September 2024 | Market Update

Northern Colorado Real Estate Market Update: September 2024

The Northern Colorado real estate market continues to demonstrate diverse and dynamic trends across both luxury and traditional sectors. September 2024 data reveals critical changes in new listings, homes for sale, average sales prices, and months of supply across prominent regions like Berthoud, Boulder, Broomfield, and the broader Denver Metro area. Below is an in-depth analysis of these metrics, highlighting key takeaways for buyers, sellers, and investors.

New Listings

Berthoud: Down 11% YoY with 34 new listings, indicating a potential cooling in seller activity.
Boulder: Decreased by 14%, with 101 new listings, further tightening the luxury market.
Broomfield: A 70% jump YoY with 114 new listings, showing a resurgence in market activity.
Denver Metro: Slightly down by 2% YoY, with 3,147 new listings, suggesting a relatively stable market.
Erie: Up 35% with 81 new listings, reflecting growing interest in this emerging market.
Estes Park: Down 26%, with 26 new listings, marking a significant drop in inventory.
Evergreen: A 30% decline, with just 39 new listings, indicating limited seller activity.
Firestone: Up 43%, with 30 new listings, positioning itself as an attractive option for buyers.
Fort Collins: Down 6%, with 167 new listings, though still offering substantial inventory.
Greeley: Decreased by 11% YoY, with 110 new listings, signaling a slight market slowdown.
Windsor: Up 26% YoY, with 73 new listings, reflecting increased seller engagement in the market.

While markets like Berthoud, Boulder, and Estes Park are seeing a decline in new listings, areas such as Broomfield, Erie, and Windsor are witnessing significant gains. This suggests that buyers looking for opportunities may need to turn toward more affordable and emerging regions like Erie and Firestone, while traditional markets like Boulder are tightening.

Homes for Sale

Berthoud: Up 12%, with 139 homes for sale, indicating continued buyer interest.
Boulder: Increased by 44% to 595 homes, providing some relief in an otherwise constrained market.
Broomfield: Grew by 29%, with 216 homes for sale, showcasing robust inventory growth.
Denver Metro: Rose by 44% to 10,116 homes, reflecting broader inventory expansion in the region.
Estes Park: A 61% increase to 124 homes, offering more options for buyers in this competitive mountain region.
Evergreen: Up 61%, with 142 homes for sale, suggesting increased seller activity.
Fort Collins: Increased by 16%, with 553 homes, pointing to steady market performance.

Northern Colorado’s overall housing inventory is expanding, with Boulder, Broomfield, and Evergreen seeing the most significant gains. These increases may present more opportunities for buyers, especially in high-demand areas where inventory has historically been limited.

Single-Family Average Sales Price

Berthoud: Down 2% YoY to $742,728, suggesting slight price moderation.
Boulder: Decreased by 1% to $1,651,021, reflecting softening at the higher end of the luxury market.
Broomfield: Essentially flat, down 1% to $780,220.
Denver Metro: Up 2% to $780,308, indicating price growth amidst steady demand.
Erie: Flat at $811,118, maintaining its position as a desirable market.
Estes Park: Up 1% to $931,309, reflecting steady buyer interest.
Evergreen: Surged by 12%, with an average price of $1,257,126, highlighting strong demand for mountain homes.

While areas like Berthoud and Boulder are experiencing slight price declines, more accessible markets such as Evergreen and the Denver Metro area are seeing price increases. This suggests that buyer activity remains strong in areas offering a balance between lifestyle and affordability.

Condo/Townhome Average Sales Price

Berthoud: Down 16% to $466,933, signaling potential softness in the attached-home market.
Boulder: Up 1% to $620,415, showing resilience in the luxury condo market.
Broomfield: Down 1%, with an average price of $515,325, reflecting slight moderation.
Firestone: Increased by 9% to $489,375, indicating strong demand for attached homes in this affordable market.
Fort Collins: Down 2% to $416,151, showing slight price correction.

The condo and townhome markets are seeing varied performance, with areas like Berthoud and Fort Collins showing price declines, while Firestone and Boulder continue to see modest growth. This suggests that attached homes remain a strong option for buyers seeking affordability in desirable areas.

Months of Supply

Berthoud: Unchanged at 4.2 months, indicating a balanced market.
Boulder: Up 47%, now at 5.3 months, suggesting that inventory is beginning to build.
Evergreen: Increased by 58% to 3.8 months, reflecting greater availability for buyers.
Fort Collins: Up 7% to 2.9 months, signaling a steady market.
Windsor: Increased by 57% to 3.6 months, offering more flexibility for buyers in this emerging market.

Months of supply is growing in many areas, including Boulder, Evergreen, and Windsor. This suggests that buyers may have more options and negotiating power in these markets, while areas with lower months of supply, such as Berthoud and Fort Collins, may still be more competitive.

Key Market Insights

1. Inventory Expansion: Boulder and Broomfield saw significant increases in homes for sale, which could ease buyer frustrations in these previously tight markets. Meanwhile, emerging markets like Firestone and Windsor are also providing more options for buyers.
   
2. Price Trends: Boulder’s luxury market remains resilient with slight price declines, but Evergreen’s double-digit price increase highlights the continued demand for luxury mountain properties. Fort Collins and Berthoud are seeing more moderate price activity, reflecting broader affordability trends.

3. Buyer Demand: While closed sales in Berthoud and Fort Collins are softening, Windsor and Evergreen are experiencing increased buyer interest, with higher closed sales and months of supply growth.

As we move further into the fall season, the Northern Colorado real estate market continues to present opportunities across a wide spectrum of property types and regions. Buyers may find the most value in emerging markets like Windsor, Erie, and Firestone, while Boulder and Evergreen remain prime spots for luxury buyers. Inventory trends suggest growing flexibility for buyers, though interest rates and broader economic factors will likely influence market conditions moving forward.