This is the November 2024 Real Estate Market Report for Fort Collins CO
Sales:
Home sales rose in Fort Collins CO in October 2024. There were 193 homes sold, up 19.9% from the 161 homes sold in September 2024, and up 33.1% from the 145 homes sold in October 2023. Year to date sales of 1,709 homes are down 1.9% from last year’s 1,742 sales for the same period.
Prices:
Home prices also rose during October 2024. The median price of homes sold was $629K, up 6.8% from $589K in September 2024, while the average price was up 4.9% to $710K from $677K 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 fell again in October 2024 - there were 501 homes on the market at the end of the month, down 9.1% from 551 homes for sale at the end of September 2024. The Month’s Supply of Inventory (MSI) fell to 2.6 months from 3.4 months in September 2024.
Sales Price vs. List Price:
In October 2024, homes in Fort Collins CO sold for 98.0% of asking price, holding steady from September 2024.
Summary:
Somewhat unexpectedly, October 2024 brought a return to sales and price gains along with the usual seasonal drop in inventory. We suspect that the most important factor driving these results was the preceding drop in interest rates, which allowed some buyers to undertake purchases they had previously deferred because of higher rates.
Looking ahead, there is still a lot of economic uncertainty in the economy, with substantial changes in underlying conditions signaled by the incoming Trump administration. How these will affect the real estate market isn’t yet clear. We’re also on the cusp of our slower winter season, so we’re not expecting to see anything really significant in the next several months.
As usual, we’ll be watching the real estate market 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 talk about real estate, please give us a call – we’d love to hear from you.