Despite the shock wave that Covid 19 unleashed beginning in March of this year, the housing market— both locally and nationally— remains strong as we move into the final months of 2020. This is driven by the familiar dual influences of very low interest rates and low inventory.
Here in Northern Colorado, new listings and pending sales are down. Nonetheless, with cheap money available more buyers are looking for homes, especially first time buyers. And consequently it is still possible to see multiple offers on properly priced homes.
For August 2020 as compared to August 2019, the Median Sales Price was up 8.5 percent to $460,000 for single family homes and 10.4 percent to $319,750 for townhouse-condo properties in Fort Collins. According to the Fort Collins Board or Realtors, “as we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.