Housing Intelligence recently reported new sales statistics for the Fort Collins area market. Here is what they had to say:
“New home closings gained year-over-year in September in the Fort Collins, CO market, and there were signals of strengthening market conditions as the percentage boost was an greater than August 2013. New home closings saw a boost of 47.2% from the year earlier to 131. In comparison, new home closings in the same month last year saw a 43.1% hike year-over-year in August.
A total of 1,421 new homes were sold during the 12 months that ended in September, up from 1,379 for the year that ended in August.
New home closings made up 20.2% of overall housing closings. This marks a rise from 13.8% of total closings a year earlier. Closings of new and existing homes remained steady in September after rising in August year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 15.8% year-over-year in September to $310,840 per unit. This rise is an improvement over the 7.0% hike in August year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. Average mortgage size jumped 11.4% to $251,435 in September from a year earlier. Average mortgage size gained 9.5% in August 2013 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have dipped. The share of new home closings belonging to attached units climbed from 9.0% of closings in September 2012 to 21.4% of closings in September 2013. Meanwhile, single-family home closings as a percentage of all new home closings sank to 78.6% of closings from 91.0% of closings.
The average unit size of newly sold homes sank 16.3% year-over-year to 1,657 square feet in September 2013.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 11.4% of existing closings, lower than 18.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.2% in September from 11.9% a year earlier and REO closings moved from 6.7% of existing home closings in September 2012 to 6.2% in September 2013.”
Source: Housing Intelligence