This is the March 2022 Real Estate Market Report for Fort Collins CO
Fort Collins CO home sales rose a bit in February 2022. There were 140 home sales, a 14.7% increase from the 122 sold in January 2022, but down 20.0% from the 168 sold in February 2021. Homes sold for an average of 102.3% of listing price during last month.
Home prices jumped in February 2022. The median price rose to $626K from $541K in January 2022, a gain of 15.7%, while the average price rose to $671K from $597K, a gain of 12.4%. Very low inventory levels remain unable to satisfy demand, resulting in continued upward price pressure.
Inventory crept up a slight bit in Fort Collins CO last month. There were 70 homes for sale at the end of the month, up 6.1% from January’s 66 homes. The Month’s Supply of Inventory (MSI) remained at 0.5 months.
While both sales and inventory showed small gains in February 2022, what we’re seeing is most definitely not the usual spring awakening from the slow winter market. Few potential sellers have responded to higher home values, so inventory has remained well below what is needed. The buyer pool, though small, is apparently much higher, so multiple offers and contracts significantly higher than listing price are increasingly common. Of more concern, buyers at what used to be the low-to-mid levels of the market are simply being out-priced and out-competed. The real estate market is shrinking as home ownership becomes less accessible. Uncertainty - presently in great supply from the economy, the events in Ukraine, political upheaval, and on-going pandemic effects - is always the enemy of market stability. It’s going to take a while to get this back to normal.