Home sales were down in Fort Collins CO in August with 301 sales, a drop of 6.0% from 319 in July 2021, and a drop of 16.9% from 352 sales in August 2020. Year-to-date sales are up 10.5% over last year, with 2089 homes sold so far in 2021, compared to 1890 by the end of August 2020.

Prices:

Home prices continued to rise in August 2021. The median price rose to $555K from $540K in July 2021, a gain of 2.8%, and the average price rose to $626K from $594K, a gain of 5.4%. While monthly variations are common, the long-term trend line continues the upward movement of the last two years.

Inventory:

The number of homes on the market in Fort Collins rose for the fourth month in a row, but still remains well below normal levels. There were 234 homes for sale at the end of August, an 18.8% increase over July 2021’s 197 homes for sale. The Month’s Supply of Inventory (MSI) rose to 0.8 months, with sales down and inventory up.

Summary:

The market has definitely cooled from its very active summer months. Extremely low inventory, unable to meet demand, resulted in a strong seller’s market, but with additional inventory coming on in the last several months, the pool of buyers has turned out to be relatively shallow. We’re now seeing some price drops and homes staying on the market longer, and we expect that to continue. And while the months ahead are a traditionally slower time for real estate in general, there’s nothing traditional about what’s happening to the real estate market, or the economy or life in general right now. So we’re not basing our immediate expectations on what has happened before. Rather, we’re thinking that the uncertainty about how the coming months will impact the economy may lead to some hesitation on big personal spending decisions, and anticipating a less active market through the remainder of this year.