This is the 2020 Year End Market Report for Loveland CO
Sales:
Even in the midst of the pandemic, home sales in Loveland CO during 2020 were significantly higher than expected. 2,410 single-family homes sold last year, an 18.9% increase from the 2,026 sold in 2019, and a 21.2% from the 1,988 sold in 2018.
Prices:
Home prices maintained their upward trend in 2020, peaking during the usually slower fall season. Median prices ended the year at $425K, 7.1% higher than they started, while average prices ended the year at $486K, 6.1% higher.
Inventory:
2020 inventory began an early decline in May, and finished the year significantly lower than any month for the last 3 years. There were only 146 homes for sale at the end of December 2020, with the Month's Supply of Inventory at only 27 days.
Summary:
The Covid pandemic had a major effect on the 2020 Loveland CO real estate market. We can measure what happened,
but understanding it all has proved a bit more complicated. Unexpectedly high demand was the main market driver in 2020, but how the pandemic impacted buyer psychology is mostly still unclear. Increasing prices are more understandable - a lack of inventory and high demand will usually drive prices upward. And the unwillingness of otherwise potential sellers to place their homes on the market in a pandemic is most likely the major cause of low inventory. We go into 2021 with the pandemic still on-going but hopefully lessening as a factor as the year progresses, inventory at a fraction of the usual, prices likely to continue to rise, uncertainty about interest rates, and no clear idea what buyers may do. It's going to be an interesting year, but hopefully one that sees a return to normality begin to take shape.
but understanding it all has proved a bit more complicated. Unexpectedly high demand was the main market driver in 2020, but how the pandemic impacted buyer psychology is mostly still unclear. Increasing prices are more understandable - a lack of inventory and high demand will usually drive prices upward. And the unwillingness of otherwise potential sellers to place their homes on the market in a pandemic is most likely the major cause of low inventory. We go into 2021 with the pandemic still on-going but hopefully lessening as a factor as the year progresses, inventory at a fraction of the usual, prices likely to continue to rise, uncertainty about interest rates, and no clear idea what buyers may do. It's going to be an interesting year, but hopefully one that sees a return to normality begin to take shape.