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

 

Sales:

Home sales rose in Greeley CO in September 2024. There were 82 home sales, up 9.3% from the 75 homes sold in August 2024, but down 8.9% from the 90 sold in September 2023. Year to date sales of 749 homes are up 6.7% from last year’s 702 sales for the same period.

 

Prices:

Home prices were mixed in September 2024. The median price fell to $422K from $435K in August 2024, a drop of 3.0%, while the average price rose 8.4% to $488 from $450K 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 six months remains relatively stable.

 

Inventory:

The inventory of available homes in Greeley CO rose 8.7% to 175 on the market at the end of September 2024, up from 161 homes at the end of August 2024. The Month’s Supply of Inventory (MSI) held steady at 2.1 months.

 

Sales Price vs. List Price:

  

In September 2024, homes in Greeley CO sold for 99.2% of asking price, down from August 2024’s 99.6%.

 

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.