This is the June 2021 Real Estate Market Report for Fort Collins CO
There were 350 home sales in June 2021 in Fort Collins CO, up 17.4% from the 298 homes sold in May 2021, and up 7.7% from the 325 homes sold in June 2020. 2021 year-to-date sales of 1469 are up 22.4% from 2020’s 1200 sales for the same time period.
Interestingly, home prices fell in June 2021. The median price dropped 5.3% to $507K from $534K in May 2021, while the average price was down 10.2%, to $574K from $592K. These numbers reflect those specific homes that sold during the month, so monthly variations of this size are common.
June 2021 saw an increase in the inventory of homes for sale for just the second month in the last year, but levels remain far below normal. At the end of June, there were 162 homes for sale in Fort Collins CO, an 11.1% gain from May 2021’s 144 homes for sale. The Month’s Supply of Inventory (MSI) held at 0.5 months, still short of normal levels.
The Fort Collins CO real estate market has shown signs of improvement over the last two months - inventory levels have risen, price pressure is moderating a bit, and, on the ground, we’re seeing a bit less frenzy among buyers. The combination of high buyer demand and low inventory during a period of extreme uncertainty presented us with unprecedented market conditions that may have now eased, and we expect upward pressure on home prices to slow. That’s good news but it’s too short a period to make predictions from, and economic conditions are yet to show real stability. A new equilibrium will eventually emerge that will reflect the new realities of the marketplace, but it’s still too early to see what that’s going to look like.