We all know the Northern Colorado housing market is booming. New neighborhoods are popping up left and right, whether for single-family homes or multi-family condominium buildings. In the past 10 years, everyone suddenly realized how vibrant and thriving our community is, and they want in. We can’t blame them.
With this new development comes an increase in the number of homeowners’ associations and Metro District associations. HOAs are becoming increasingly popular — in fact, according to data from iProperty Management, 61 percent of new housing built for sale in the U.S. is in an HOA. A recent article from the Coloradoan said Windsor is driving most of the area’s new housing growth, with 781 single-family permits issues last year — nearly as many as Fort Collins, Loveland, Wellington and Timnath combined.
Plain and simple, HOA and metro district board participation are increasing. As a result, efficient and reliable HOA management companies are in high demand and more important than ever to help new these neighborhoods succeed, and to keep existing communities safe and flourishing.
That’s where we come in. If you’re an HOA or metro district board member, old or new, our HOA management company based in Fort Collins can assist you with various day-to-day tasks, such as billing and drive-throughs. Contact us today to learn more about how we can help your HOA or metro district.
Check out some of the interesting statistics we’ve compiled below regarding HOAs and the Northern Colorado housing market that we think you should know as we make way into the new year.
2020 Trends in Real Estate
When it comes to real estate and the housing market, what should you expect in 2020? The market has an effect on the overall number of HOAs and metro districts developed. Here’s what we could find from local sources:
From The Group Inc.:
- Average sales prices across the region increased by 1.9%
- Low available inventory, which is pushing new development communities
- In 2019, there were about 10,734 home sales in Northern Colorado; this year, about 10,900 are expected
From The Coloradoan:
- Fort Collins issued 187 building permits for single-family homes in 2019 — a 10-year low — compared to these other Northern Colorado communities
- Windsor: 781 permits (most from the RainDance subdivision)
- Loveland: 182 permits
- Wellington: 115 permits
- Timnath: 316 permits
- A home that once cost $300,000 to build seven years ago now costs around $450,000
- In 2019, Loveland saw the greatest percent increase in year-over-year home prices at 5.4%; the average home priced was $409, 236. Read other home price increases here.
2019 HOA Statistics Show the Number of HOAs are Growing
HOAs stabilize property values, provider for desirable amenities, can boost the value of a home and ensure neighborhoods look clean and consistent. It’s impossible to deny that HOAs are growing in popularity, especially when looking at overview statistics collected from 2019 data. Here’s what we could find from national sources:
From iProperty Management:
- About 8,000 new HOAs are formed each year
- 347,000 total HOAs exist in the U.S., representing 26.6 million households
- 24% of Americans live in an HOA
- $200 to $300 — Range of average HOA fee for a single-family home
From the Homeowners Protection Bureau:
- In 1970, there were about 10,000 HOAs in the country; now, there are around, 350,000
- About 2.1 million U.S. residents lived in an HOA in 1970; now, that number is about 70 million
From the Foundation for Community Association Research:
- In Colorado, there are about 9,800 community associations, and about 2.2 million people who reside in these associations
- Between 50,000 and 55,000 people work as a community association manager in the U.S. and there are between 7,000 and 8,000 community association management companies
- 30 to 40 percent of community associations are self-managed and do not seek help from a professional HOA management company
- About 2.5 million community association board and committee members exist, who provide about 90 million combined hours of service annually
Board Member? New Developer? Real Estate Agent? Contact Kellison Today
Our goal as a Fort Collins HOA management company is to help our neighbors who are active board members, stretching from communities in Wellington down I-25 to Mead. Our team is always happy to offer its advisement and expertise, and after 24 years of being in this business, we know what it takes to effectively manage neighborhoods in the area.
We hope you found these stats useful, and if you ever need more information on HOAs or metro districts, feel free to reach out! For more information on how Kellison can assist builders or real estate agents with new development projects, learn more here. If you currently serve on an HOA board and are looking to switch to a new management company, learn how we might be a good fit for you here.