This is the July 2022 Real Estate Market Report for Fort Collins CO
Home sales continued to rise in Fort Collins CO in June 2022. 270 homes sold, a gain of 12.0% over the 241 sold in May 2022, but still down 29.6% from the 350 sold in June 2021. Year-to-date, 1,164 homes have sold, down 26.2% from 2021’s 1,469 homes sold in the same period. Homes sold for an average of 103.1% of listing price during June.
Home prices were up in June 2022. The median price rose to $634K from $620K in May 2022, a 2.3% gain, while the average price was up 3.9% to $717K from $690K. We're still in an inventory shortage, but see signs that upward price pressure is moderating
There was another large inventory increase in Fort Collins CO in June 2022, with 297 homes on the market at the end of the month, a gain of 31.4% from May's 226 homes, and the highest level since September 2020. The Month’s Supply of Inventory (MSI) rose to 1.1 months
June's real estate statistics offer a strong suggestion that the market is heading back into calmer waters, at least for now. As homeowners have responded to rising prices by showing more willingness to offer their homes for sale, it's unlikely that we'll continue experiencing an unbalanced market defined by an unprecedented lack of inventory. But a return to "normality" is equally unlikely, as rapidly rising interest rates and economic uncertainty, along with other looming social and political concerns, have dampened demand.
While the statistics report what went on with homes that have closed on their contracts in June, those contracts were most likely written during April and May. We're also seeing what's happening now, and getting a glimpse of what our numbers are going to look like in August, September and October. It's too early to try to interpret those, but we are seeing price drops and a bit more conservatism on the part of buyers, as well as contract cancellations due to increasing loan costs.
It's going to be difficult for a while to define, much less achieve, whatever a new "balanced" market might be. We'll be watching closely and keeping you up to date here, but if you have questions or just want to talk about the real estate market, please don't hesitate to give us a call.