Sales:

Home sales in Fort Collins CO continued to decline in July 2024. There were 183 homes sold, down 15.5% from the 214 homes sold in June 2024, but up 2.2% from the 179 homes sold in July 2023. Year to date sales of 1,183 homes are down 2.1% from last year's 1,208 sales for the same period.

Prices:

Home prices fell again in July 2024. The median price of homes sold during the month was $606K, down 2.8% from $623K in June 2024, while the average price fell 3.4% to $684K from $708K for the same period. Please keep in mind that these results reflect only those specific homes sold during the month, and are therefore subject to random variations, but the trend over the last three months has been downward.

Inventory:

And again, the inventory of homes for sale in Fort Collins CO continued to rise in July - there were 577 homes available at the end of July 2024, up 13.2% from 461 homes for sale at the end of June 2024 and again reached the highest level we've seen in the last 3 years. The Month's Supply of Inventory (MSI) rose to 3.2 months from June's 2.4 months.

Sales Price vs. List Price:

  

In July 2024, homes in Fort Collins CO sold for 99.1% of asking price, down from 99.5% in June 2024.

Summary:

So, sales and prices were down and inventory was up for each of the last three months - a pretty clear picture of a slowing market, and at a typically busier time of the year. We also note that housing price increases over the last several years have contributed to a decline in demand from a smaller pool of potential buyers.

Yet we don't believe these results are indicative of problems specific to the real estate market itself. Rather, it seems to us that what is happening is more a reflection of a greater concern with the economy in general - unease about inflation and jobs, high interest rates, and political uncertainty are all dampening enthusiasm for discretionary spending on housing.

We don't think the real estate market is going to change much until we get some clarity about where the economy and our current political and social issues are heading, and that's at least not until after the November elections, and more likely until Spring of 2025.

We will be watching closely and will do our best to keep you informed about what we're seeing. In the meantime, if you have questions or just want to chat about real estate, please give us a call - we'd love to talk to you.