In the Fort Collins, CO market, new home closings climbed year-over-year in March, but there were signs of market leveling as the percentage rise was less than February 2016. There was a 8.2% hike in new home closings from a year earlier. This was after the housing market saw a 14.7% boost year-over-year in February.
A total of 1,391 new homes were sold during the 12 months that ended in March, up from 1,378 for the year that ended in February.
As a percentage of overall housing closings, new home closings represented 24.3%. This is better than the 22.6% of closings a year earlier. Closings of new and existing homes stayed level after increasing in February year-over-year.
Pricing and Mortgage Trends
In March, the average price of newly sold homes increased year-over-year to $420,959 per unit, a 13.5% surge. This boost is smaller than the 21.1% rise in February year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size saw a 10.6% hike year-over-year to $328,117 in March. In February 2016, average mortgage size on newly sold homes saw a 17.0% boost year-over-year from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 89.9% of new home closings to 89.5% of closings while attached units have gone from 10.1% of closings to 10.5% of closings.
The average unit size of newly sold homes climbed more than twofold year-over-year to 4,830 square feet in March 2016. In February, the average size of new homes sold went from 2,159 square feet a year earlier to 3,075 square feet. An increase was also seen in February 2016 when the average size of new homes sold increased 42.4% to 3,075 square feet.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 5.6% of existing home closings, up from 4.4% a year earlier. The percentage of existing home closings involving foreclosures went from 2.0% in March 2015 to 1.7% in March 2016 and REO closings as a percentage of existing home closings grew to 3.9% from 2.4%.