Fort Collins, CO - Freshest New Home Sales Stay Steady
Posted on: May 07, 2012 09:10:59 AM
Sales of new homes in the Fort Collins, CO market remained unchanged year-over-year in February, leveling out after a year-over-year surge in January. Sales stayed level at 34 from a year earlier, compared with a 63.6% boost in January year-over-year.
A total of 579 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Out of all housing sales, new home sales made up 9.9%. New home sales were 9.8% of overall sales last year. Following a year-over-year increase in January, sales of new and existing homes slipped year-over-year in February.
Advertisement
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $300,043 in February, up 12.6% from last year. This boost follows a move from $297,121 per unit in January 2011 to $294,320 in January 2012.
Average mortgage size on new homes climbed year-over-year along with new home prices. It gained to $260,108 in February, a 13.7% rise. In January 2012, average mortgage size rose 11.2% from a year earlier. The overall percentage of sale price that was being financed went from 85.9% of average price to 86.7% from a year earlier. In January 2012, the figure increased 9.4 percentage points from the year earlier.
Fort Collins, CO - Freshest New Home Sales Stay Steady
Posted on: May 07, 2012 09:10:59 AM
Sales of new homes in the Fort Collins, CO market remained unchanged year-over-year in February, leveling out after a year-over-year surge in January. Sales stayed level at 34 from a year earlier, compared with a 63.6% boost in January year-over-year.
A total of 579 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Out of all housing sales, new home sales made up 9.9%. New home sales were 9.8% of overall sales last year. Following a year-over-year increase in January, sales of new and existing homes slipped year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $300,043 in February, up 12.6% from last year. This boost follows a move from $297,121 per unit in January 2011 to $294,320 in January 2012.
Average mortgage size on new homes climbed year-over-year along with new home prices. It gained to $260,108 in February, a 13.7% rise. In January 2012, average mortgage size rose 11.2% from a year earlier. The overall percentage of sale price that was being financed went from 85.9% of average price to 86.7% from a year earlier. In January 2012, the figure increased 9.4 percentage points from the year earlier.
Other Market Trends
The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. Single-family home sales grew from 82.4% of new sales in February 2011 to 97.1% of sales in February 2012. Meanwhile, attached units as a percentage of all new home sales dropped to 2.9% of sales from 17.6% of sales.
For all new homes sold, the average unit size increased 71.5% year-over-year to 3,195 square feet in February 2012. An increase in both the average size and price of newly sold homes was also seen in January 2012 when the average size increased 12.5% to 2,281 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 40.3% of sales. In February 2011, they made up 43.3%. The percentage of existing home sales involving foreclosures dipped to 20.5% in February from 21.7% a year earlier while REO sales as a percentage of existing home sales declined to 19.8% from 21.7% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence