This is the June 2020 Real Estate Market Report for Fort Collins CO
For the second consecutive month of our traditionally busiest season, home sales in Fort Collins CO fell. 166 homes sold in May 2020, a decline of 12.0% from the 186 homes sold in April 2020, and a decline of 55.0% from the 302 sold in May 2019.
Home prices fell in May 2020, but not by significant amounts. The median price dropped 1.6% to $438K from $445K in April, and the average price dropped 0.8%, from $506K to $502K during the same period. It is unlikely that these numbers reflect significant pandemic impacts yet.
Inventory increased in May 2020. There were 485 homes on the market at the end of the month, a gain of 10.2% from the 440 homes for sale at the end of April. The Month’s Supply of Inventory (MSI) rose to 2.9 months, as sales fell while inventory increased.
Looking closely at the trends over time in the charts above provides a useful context for understanding what’s currently happening in the Fort Collins CO real estate market, particularly in regards to sales and inventory data. The impact of the pandemic on home prices will most likely lag by a couple of months. It is also useful to keep in mind that this month’s sales and price data are based on sales contracts that occurred mostly in March and April, 2020, so we’re seeing effects from the early days of the pandemic, with most real estate activities beginning to be curtailed by restrictions. We’ll keep you updated as the situation changes, and if you have real estate questions, please give us a call - we’ll do our best to answer them.