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.

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About Garry Callis - Legacy Real Estate Group - Colorado

Awesome Colorado Realtor! Check me out at www.legacyrealtor.net

Posted on June 11, 2012, in Market Conditions and tagged , , , . Bookmark the permalink. Leave a comment.

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