It’s far from a roaring comeback, but it’s enough for local real estate firms to begin hiring again and for real estate agents to feel a modicum of confidence returning.
Loveland and Fort Collins at midyear were experiencing the strongest increases in home prices, as they had for many consecutive months, according to data compiled by Information Real Estate Services, a multiple listing service operated by boards of realtors in Fort Collins, Loveland, Greeley, Berthoud and Longmont.
The number of homes sold was also increasing in Northern Colorado, resulting in smaller inventories, which will eventually get homebuilders back on their feet as they try to keep up with the demand.
The rental market is also strong in Northern Colorado, with residents who either can’t or choose not to purchase a house moving into rental properties instead. Both multi- and single-family rentals fill up quickly. Vacancy rates fell to new lows in 2012, with Fort Collins at a 2.6 percent vacancy rate and Loveland at 4.5 percent in the first quarter.
Low vacancy rates drive up rental prices, and average