As a new year begins, it is nice to reflect of the past year and some Real Estate trends and data in Old Town Fort Collins. Old Town saw an increase in all numbers on a year over year average and overall, 2015 was more active in terms of number of sales, average price, median price, and total sales volume as opposed to 2014.
Here are the comparison numbers from 2014 to 2015 in Old Town Fort Collins:
Average and Median Home Prices in Old Town (2014 vs. 2015)
There was an increase in both the average and median price of a home in Old Town Fort Collins, which equates to an increase of 11% in a year over year basis. This is great news for homeowners as property values increased once again in the area, maintaining a strong seller’s market.
Of the total 146 homes sold in Old Town this past year, nearly 60% of the homes sold were in the price range of $200K-$400K. This data shows that there is still affordable inventory in the Old Town neighborhoods. However, a $400K price home in Old Town will be very different in size and style than a similarly priced property in other parts of town. Additionally, the most desired neighborhoods usually have a higher price than where a majority of these median priced homes are located.
As seen in the following map, a large portion of homes sold below $400K were in the neighborhoods North of Mountain Ave, with a higher proportion of homes sold in Hanna Farms, Tennyson Heights, Ekblad, and Mountain View neighborhoods West of Shields St and North of Laporte Ave. These neighborhoods are dominated by ranch style homes bordering the 1000 SQFT mark and were generally priced from $230K-$300K this past year with an occasional remodeled property fetching a higher price. Of the few remaining homes in the areas East of Shields St, a majority of them were either quite small in SQFT, or in need of many updates. There were a few properties that were completely updated and in good condition that sold very quickly for thousands above their listed price.
Looking at the location of home sold for more than $400K shows a much more scattered presence across the entire area. There were, however, 15 homes sold on Mountain Ave this year, with the lowest priced home going for $330,000 and the highest priced Mountain home selling for $1.24 million. Other properties that were hot this year in Old Town were newer builds or complete remodeled homes. Most of these properties that sold were under contract quickly, sometimes in less than 7 days.
Predictions for Next Year:
The new year has already started off quickly , with fresh inventory being snatched up at a rapid pace. Multiple offer situations are already happening, with supply and demand driving home prices up as the season begins. Based on the trend for last year, we should see a spike in activity beginning in March before tapering off in late July and Early August. March of 2015 was very active in Old Town and across Fort Collins as buyers and sellers both took to the market. I would expect a similar trend to continue and would expect to see a stark increase in list prices of homes following the first wave of spring listings.
For Old Town Buyers:
Competition will be fierce again this year, with tight inventory and multiple offers in the lower and mid price ranges. If you are searching for a property for less than $400K, I would concentrate your search on the neighborhoods north of Laporte Ave, and especially the neighborhoods West of Shields. You may also be able to find a deal or too if you are comfortable living on a busier street such as Laporte Ave, Shields St., or Mulberry St.
If money is not an object for you, remain patient and wait for the right listing to come up. Homes that are priced above $500K are much more difficult to price and subsequently, may be overpriced. If you are willing to take the risk in waiting a couple of weeks, you may be able to get a deal on one of these homes, especially in the late summer or fall.
For Old Town Sellers:
The only really bad time to list your home is around the holiday season when buyer activity has completely dwindled. The highest activity will likely be in March and April, but there is no substitute for a tidy, well -maintained home that shows like a 10! While the market is balanced in a seller’s favor, getting buyers through the door with professional photography, good marketing, reasonable showing timeframes are all important in the perceived value of your home. The market will determine just how much you can get for your property, and overpricing can be a risky strategy as the final number is only one part of the equation towards getting the home sold.
*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.