While the “Bomb Cyclone” closed roads and schools over the last two days, the “Condo Cyclone” is opening new opportunities for first-time buyers.
What’s the “Condo Cyclone” you ask. It’s the proliferation of multi-family inventory that has come on the market up and down the Front Range.
Compared to last year, multi-family inventory which includes townhomes and condominiums, has increased…
• 79% in Metro Denver
• 34% in Larimer County
• 45% in Weld County
This is terrific news for the market overall, as inventory has been unusually low for several months. It’s especially terrific news for first-time buyers who need this type of product as a stepping stone to home ownership.
What we notice is a $170,000 to $130,000 difference in average price between a single-family home and a multi-family home in Front Range markets.
Specifically, here’s the spread between multi-family and single-family average price:
• $349,801 vs. $512,312 in Metro Denver
• $312,493 vs. $469,294 in Larimer County
• $237,645 vs. $370,027 in Weld County
So as we dig out from the “Bomb Cyclone” we can be happy for the “Condo Cyclone” which brings more affordability and opportunity to our markets!