The Fort Collins, CO market saw a drop in new home closings year-over-year in November, but there were suggestions the market may be leveling out from a percentage decline less than October 2015. Closings declined 6.2% from a year earlier to 91. This came on the heels of a 36.1% decline year-over-year in October.
A total of 1,411 new homes were sold during the 12 months that ended in November, down from 1,417 for the year that ended in October.
As a percentage of overall housing closings, new home closings accounted for 16.7%. This is down from the 19.4% of closings a year earlier. Following a fall in October year-over-year, closings of new and existing homes rose year-over-year in November.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 18.3% surge year-over-year in November to $421,008 per unit. This bump is better than the 14.7% hike in October year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In November 2015, the average mortgage size on newly sold homes saw a 17.7% gain from a year earlier. In October 2015, average mortgage size on newly sold homes saw a 10.4% rise year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings grew from 87.6% of new closings in November 2014 to 94.5% of closings in November 2015. Meanwhile, attached units as a percentage of all new home closings fell to 5.5% of closings from 12.4% of closings.
The average unit size of newly sold homes rose 27.7% year-over-year to 2,966 square feet in November 2015. In October, the average size of new homes sold went from 2,335 square feet a year earlier to 2,555 square feet. An increase was also seen in October 2015 when the average size of new homes sold climbed 9.4% to 2,555 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 6.0% of existing closings, lower than 6.2% a year earlier. The percentage of existing home closings involving foreclosures went from 3.7% in November 2014 to 3.3% in November 2015 and REO closings moved from 2.5% of existing home closings in November 2014 to 2.6% in November 2015.