Greeley homebuyers saw the median price of single-family detached homes balloon a whopping 14.7 percent in 2014, though it still remains the most affordable among the region’s five largest cities.
The figures come from the year-end IRES MLS report released this week.
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The median price of a single-family home in Greeley was $194,950, up from $170,000 in 2013. These figures also include sales from the town of Evans. The price leap came amid an oil and gas industry boom in Weld County that has helped create hundreds of jobs but one that is also in question of late as crude oil prices have plunged to less than $50 per barrel.
As prices rose, the average number of days on the market for Greeley single-family homes dropped 15.5 percent to 71. The number of listings sold, meanwhile, rose 16.7 percent to 1,917, in contrast to most of the rest of Northern Colorado and the Boulder Valley, where tight inventories heavily restricted the number of deals.
In Boulder, where the number of listings sold dropped nearly 11 percent, single-family home prices soared 8.3 percent in 2014 to $685,000, up from a median of $632,500 in 2013. Attached dwelling prices there rose 6.4 percent, meanwhile, to $283,000.
Fort Collins wasn’t far behind in median price increase for single-family homes at 7.7 percent. The median there was $281,000 in 2014, $20,000 higher than in 2013. The number of single-family listings increased only slightly, from 3,102 to 3,144.
Longmont and the Loveland-Berthoud area saw the most modest price increases for single-family homes.
Longmont’s median hit $275,000, up just 5.8 percent from $260,000, even though the number of total sales dropped 2.6 percent and average days on market declined 13.4 percent.
For Loveland and Berthoud, combined on the IRES MLS report, the median single-family home price rose 5.5 percent to $263,750, with the number of sales staying flat but average days on market declining 17.8 percent to 74.
As for attached dwelling sales, Fort Collins saw the biggest leap in median price at 8.8 percent, rising from $170,000 to $185,000. Greeley’s attached dwelling prices rose the least, just 3.9 percent from $130,950 in 2013 to $136,044.