march 2014 housing report
DESCRIPTION
A comprehensive Housing Report from the Fort Collins Board of REALTORS®. Residential Market Statistics for single family detached and attached homes provided by IRES. Please note that IRES no longer includes "to be built" and "under construction listings. For more information please call 223-2900TRANSCRIPT
February 2014 Activity Snapshot
One-Year Change in One-Year Change in
Single FamilySold Listings
Single FamilyDays On Market
23456789
101112131415
Click on desired metric to jump to that page.
Current as of March 10, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing.
Townhouse-Condo Activity Overview
Days on Market Until SaleHousing Affordability IndexAll Properties Activity OverviewGlossary of TermsMonths Supply of Inventory
New ListingsPending SalesSold ListingsMedian Sales PriceAverage Sales PricePercent of List Price Received
Monthly Indicators
- 10.9% - 17.2% + 2.9%One-Year Change inIt's tempting to confuse market normalization with a possible slowdown. But
those equipped with high-quality MLS data know better. As mortgage delinquencies fade, banks are listing bargain-priced product less often. That means investor activity – which accounts for a substantial market share – is moderating. That's not to say that rates and prices aren't still attractive to owner-occupant buyers. They most certainly are. Some short-term volatility is expected as part of a normal market readjustment.
New Listings were down 12.9 percent for single family homes and 15.2 percent for townhouse-condo properties. Pending sales clocked in at 47 for single family homes and 12 for townhouse-condo properties.
The Median Sales Price was up 2.9 percent to $250,000 for single family homes and 22.2 percent to $179,251 for townhouse-condo properties. Months Supply of Inventory stood at 3.1 for single family units and 2.2 months for townhouse-condo units.
The economy has more or less shuffled along, despite some climate-induced surprises to job growth and new construction. There is no denying the fact that we've now seen 47 straight months of private job growth, creating 8.5 million new payrolls. There's still work to be done. Thankfully, with such low inventory levels, many builders are bullish on new construction. The spring market is budding, and it should be an interesting one.
Single FamillyMedian Sales Price
Residential real estate activity in Area 9, comprised of single-family properties, townhomes and condominiums. Percent changes are calculated using rounded figures.
Single Family Activity Overview
All Properties Activity Overview
Single Family Activity OverviewKey metrics for Single Family by report month and for year-to-date (YTD) starting from the first of the year.
Key Metrics Historical Sparkbars 2-2013 2-2014 Percent Change YTD-2013 YTD-2014 Percent Change
- 5.7%
Pending Sales 256 47 - 81.6% 494 201 - 59.3%
New Listings 295 257 - 12.9% 563 531
Under Contract Not enough historical data for chart -- -- -- -- -- --
Sold Listings 183 163 - 10.9% 352 306 - 13.1%
Median Sales Price $243,026 $250,000 + 2.9% $249,950 $250,000 + 0.0%
+ 0.7%
Pct. of List Price Received 98.1% 98.8% + 0.7% 98.0% 98.5% + 0.5%
Average Sales Price $289,402 $286,999 - 0.8% $288,704 $290,835
Days on Market 116 96 - 17.2% 111 100 - 9.9%
Affordability Index 152 138 - 9.2% 148 138 - 6.8%
-- --
Current as of March 10, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 14
-- --
Months Supply Not enough historical data for chart -- 3.1 -- --
Active Listings Not enough historical data for chart -- 826 -- --
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
Townhouse-Condo Activity OverviewKey metrics for Townhouse-Condo by report month and for year-to-date (YTD) starting from the first of the year.
