Excluding distressed sales, home prices in March and April are improving at a rate not seen since late 2006,” Mark Fleming, chief economist for CoreLogic, said of the national numbers. “The supply of homes in current inventory is down to 6.5 months, a level not seen in more than five years, in part driven by the ‘locked in’ position of so many homeowners in negative equity.”

Northern Colorado Business Report | Todays News | Home prices continue upward trend regionally.

10 Metros Where List Prices Are Rising the Most | Realtor Magazine

10 Metros Where List Prices Are Rising the Most | Realtor Magazine.

Boulder/Longmont is #8!

10 Metros Where List Prices Are Rising the Most

Prices of for-sale homes are on the rise in several metro areas. According to Realtor.com, which tracks 146 metro markets, the following areas have seen their median list prices increase the most from March to April:

1. Minneapolis-St. Paul, Minn.-Wis.

Monthly median list price increase: 7.90 percent

Median list price: $199,500

2. Santa Barbara-Santa Maria-Lompoc, Calif.

Monthly median list price increase: 7.07 percent

Median list price: $545,000

3. Detroit

Monthly median list price increase: 4.66 percent

Median list price: $89,900

4. San Francisco

Monthly median list price increase: 4.62 percent

Median list price: $679,000

5. Seattle-Bellevue-Everett, Wash.

Monthly median list price increase: 4.46 percent

Median list price: $328,950

6. Boise City, Idaho

Monthly median list price increase: 4.40 percent

Median list price: $162,374

7. Trenton, N.J.

Monthly median list price increase: 4.26 percent

Median list price: $259,450

8. Boulder-Longmont, Colo.

Monthly median list price increase: 4.20 percent

Median list price: $375,000

9. Orange County, Calif.

Monthly median list price increase: 4.19 percent

Median list price: $448,000

10. Colorado Springs, Colo.

Monthly median list price increase: 4.09 percent

Median list price: $229,000