Sales:

Sales of homes in Fort Collins CO fell again in August 2024. 172 homes sold, a decline of 6.1% from the 183 homes sold in July 2024, and a decline of 19.2% from the 213 homes sold in August 2023. Year to date sales of 1,355 homes are down 4.6% from last year’s 1,421 sales for the same period.

Prices:

Home prices were mixed in August 2024. The median price of homes sold during the month was $600K, down 1.0% from $606K in July 2024, while the average price gained 4.8% to $717K from $684K 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.

Inventory:

The inventory of homes for sale in Fort Collins CO rose slightly in August 2024 - there were 579 homes available at the end of the month, up 0.3% from 577 homes for sale at the end of July 2024 and again reached the highest level we’ve seen in the last 3 years. The Month’s Supply of Inventory (MSI) rose to 3.4 months from July’s 3.2 months.

Sales Price vs. List Price:

In August 2024, homes in Fort Collins CO sold for 98.3% of asking price, down from 99.1% in July 2024.

Summary:

August is generally a slower month, as vacation, back-to-school and other late summer activities compete for time and attention. And the continuing effects of economic uncertainty, high interest rates and inflation continue to dampen enthusiasm for major personal financial moves. There is certainly a reasonable baseline of real estate activity, but the market lacks any real energy or enthusiasm, as it has for most of this past year.

We anticipate little change in market conditions until there is more 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.

As always, we’ll be keeping a close watch on all things real estate 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.