Key Metrics Historical Sparkbars 2-2013 2-2014 Percent Change YTD-2013 YTD-2014 Percent Change
+ 1.7%
Pending Sales 57 12 - 78.9% 110 57 - 48.2%
New Listings 66 56 - 15.2% 116 118
Under Contract Not enough historical data for chart -- -- -- -- -- --
Sold Listings 40 50 + 25.0% 74 81 + 9.5%
Median Sales Price $146,700 $179,251 + 22.2% $164,750 $179,601 + 9.0%
+ 11.8%
Pct. of List Price Received 98.4% 98.4% 0.0% 98.4% 98.3% - 0.1%
Average Sales Price $161,529 $186,494 + 15.5% $173,194 $193,705
Days on Market 123 61 - 50.4% 105 76 - 27.6%
Affordability Index 229 183 - 20.1% 209 183 - 12.4%
-- --
Current as of March 10, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 14
-- --
Months Supply Not enough historical data for chart -- 2.2 -- --
Active Listings Not enough historical data for chart -- 146 -- --
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
New Listings
New ListingsSingleFamily
Year-Over-YearChange
Townhouse-Condo
Year-Over-YearChange
Mar-2013 365 +5.2% 79 -28.8%
Apr-2013 382 +2.1% 115 +16.2%
May-2013 514 +21.5% 87 +1.2%
Jun-2013 484 +26.7% 89 +1.1%
Jul-2013 415 +4.5% 96 +33.3%
Aug-2013 364 +5.8% 89 +23.6%
Sep-2013 300 +22.4% 61 +5.2%
Oct-2013 254 -3.4% 46 -31.3%
Nov-2013 196 +1.0% 45 -6.3%
Dec-2013 141 +2.2% 32 +23.1%
Jan-2014 274 +2.2% 62 +24.0%
Feb-2014 257 -12.9% 56 -15.2%
12-Month Avg 329 +7.5% 71 +1.7%
Historical New Listings by Month
Current as of March 10, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 4
A count of the properties that have been newly listed on the market in a given month.
275
58
295
66
257
56
Single Family Townhouse-Condo
February
0
100
200
300
400
500
600
1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Single Family Townhouse-Condo
490
107
563
116
531
118
Single Family Townhouse-Condo
Year to Date
2012 2013 2014
- 15.2% + 13.8% - 12.9% + 7.3% + 8.4% - 5.7% + 14.9% + 1.7%
2012 2013 2014 2012 2013 2014 2012 2013 2014
+ 9.1% + 8.2% - 7.0% - 13.4%
Pending Sales
Pending SalesSingleFamily
Year-Over-YearChange
Townhouse-Condo
Year-Over-YearChange
Mar-2013 330 +17.4% 76 +43.4%
Apr-2013 313 +10.6% 112 +17.9%
May-2013 357 +15.9% 87 +1.2%
Jun-2013 349 +14.4% 77 -8.3%
Jul-2013 296 +0.3% 70 +4.5%
Aug-2013 244 +7.0% 67 +13.6%
Sep-2013 214 -2.7% 52 +2.0%
Oct-2013 223 +1.4% 64 +23.1%
Nov-2013 191 +4.9% 42 -4.5%
Dec-2013 138 -16.9% 23 -30.3%
Jan-2014 154 -35.3% 45 -15.1%
Feb-2014 47 -81.6% 12 -78.9%
12-Month Avg 238 -4.2% 61 -1.0%
Historical Pending Sales by Month
Current as of March 10, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 5
A count of the properties on which offers have been accepted in a given month.
234
52
256
57 47
12
Single Family Townhouse-Condo
February
0
100
200
300
400
1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Single Family Townhouse-Condo
406
90
494
110
201
57
Single Family Townhouse-Condo
Year to Date
2012 2013 2014
- 78.9% + 9.6% - 81.6% + 9.4% + 22.2% - 59.3% + 21.7% - 48.2%
2012 2013 2014 2012 2013 2014 2012 2013 2014
+ 31.5% + 26.1% - 2.2% 0.0%
Sold Listings
Sold ListingsSingleFamily
Year-Over-YearChange
Townhouse-Condo
Year-Over-YearChange
Mar-2013 268 +18.1% 51 0.0%
Apr-2013 284 +17.4% 66 +46.7%
May-2013 327 +10.1% 102 +32.5%
Jun-2013 329 +1.2% 89 -5.3%
Jul-2013 393 +24.0% 92 +13.6%
Aug-2013 344 +15.8% 79 -8.1%
Sep-2013 245 -1.6% 81 +39.7%
Oct-2013 260 +15.0% 46 -6.1%
Nov-2013 204 -4.2% 54 +8.0%
Dec-2013 236 +34.1% 60 +22.4%
Jan-2014 143 -15.4% 31 -8.8%
Feb-2014 163 -10.9% 50 +25.0%
12-Month Avg 266 +9.4% 67 +12.2%
Historical Sold Listings by Month
Current as of March 10, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 7
A count of the actual sales that closed in a given month.
