Active inventory remained stagnant from October to November of 2015. There are only 18 listings currently active as compared to the 20 active at the same time last month. Unfortunately, many of these active listings are the same ones that were present in October. Prices have remained fairly stable over the past month with many listings receiving price adjustments as opposed to competing offers.
Here is the breakdown of sold homes in November 2014 vs. 2015
November 2014: 7 total sold with a median price of $352,000
November 2015: 10 total sold with median price of $412,500
Year over year median increase: 17.1%
There were 4 more homes sold in November 2015 compared to October 2015, and the median home price increased by $6,000 over the past month.
Quite a few of the homes that sold in November received price adjustments prior to going under contract. This is a very different trend than what was observed in the busiest part of the buying/selling season, where a majority of homes, especially near the median price point, received multiple offers and generally sold above the list price. The supply in Old Town is very limited at the moment and new listings would be welcome in the market. The median price for available listings is currently at $752,585, a large difference above the average affordable home in Fort Collins.
Winter is a great time for buyers to find a deal, especially for those who like a little more time to think about their purchase. However, homes that show well or are in ideal locations still receive offers quickly and could easily sell over list price. Sellers looking to “test the waters” should probably wait until the new year as many potential buyers are looking to wait until after the holiday season to make a move on a potential purchase.
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.