This is the February 2021 Real Estate Market Update for Fort Collins CO
168 homes sold in Fort Collins CO in February 2021, an increase of 3.7% from the 162 homes sold in January 2021, and an increase of 4.3% from the 161 homes sold in February 2020.
Home prices were mixed in February 2021. The median price was up 10.3% to $482K from $466K in January 2021, while the average price fell 0.7%, to $539K from $543K. Lack of inventory and high demand suggest upward price pressure will be on-going in the short-to-medium term.
Inventory began falling in June of 2020 and continues to do so, reaching record new lows.. There were only 133 homes for sale in Fort Collins CO at the end of February 2021, a drop of 23.3% from January 2021’s 164 homes for sale. The Month’s Supply of Inventory (MSI) fell to 0.8 months, as sales rose and inventory dropped.
Our traditional winter slowdown is not the main factor driving current market performance. Rather, unusually high demand paired with record low inventory, even for this season, has brought on very active, but relatively small, levels of sales. We don’t have a good explanation other than pent-up demand to account for current high buyer interest, and we assume that the inventory shortage is associated with the pandemic and a reluctance to open homes to unknown visitors. But the price pressure is obvious - homes are selling region-wide at an average higher than list price. And we may not have seen the full economic impacts from the pandemic yet. Here we are, about to enter what is usually our busiest season for real estate, and we can only say that it’s going to be an interesting year and that we’ll keep you informed as it unfolds. Stay tuned.