121
23
183
40
163
50
Single Family Townhouse-Condo
February
0
100
200
300
400
1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Single Family Townhouse-Condo
230
63
352
74
306
81
Single Family Townhouse-Condo
Year to Date
2012 2013 2014
+ 25.0% + 73.9% - 10.9% + 51.2% + 17.5% - 13.1% + 53.0% + 9.5%
2012 2013 2014 2012 2013 2014 2012 2013 2014
+ 12.0% + 6.5% + 1.6% - 37.8%
Median Sales Price
Median Sales PriceSingleFamily
Year-Over-YearChange
Townhouse-Condo
Year-Over-YearChange
Mar-2013 $255,000 +3.7% $162,500 +9.8%
Apr-2013 $261,450 +6.7% $159,700 +20.1%
May-2013 $265,000 +11.8% $157,500 -1.6%
Jun-2013 $274,000 +9.6% $178,000 +21.1%
Jul-2013 $272,250 +9.8% $158,050 +2.3%
Aug-2013 $267,950 +5.1% $168,000 +15.5%
Sep-2013 $260,000 +4.4% $195,000 +32.2%
Oct-2013 $255,000 +4.1% $159,000 -3.8%
Nov-2013 $259,450 +3.0% $167,500 +0.6%
Dec-2013 $256,945 +4.9% $187,300 +10.2%
Jan-2014 $248,000 -1.0% $182,000 +0.3%
Feb-2014 $250,000 +2.9% $179,251 +22.2%
12-Month Avg* $261,500 +5.4% $170,000 +10.0%
Historical Median Sales Price by Month* Median Sales Price for all properties from March 2013 through February 2014. This is not the average of the individual figures above.
Current as of March 10, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 8
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
$230,000
$156,000
$243,026
$146,700
$250,000
$179,251
Single Family Townhouse-Condo
February
$125,000
$150,000
$175,000
$200,000
$225,000
$250,000
$275,000
1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Single Family Townhouse-Condo
$231,300
$160,001
$249,950
$164,750
$250,000
$179,601
Single Family Townhouse-Condo
Year to Date
2012 2013 2014
+ 22.2% - 6.0% + 2.9% + 5.7% + 3.0% + 0.0% + 8.1% + 9.0%
2012 2013 2014 2012 2013 2014 2012 2013 2014
- 3.3% - 5.4% + 0.2% - 1.5%
Average Sales Price
Average Sales Price
SingleFamily
Year-Over-YearChange
Townhouse-Condo
Year-Over-YearChange
Mar-2013 $282,818 -0.6% $173,616 +4.1%
Apr-2013 $289,018 +4.4% $163,762 +7.7%
May-2013 $290,118 +7.7% $174,671 +5.4%
Jun-2013 $310,365 +6.1% $196,625 +20.0%
Jul-2013 $315,918 +12.4% $166,129 +5.0%
Aug-2013 $302,012 +4.1% $172,394 +11.6%
Sep-2013 $305,424 +6.0% $203,761 +28.8%
Oct-2013 $302,442 +7.3% $165,129 -12.9%
Nov-2013 $306,012 +10.3% $185,801 +8.8%
Dec-2013 $305,645 +3.8% $201,348 +6.8%
Jan-2014 $295,208 +2.5% $205,335 +9.9%
Feb-2014 $286,999 -0.8% $186,494 +15.5%
12-Month Avg* $300,346 +5.7% $182,006 +9.5%
Historical Average Sales Price by Month* Average Sales Price for all properties from March 2013 through February 2014. This is not the average of the individual figures above.
