Market Conditions - June 29, 2006 by Carla L. Davis
Colorado has the highest foreclosure rate in the country (up 41 percent from last year). Fort Collins, Colorado, is seeing the average single-family home selling for just under $290,000. A stable economy has kept prices low for the region, though luxury properties are considerably more expensive -- in the $700,000's. But this could all change as supply outreaches demand. The inventory of available homes on the market is increasing -- and quickly. There are 5.1 sellers for every buyer in prices under $250,000 -- and that number only goes up as prices increase. So it is obvious that the market is favor of buyers, but that will swing even more strongly as inventory increases and fears of inflation fill the markets. One local expert reports to Realty Times, "In Fort Collins, during this period there were 273 single family homes sold (as compared with 300 during the same period last year), down 9 percent from the same period last year." Existing condos sales are down 13 percent with little change in price over last year. New condos sales are down as well -- a whopping 32 percent. And buyers have found a special deal, with new condo prices down 9.25 percent. | 
