This is the December 2018 Real Estate Market Update for Greeley CO
Greeley CO is now showing definite signs of the slower winter season. Home sales in Greeley CO fell in November 2018, with 112 homes sold, down 34.8% from the 151 homes sold in October 2018, and were down 11.6% from the 125 homes sold in October 2017. So far this year, 1363 homes have sold, up 3.7% from the 1315 homes sold in the same period last year.
Home prices were up in November 2018, The median sales price rose to $321K, up 4.6% from $307K in October 2018, and the average price rose to $336K, a gain of 4.7% from $321K in October 2018. The long-term trend line shows year-to-date gains in median price at 13.4% and average price at 14.7%.
As we expect for this time of year, inventory fell in November 2018 to 144 homes for sale at the end of the month, a decline of 17.4% from 169 homes on the market at the end of October 2018, and continues to be insufficient for market balance. The Months Supply of Inventory (MSI) rose to 1.3 months, indicative of a seller’s market.
The Greeley CO real estate market is now in winter season mode, with sales and inventory both slowing, a trend which should continue for the next several months. We have no indication of any real structural changes in the market - the economy remains strong and buyer demand is expected to continue to be strong. We’ll have to wait until the spring season opens around March 2019 to get any real indications of how 2019 will play out in Northern Colorado real estate.