This is the December 2020 Real Estate Market Report for Fort Collins CO
After a 5 month run of higher than expected results, home sales in Fort Collins CO have finally begun to show signs of slowing. 224 homes sold in November, down 49.1% from October’s 334 sales but up 7.2% over November 2019’s sales of 209. 2020 year-to-date sales of 2,769 are up 9.2% over 2019 year-to-date sales of 2,536.
Home prices fell in November 2020. The median price dropped 5.2% to $439K from $462K in October 2020, while the average price was down 7.1%, to $506K from $542K. Declines of this size are uncharacteristic of the season but not surprising, given the drop in both sales and inventory.
Inventory continued its long, steep decline. There were only 268 homes on the market at the end of the month, a new three-year low point and down 7.1% from October’s 287 homes for sale. The Month’s Supply of Inventory (MSI) rose to 1.2 months, as sales declined more than available inventory.
Real estate indicators all moved downward in November, marking a change of direction for sales and prices, and continuing inventory’s long slide. But one month’s result doesn’t establish a trend. And it’s hard to separate the effects of the pandemic from what would be normal seasonal effects. The next few months will no doubt be difficult ones for both buyers and sellers, complicated by low inventory, economic uncertainty, and pandemic restrictions, but we’re hesitant to make predictions beyond that, with so many unknown factors coming into play. We’re likely to continue reporting market facts more than market insights over the next several months as conditions change and we figure out how long-term effects will affect consumer behavior. We’ll keep you updated as things progress.