February Colorado Real Estate Market Updates: Is Longmont the Next Real Estate Hotspot?
Are the Numbers Really Accurate?? February Colorado Real Estate Market Updates
The February 2023 market stats are out, and our roundtable is back to discuss what they mean and how Denver and Colorado Springs are trending. Inventory- is it up or down from January? Are prices likely to increase or decrease? We’ll talk about the benefits of buying now, as well as details on our latest cash flowing deals. Don’t miss out on the great opportunities in the market right now!

The headlines have been consistently painting a bleak picture of the real estate market with declining sales prices and higher interest rates. It can be hard to feel like there’s opportunity in real estate right now. Thankfully, despite these bleak headlines, deals are still being found in every Colorado region. And not only that, it seems that what Preston and Jenny are seeing in their own markets is vastly different than what the data is describing.

In this month’s Colorado real estate market updates, Newt Wyler join us from Northern Colorado to share insights into the Longmont, Greeley and Fort Collins markets. Although stats look similar across all Colorado markets, the panel highlights deals they have seen in their own markets emphasising there is still plenty of opportunity to be found. Moreover, the panel has noticed an increasing trend in the popularity of ARM products among their investors to help increase opportunities in their portfolio. By using ARM products, optimizing your portfolio, and keeping an eye out for great deals, investors can still achieve their investment goals in Colorado.

Three Learning Options!
  1. Listen to the podcast “#441: February Colorado Real Estate Market Updates: Is Longmont the Next Real Estate Hotspot?” Denver Real Estate Investing Podcast
  2. Watch the YouTube video.
  3. Read the blog post. Note, the blog is an executive summary. Get the in-depth breakdown from the podcast or video.

Denver Market Stats and Observations for February 2023

Active listings

  • 2x what we had this time last year, but still low (3,800 actives)
  • Off 8% from the end of January ’23.  Usually, we should see inventory build this time of year.
  • Thinking back to our last “normal” market in Feb ‘2019 (pre-COVID), we had 6,020, and we all thought we were short of inventory at that time, too.
  • The long-term average number of listings in Feb: is 12,900.
  • I think we’re going to have a problem being short of inventory across the front range all spring.  At least until mid-May.
  • This Feb we brought 3,450 new listings to market vs. 4,200 new listings in Feb ’22.

Under contract

  • Amazingly, only off 7% from this time last year.
  • 3750 UC currently vs. 4,020 this time last year.

Closed count

  • Off 25% from Feb ’22.  That’s a big improvement from the 35%+ declines that we saw in 4Q22.
  • Up 23% from Jan ’23.  That’s a little better than historical seasonality would lead us to expect.

Average price

  • Up 1% from last year.  Still going up, but at a slow pace
  • I still wouldn’t be surprised if we had a few year-over-year comparisons later in the spring when prices go down a bit.
  • The median price year over year did go down 2%

DOM days on market

  • More than doubled from last year from 16 to 45 days (Average) and from 4 to 25 (Median)
  • Still historically pretty quick, but a big change from the past few years.
  • Contingent offers are still seriously considered by sellers – take advantage of this!
  • Once the DOM goes down, I suspect contingent offers will again be ignored. 

Discounts

  • About 1.5% discount on average. 
  • This time last year was a 3.5% premium.
  • That swing does make up for a lot of interest rate increases!!

Colorado Springs Market Stats and Observations for January 2023

New Listings

  • Homes
    • Up 1% from last month
    • Down 18% from last year
  • Condos
    • Down 11% from last month
    • Down 19% from last year

Sales Count

  • Homes
    • Up 5% from last month
    • Down 23% from last year
  • Condos
    • Up 16% from last month
    • Down 35% from last year

Sales Price

  • Homes
    • Down 5% from last month
    • Down 3% from last year
  • Condos
    • Up 7% from last month
    • Up 2% from last year

Inventory

  • Homes
    • Down 12% from last month
    • Up 196% from last year
  • Condos
    • Down 12% from last month
    • Up 257% from last year

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Authors
Chris Lopez
Chris Lopez is a Denver area real estate entrepreneur and investor, as well as the host of Bigger Pockets’ House Hackerz and the Denver Real Estate Investing Podcast.
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