Sales:

Home sales in Fort Collins CO were down slightly in June 2024, with 214 homes sold, a drop of 2.3% from the 219 homes sold in May 2024 as well as the 219 homes sold in June 2023. Year to date sales of 1000 homes are down 2.9% from last year's 1029 sales for the same period.

Prices:

Home prices fell in June 2024. The median price of homes sold during the month was $623K, down 4.2% from $650K in May 2024, while the average price was down 5.2% to $708K from $747K for the same period. While these results reflect the specific homes sold during the month, and are therefore subject to random variations, we may be looking at the effects of increased inventory and more competition for buyers.

Inventory:

The availability of homes for sale in Fort Collins CO continued to rise in June - there were 522 homes on the market at the end of June 2024, up 13.2% from 461 homes for sale at the end of May 2024 and the highest level we've seen in the last 3 years. The Month's Supply of Inventory (MSI) rose to 2.4 months from May's 2.1 months.

Sales Price vs. List Price:

  

In June 2024, homes in Fort Collins CO sold for 99.5% of asking price, down from 99.9% in May 2024.

Summary:

With sales and prices moving lower, and inventory increasing, it's pretty clear that the market is slow. In more typical years past, we would have seen higher gains in sales resulting in less available inventory earlier in the year. Prices have remained fairly stable, although high inventory is likely to exert some downward pressure on prices and we may be seeing the start of that in this month's results.

In any event, current economic conditions don't support a strong real estate market at this time. Interest rates remain high, inflation is still a concern, and there's continuing feeling of uncertainty about where the economy is going that is having a dampening effect on home sales.

Homes are still being bought and sold - just a bit more slowly than we've become accustomed to. And we're still not seeing either any major instability or stimulus affecting real estate specifically at the local, state or national levels. We think we'll see little change through the remainder of the summer and into fall. But we'll be keeping a close eye on what's happening, and we'll let you know what we're seeing and thinking.

In the meantime, please give us a call if you have any questions or just want to chat about what's happening - we'd love to talk to you.