This is the October 2024 Real Estate Market Update for Loveland CO

 

Sales:

Home sales declined in Loveland CO during September 2024. 100 homes sold, down 29.6% from the 142 sold in August 2024, and down 21.7% from the 126 sold in September 2023. Year to date sales of 1075 homes are down 11.6% from last year’s 1,202 sales for the same period.

 

Prices:

Home prices also declined in September 2024. The median price dropped 7.3% to $551K from $594K in August 2024, while the average price dropped 11.7% to $637K from $721K 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 in Loveland CO rose again in September 2024, reaching another three-year high with 392 homes available for sale at the end of the month, up 4.3% from the 376 homes for sale at the end of August 2024. The Month’s Supply of Inventory (MSI) rose to 3.9 months from Augusts 2024’s 2.6 months.

 

Sales Price vs. List Price:

  

In September 2024, homes in Loveland CO sold for 97.6% of asking price, down from 98.2 in August 2024.

 

Summary:

During September 2024, the real estate market continued to plod along without much energy. Declines in sales, prices and inventory, though of minor size, all indicate a continuation of what we’ve been seeing for the last several months. Despite slight recent improvements, the impacts of high interest rates, inflation, and slow growth in wages all continue to dampen enthusiasm for real estate investment, and we’re seeing a growing number of price decreases as the market adjusts to lower activity levels.

We don’t think we’ll see much change in these 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 the state of the market 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 talk about real estate, please give us a call – we’d love to hear from you.