This is the February 2019 Real Estate Market Update for Greeley CO
As expected for this time of year, home sales declined in Greeley CO during January 2019, dropping 44.2% to 68 homes sold from the 98 sold in December 2018, and down 10.3% from the 75 sold in January 2018. Bit even given the season, January’s sales were the lowest of any month during the last 3 years.
Greeley home prices were mixed in January 2019. The median sales price fell to $299K, down 0.7% from $301K in December 2018, while the average price rose to $318K, a gain of 1.3% from $314K in December 2018. Given that these numbers tend to vary regularly depending on the specific homes sold during the month, there doesn’t seem to be much of significance here.
Inventory fell in January 2019, down 22.7% to 119 homes for sale at the end of the month, from 146 homes for sale at the end of December 2018. The Months Supply of Inventory (MSI) rose to 1.8 months in response to a bigger drop in sales than in inventory.
Typically the slowest time of the year for real estate activity, the winter months are a difficult time to spot changing trends and make predictions. While a 44% drop in sales is certainly worth noting - and keeping an eye on - it means little as a single data point, and we also must note that the underlying drivers for the real estate market - the state of the regional economy and its consequent job creation - remain healthy. We’ll be watching all of this closely in the coming months.