Current as of March 10, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 9
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
$249,374
$145,087
$289,402
$161,529
$286,999
$186,494
Single Family Townhouse-Condo
February
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Single Family Townhouse-Condo
2012 2013 2014
+ 15.5% + 11.3% - 0.8% + 16.1% 2012 2013 2014
- 12.4% - 3.0%
$258,027
$159,689
$288,704
$173,194
$290,835
$193,705
Single Family Townhouse-Condo
Year to Date
+ 11.8% + 8.5% 2012 2013 2014 2012 2013 2014
+ 0.7% + 11.9% - 5.2% - 1.2%
Percent of List Price Received
Pct. of List Price Received
SingleFamily
Year-Over-YearChange
Townhouse-Condo
Year-Over-YearChange
Mar-2013 98.9% +0.7% 98.9% +0.7%
Apr-2013 99.0% +1.1% 98.9% +1.5%
May-2013 99.2% +0.7% 99.2% +1.2%
Jun-2013 99.3% +0.6% 99.1% +1.0%
Jul-2013 99.1% +0.2% 99.5% +1.4%
Aug-2013 98.9% +0.7% 99.1% +0.8%
Sep-2013 99.0% +0.8% 99.6% +1.3%
Oct-2013 98.7% +0.4% 98.4% +0.4%
Nov-2013 98.3% +0.2% 97.6% -0.5%
Dec-2013 98.5% +1.1% 99.0% +1.1%
Jan-2014 98.0% +0.1% 98.0% -0.4%
Feb-2014 98.8% +0.7% 98.4% 0.0%
12-Month Avg* 98.3% +0.6% 98.1% +0.9%
Historical Percent of List Price Received by Month* Pct. of List Price Received for all properties from March 2013 through February 2014. This is not the average of the individual figures above.
Current as of March 10, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 10
Percentage found when dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.
98.3% 95.0% 98.1% 98.4% 98.8% 98.4%
Single Family Townhouse-Condo
February
94%
95%
96%
97%
98%
99%
100%
1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Single Family Townhouse-Condo
98.1% 95.4% 98.0% 98.4% 98.5% 98.3%
Single Family Townhouse-Condo
Year to Date
2012 2013 2014
0.0% + 3.6% + 0.7% - 0.2% + 3.1% + 0.5% - 0.1% - 0.1% 2012 2013 2014 2012 2013 2014 2012 2013 2014
+ 0.4% + 0.8% - 1.6% - 2.3%
Days on Market Until Sale
Days on MarketSingleFamily
Year-Over-YearChange
Townhouse-Condo
Year-Over-YearChange
Mar-2013 84 -35.9% 73 -25.5%
Apr-2013 83 -25.9% 68 -19.0%
May-2013 71 -22.8% 77 -1.3%
Jun-2013 76 -18.3% 63 -25.0%
Jul-2013 71 -14.5% 58 -36.3%
Aug-2013 78 -19.6% 64 -12.3%
Sep-2013 68 -27.7% 92 +3.4%
Oct-2013 79 -24.8% 55 -50.9%
Nov-2013 85 -19.8% 71 +18.3%
Dec-2013 99 -6.6% 104 +31.6%
Jan-2014 104 0.0% 99 +19.3%
Feb-2014 96 -17.2% 61 -50.4%
12-Month Avg 80 -20.7% 73 -15.8%
Historical Days on Market Until Sale by Month
Average number of days between when a property is listed and when an offer is accepted in a given month.
* Days on Market for all properties from March 2013 through February 2014. This is not the average of the individual figures above.
Current as of March 10, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 11
128
141
116 123
96
61
Single Family Townhouse-Condo
February
50
75
100
125
150
175
200
1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Single Family Townhouse-Condo
133 145
111 105 100
76
Single Family Townhouse-Condo
Year to Date
2012 2013 2014
- 50.4% - 12.8% - 17.2% - 9.4% - 27.6% - 9.9% - 16.5% - 27.6%
2012 2013 2014 2012 2013 2014 2012 2013 2014
+ 0.8% + 1.5% + 10.7% + 45.4%
Housing Affordability Index
Affordability IndexSingleFamily
Year-Over-YearChange
Townhouse-Condo
Year-Over-YearChange
Mar-2013 145 -0.7% 211 -5.0%
Apr-2013 145 -2.7% 217 -11.4%
May-2013 138 -11.0% 213 -0.9%
Jun-2013 126 -15.4% 182 -20.9%
Jul-2013 128 -15.8% 202 -9.8%
Aug-2013 128 -13.5% 190 -18.8%
Sep-2013 133 -13.6% 171 -27.5%
Oct-2013 136 -12.3% 202 -5.6%
Nov-2013 142 -6.6% 204 -4.7%
Dec-2013 136 -13.4% 178 -16.0%
Jan-2014 137 -9.3% 178 -10.1%
Feb-2014 138 -9.2% 183 -20.1%
12-Month Avg 136 -8.9% 152 -17.9%
Historical Housing Affordability Index by Month
Current as of March 10, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 12
This index measures housing affordability for the region. An index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
156
215
152
229
138
183
Single Family Townhouse-Condo
February
120
140
160
180
200
220
240
260
1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Single Family Townhouse-Condo
2012 2013 2014
- 20.1% + 6.5% - 9.2% - 2.6% 2012 2013 2014
+ 14.7% + 12.0%
156
211
148
209
138
183
Single Family Townhouse-Condo
Year to Date
- 12.4% - 0.9% - 6.8% - 5.1% + 17.3% + 10.5% 2012 2013 2014 2012 2013 2014
All Properties Activity OverviewKey metrics by report month and for year-to-date (YTD) starting from the first of the year.
