The Greeley, CO market saw an increase in closings of new homes in January year-over-year, but the percentage edged up less than December 2015, suggesting the market may be leveling out. Closings climbed 20.3% from a year earlier to 95. This followed a 43.3% rise year-over-year in December.
A total of 1,915 new homes were sold during the 12 months that ended in January, up from 1,899 for the year that ended in December.
Of the total number of closings, new home closings made up 18.9%. A year earlier, new home closings represented 19.4% of total closings. Closings of new and existing homes gained year-over-year in January after also rising in December year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes climbed year-over-year to $347,914 in January, up 11.3% from last year. This rise is smaller than the 12.7% surge in December year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. In January 2016, there was a 2.1% bump in the average mortgage size, reaching $288,834. In December 2015, average mortgage size on newly sold homes saw a 7.2% hike year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 91.1% of new closings in January 2015 to 95.8% of closings in January 2016. Meanwhile, attached units as a percentage of all new home closings fell to 4.2% of closings from 8.9% of closings.
There was a 59.5% gain year-over-year in the average unit size of newly sold homes to 3,248 square feet in January 2016. An increase was also seen in December 2015 when the average size of new homes sold climbed 34.6% to 3,078 square feet. The average size of newly sold homes moved from 2,287 square feet in December 2014 to 3,078 square feet in December 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 9.3% of existing closings, lower than 10.0% a year earlier. The percentage of existing home closings involving foreclosures went from 4.6% in January 2015 to 5.4% in January 2016 and REO closings as a percentage of existing home closings dropped to 3.9% from 5.5% a year earlier.