This is the July 2019 Real Estate Market Report for Fort Collins CO
Home sales in Fort Collins CO fell a bit in June 2019, with 287 homes sold, down 5.2% from the 302 homes sold in May 2019, and down 17.1% from the 336 homes sold in June 2018. Year-to-date home sales of 1,309 for 2019 are lagging behind the 1,418 sales of 2018, a drop of 8.3%.
Fort Collins CO home prices, however, are rising after a stagnant several months. June’s median price of $439K shows a gain of 3.8% from $423K in May 2019, while average price rose to $485K, a 4.8% increase from $463K. Monthly price variations tend to be random, though, reflecting the prices of those specific homes that sold during the month. The long term trend line is still our best indicator for watching price, and value, trends.
The inventory of available homes continues to rise, with 587 homes on the market at the end of June 2019, up 17.2% from 501 homes on the market at the end of May 2019. The Month’s Supply of Inventory (MSI) rose to 2.0 months, edging toward a more balanced market.
Halfway through the year, and in the middle of our traditionally busiest season for home sales, the Fort Collins CO real estate market is a much calmer one than we have experienced in several years. And we’re confidant that the reason for that is that home prices in general have now reached a level that has priced out the driving force that used to come from a vibrant entry-level segment of new, first-time home buyers. The economic and social consequences of that change are most likely not beneficial in the long run, and we believe that significant attention needs to be given to increasing the supply of affordable housing.