Sales:

As expected for the time of year, home sales fell in Fort Collins CO in October 2023. There were 145 homes sold, a decline of 21.3% from 176 sales in September 2023 and 17.3% from the 170 sold in October 2022. Of these 145 homes, 104, or 71.7%, were priced over $500K. 2023 year-to-date sales of 1,742 homes were down 14.6% from 2022’s 1,997 sales for the same period.

Prices:

Home prices declined in October 2023. The median price fell 6.0% to $591K from $618K in September 2023, while the average price fell 6.7% to $630K from $675K for the same period. While some of this result may be attributed to seasonal and random factors, prices have been trending downward in recent months.

Inventory:

Also expected, the inventory of homes available for sale inventory fell slightly in Fort Collins CO in October 2023. There were 428 homes for sale at the end of the month, down from 438 for sale at the end of September 2023. The month’s supply of inventory rose to 3.0 months, as sales declined a bit more than inventory.

Sales Price vs. List Price:

In October 2023, homes in Fort Collins CO sold for 98.7% of asking price, down from 99.5% from the previous month.

Summary:

This time of year is generally a slower one for the real estate market, as buyers and sellers turn their attention elsewhere. That certainly accounts for some of the above results. That the market is slowing is obvious. But these seasonal effects hamper our ability to identify the impacts from other factors that we believe are also in play – factors such as the state of the economy, consumer expectations, interest rates, current events, and uncertainty about the future.

However, we believe the effects of those other factors have mostly been accounted for in previous months, and nothing really new seems to be affecting current results to any significant extent. This season has always been a difficult time for us to read the tea leaves, but this latest batch of data doesn’t suggest anything out of the ordinary at this time.

We’ll certainly be watching the market closely, and we’ll keep you informed. Until then, please feel free to contact us if you have questions or just want to talk about real estate – and in the meantime, we wish you a Happy Thanksgiving with your family and loved ones!