This is the 2020 Year End Market Report for Fort Collins CO
Fort Collins CO home sales in 2020 outpaced those of the previous 2 years, in spite of restrictions imposed by the pandemic. 3,004 single-family homes sold last year, an 8.7% increase from the 2,763 sold in 2019, and up 6.1% from the 2,832 sold in 2018.
Home prices continued to rise in 2020, reaching impressive peaks during the fall season. Median prices ended the year at $448K, 6.2% higher than they started, while average prices ended the year at $512K, an increase of 7.1%.
2020 inventory patterns were unique, starting an early decline in June, and ending the year significantly lower than any month for the last 3 years, with only 178 homes for sale, and the Month’s Supply of Inventory at only 24 days.
The Covid pandemic had a major effect on the 2020 Fort Collins CO real estate market. We can measure what happened, but understanding it all has proved a bit more complicated. Unexpectedly high demand was the main market driver in 2020, but how the pandemic impacted buyer psychology is mostly still unclear. Increasing prices are more understandable - a lack of inventory and high demand will usually drive prices upward. And the unwillingness of otherwise potential sellers to place their homes on the market in a pandemic is most likely the major cause of low inventory. We go into 2021 with the pandemic still on-going but hopefully lessening as a factor as the year progresses, inventory at a fraction of the usual, prices likely to continue to rise, uncertainty about interest rates, and no clear idea what buyers may do. It’s going to be an interesting year, but hopefully one that sees a return to normality begin to take shape.