Wells: A healthy market at two speeds

If you have been reading headlines about a sluggish national housing market, you might be surprised by what is actually happening here in Northern Colorado. Buyers showed up this spring. They showed up with purpose. And in some of our markets, they are absorbing homes faster than sellers can list them.
But that does not mean every seller is winning.
Across Fort Collins, Loveland, Windsor and Greeley, first-quarter new listings rose 11% year over year and inventory climbed 20 percent, reflecting sellers’ confidence. Meanwhile, buyers are engaged: Across those four primary markets, 1,266 homes went under contract in Q1, a 3% increase from a year ago. April is accelerating, with both Loveland and Greeley already surpassing their total April 2025 under-contract numbers in just 23 days, with a full week still to go.
This is not a market in decline. This is a market in motion. But the regional averages mask meaningful differences at the market level.
Greeley is the standout. At a median price of $435,000, roughly $180,000 below Fort Collins, it is Northern Colorado’s most affordable primary market, and that affordability is translating into real demand. Under-contract activity is up 17.6% for Q1, and for two straight months, contracts have outpaced new listings. In the first 23 days of April, Greeley logged 123 contracts against 117 new listings. The market is absorbing inventory faster than it is being created.
Loveland is showing real buyer strength. Q1 closings rose 16% year over year, and contracts climbed from 275 to 320. The listing side has been aggressive, with 186 new listings in March alone, but April’s pace has eased to 130 in 23 days. Meanwhile, 120 homes went under contract in that same window, nearly matching the new supply coming on. Both buyers and sellers are active in Loveland.
Fort Collins, the region’s highest-volume market, is holding steady. Q1 closings rose 6.7%, and the median sale price of single-family homes remains near $660,000. Inventory, however, has grown nearly 30% year over year while contract activity was flat. The spring buying season has brought improvement, but Fort Collins is a market where the balance of power is gradually shifting toward buyers.
Windsor is the cautionary signal. Q1 closed sales fell nearly 25% and contracts dropped 19%, both the steepest declines in the region. April has shown signs of recovery, with 75 homes going under contract against 85 new listings. But with fewer sellers listing and fewer buyers transacting, Windsor remains the market finding its footing.
Here is where the big-picture health of the market and the individual seller experience diverge. Nationally, roughly one in three active listings carries a price reduction. That same dynamic is showing up locally, and in some cases it is even more pronounced. In the first 23 days of April alone, Fort Collins saw 150 price reductions against 328 active listings, a 46% price-change rate. Loveland was the most aggressive at 146 reductions against 277 active listings, meaning 53% of its inventory has been repriced. Windsor logged 100 reductions against 213 listings at 47%, and even Greeley, the region’s strongest demand market, saw 100 reductions against 223 listings at 45%.
The message is consistent across every market: buyers are out there and actively engaging, but they are sophisticated. Homes entering the market at fair value are moving. Overpriced listings are quietly piling up as price reductions or withdrawing from the market altogether. If you are a buyer, it is important to remember that competition still exists for well-priced homes, especially in Greeley and Loveland. Where you will find negotiating room is in that growing pool of repriced listings.
Northern Colorado’s housing market is healthy, but it is running at two speeds: one rewarding preparation and realistic pricing, and one stalling for those betting on yesterday’s conditions.

Brandon Wells is president of The Group Inc. He can be reached at [email protected].

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