Once again, our Team took some time yesterday to attend the Everitt Center’s Regional Forecast to get a statistical look at the overall market health for our area. In general, the 2015 statistics all support what we felt all year – buckle up and hold on as this ride is going up and fast!
2015 Regional Recap
Fort Collins/Timnath
- Median Home Price went up a whopping 13.04% to $325,000
- 3428 Total Closings with 2821 from Resale Closings v 607 from New Construction
- Currently has a 2 year supply of developed lots ready for new homes, however the vast majority are controlled by national builders and will be started in large batches according to National forecasts/timelines. During the peak of the market there were 3 national builders in the area, which is now dominated by 10 national builder brands.
Loveland/Berthoud
- Loveland/Berthoud Median Home Price went up a whopping 12% to $313,000
- 2338 Total Closings with 1688 from Resale Closings v 650 from New Construction
- Currently has a 1 year supply of developed lots ready for new homes, primarily with national builders.
Neighbors
- Wellington – While Wellington was not directly reported in regards to price increase, the Everitt Center did identify that Wellington has less than a 1 year supply of developed lots and will continue to see a significant median price increase due to increased demand from those priced out of Fort Collins and the limited availability of lots for new construction. Currently, new home prices are reaching the $315,000 range and pricing very similarly to new development in Greeley.
- Longmont – Median Home Prices up a staggering 18%
- Boulder – Median Home Prices up 14% to $777,000
Regional Forecast for 2016
- Fort Collins Median Home Price increasing 8% to $350,000
- Fort Collins vacancy rates expected to rise to 5% with availability of new apartments but rents will continue to grow.
- Loveland/Berthoud Home Price increasing 6.7% to $335,000
What are the Challenges facing our region in the future?