August 2024 Residential Real Estate Market Update for Northern Colorado

The Northern Colorado real estate market saw some notable shifts in August 2024. Whether you're thinking about buying, selling, or simply tracking the trends, staying on top of the latest data is crucial. Let’s take a closer look at what’s happening in Fort Collins, Loveland, and surrounding areas for both single-family homes and attached dwellings.

Fort Collins Market Overview:

The single-family home market in Fort Collins felt the heat in August 2024, with a -19.11% decline in the number of homes sold compared to last year—only 127 homes changed hands. Year-to-date sales are down by -2.5%, signaling a slight cool-off, but that doesn't tell the whole story. Despite fewer sales, home prices are still climbing, with the average sales price up by 9.3%, reaching $705,428.

• Average Days on Market: 52 days (a small increase from last year)
• Median Sales Price: $645,651
• % of Asking Price: Sellers are getting 99% of their asking price, showing just how competitive the market remains.

Meanwhile, the attached dwellings market in Fort Collins is heading in the opposite direction. Sales jumped by 25% year-over-year, with 75 homes sold. However, the average sales price dipped by 9.4% to $403,944, which could give buyers a bit more room to negotiate in this category.

Loveland Market Overview:

Loveland’s single-family home market saw a sharper drop, with a 26.1% decline in sales compared to last year. Only 65 homes were sold in August 2024, down from 88 homes in August 2023. But once again, prices are still climbing, with the average sales price rising by 8.3% to $595,222.

• Average Days on Market: 64 days (up over 40%, meaning homes are taking longer to sell)
• Median Sales Price: $496,750
• % of Asking Price: Sellers are still getting close to their asking price, at 98.4%.

Loveland’s attached dwelling market, on the other hand, saw sales fall by 22.7%, while the average sales price dropped by 10.8%. With homes staying on the market for an average of 52 days, attached dwellings are lingering longer, but the median price remains solid at $382,500.

Market Trends & Insights:

Across both Fort Collins and Loveland, the market seems to be in a state of transition. Rising interest rates are likely causing some of the slowdown in sales volume. With borrowing costs higher, buyers are more cautious, which could affect demand in the coming months. But even with these headwinds, prices continue to rise in most areas, especially for single-family homes.

August 2024 offers a mixed bag for Northern Colorado real estate. On one hand, sales are slowing, giving buyers a bit more time to weigh their options. On the other hand, prices are still rising, especially for single-family homes, signaling strong demand. Buyers should be ready for a competitive environment, while sellers may need to be mindful of pricing strategies to attract serious offers.

There’s opportunity out there for both sides—just be ready to act when the time is right!