This is the December 2018 Real Estate Market Update for Fort Collins CO
While there are unmistakable signs of seasonal slowing in the real estate market, sales increased a bit in November 2018, up 3.9% to 215 homes sold from 207 sold in October 2018, but down 5.9% from the 227 sales of November 2017. Total sales so far in 2018 were 2,637 homes sold, down 5.2% from the 2,774 sales for the same period last year.
Home prices rose in November 2018. The median price gained 2.5% to $405K from $395K in October 2018, while the average price rose 1.3% to $457K from $451K in October 2018. As we always point out, these results reflect the prices for those specific homes sold during the month. We look to the long-term trend for a sense of where home values are going, and that continues to point upward.
The inventory of available homes dropped as expected last month, down 12.5% to 456 for sale at the end of November 2018, from the 513 homes on the market at the end of October 2018. The Month’s Supply of Inventory (MSI) fell to 2.1 months, in response to lower inventory and higher sales.
We’re now well into our slower winter season, and the December real estate results were pretty much as we expected, particularly in regard to inventory. The market should be relatively quiet for the next several months - there will, of course, still be sales and some new listings, but there should be little of consequence in terms of changing trends. We won’t really get a glimpse of where the market may be going next year until things begin picking up in the spring. And at this time, there isn’t anything that suggests that 2019 will be substantially different from 2018. But we’ll have to wait a bit before we make that call.