This is the April 2020 Real Estate Market Report for Fort Collins CO
Home sales rose significantly in March 2020, with 230 homes sold, a gain of 42.9% over the 161 homes sold in February 2020, and 3.1% over March 2019. However, the data indicates that homes sales declined week by week throughout March, an effect of business closures and stay-at-home orders.
Home prices rose slightly in March 2020. The median price gained 1.7%, rising to $425K from $418K in February, and the average price gained 0.8%, from $471K to $475K during the same period. It’s likely these are random variations, based on the specific homes sold during the month.
And as expected, we saw a strong gain in the inventory of available homes. There were 390 homes on the market at the end of March 2020, an increase of 22.3% from the 319 homes for sale at the end of February. The Month’s Supply of Inventory (MSI) dropped to 1.7 months, as sales rose more than inventory.
It certainly looked as if the market were poised for a strong spring season, with inventory and sales both showing strong gains. However, the sales that occurred in March were mostly based on contracts written in January and February, well before the effects of the Covid-19 pandemic impacted everything. Next month’s numbers will tell a different story, as the full impact begins to become visible in the statistics.