Key Metrics Historical Sparkbars 2-2013 2-2014 Percent Change YTD-2013 YTD-2014 Percent Change
- 4.4%
Pending Sales 313 59 - 81.2% 110 57 - 48.2%
New Listings 361 313 - 13.3% 679 649
Under Contract Not enough historical data for chart -- -- -- -- -- --
Sold Listings 223 213 - 4.5% 426 387 - 9.2%
Median Sales Price $230,000 $237,500 + 3.3% $232,950 $236,788 + 1.6%
+ 0.7%
Pct. of List Price Received 98.2% 98.7% + 0.3% 98.1% 98.4% + 0.3%
Average Sales Price $266,465 $263,406 + 0.7% $268,639 $270,506
Days on Market 118 88 - 12.8% 109 95 - 12.8%
Affordability Index 159 145 - 7.8% 157 145 - 7.8%
-- --
Current as of March 10, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 14
-- --
Months Supply Not enough historical data for chart -- 2.9 -- --
Active Listings Not enough historical data for chart -- 972 -- --
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
Glossary of Terms
New Listings
Pending Sales
Under Contract Activity
Sold Listings
Median Sales Price
Average Sales Price
Percent of List Price Received
Days on Market Until Sale
Housing Affordability Index
Active Listings
Months Supply of Inventory
A measure of home values in a market area where 50% of activity was higher and 50% was lower than this price point.
A research tool provided by the Colorado Association of REALTORS®
A measure of how much new supply is coming onto the market from sellers (e.g., Q3 New Listings are those listings with a system list date from July 1 through September 30).
A count of all the listings that went into Pending status during the reported period. Pending listings are counted at the end of the reported period. Each listing can only be counted one time. If a listing goes into Pending, out of Pending, then back into Pending all in one reported period, this listing would only be counted once. This is the most real-time measure possible for home buyer activity, as it measures signed contracts on sales rather than the actual closed sale. As such, it is called a "leading indicator" of buyer demand.
A count of all listings Under Contract during the reported period. Listings that go Under Contract are counted each day. There is no maximum number of times a listing can be counted as Under Contract. For example, if a listing goes into Under Contract, out of Under Contract, then back into Under Contract all in one reported period, this listing would be counted twice.
A measure of home sales that were closed to completion during the report period.
Current as of February 17, 2014. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 13
A sum of all home sales prices divided by total number of sales.
A mathematical calculation of the percent difference from last list price and sold price for those listings sold in the reported period.
A sum of all home sales prices divided by total number of sales.
A measure of how affordable a region’s housing is to its consumers. A higher number means greater affordability. The index is based on interest rates, median sales price and average income by county.
A measure of the number of homes available for sale at a given time. The availability of homes for sale has a big effect on supply-demand dynamics and home prices.
A measure of how balanced the market is between buyers and sellers. It is expressed as the number of months it would hypothetically take to sell through all the available homes for sale, given current levels of home sales. A balanced market ranges from 4 to 7 months of supply. A buyer's market has a higher number, reflecting fewer buyers relative to homes for sale. A seller's market has a lower number, reflecting more buyers relative to homes for sale.