This is the May 2019 Fort Collins CO Real Estate Market Report for Fort Collins CO
Fort Collins CO real estate sales posted only a small gain in April 2019, with 232 homes sold, up 4.0% from the 223 homes sold in March 2019, but down 3.4% from the 240 homes sold in April 2018. With the exception of January’s lower sales, 2019 is starting to look a lot like 2018.
Home prices were mixed in April 2019. Median price was $428K, a 0.7% gain from $425K in March 2019, while average price fell to $471K, a 1.4% drop from $478K. Both of these results are probably just random variations, not uncommon with these measurements. As always, we look more to the long-term trend line for a sense of what’s going on with with prices and home values.
As we had hoped, the inventory of available homes showed a nice increase in April, climbing 15.6% to 416 homes on the market at the end of the month, from the 360 available homes at the end of March. The Month’s Supply of Inventory (MSI) rose to 1.8 months, still indicating a seller’s market and continued upward pressure on home prices.
We can just start to get a glimpse of where the market may be heading, and early signs suggest the year ahead will be much like the previous one. Of more concern are the structural problems that several years of low inventory and rising prices have caused. While buyer demand remains strong due to a strong regional economy, we also have a continuing shortage of affordably-priced homes to meet a good portion of that demand. Many of those buyers are seeking other alternatives, such as renting, so it appears the days of a strong boom market may be over for now.