This is the October 2021 Real Estate Market Report for Fort Collins CO
Home sales were unchanged in October 2021 in Fort Collins CO, matching the 265 sold in September 2021, but down 26.0% from the 334 sales in October 2020. Year-to-date sales of 2,619 are up 2.9% over last year’s 2,545 homes sold during the same time period.
Home prices were mixed in October 2021. The median price fell to $511K from $525K in October 2021, a drop of 2.7%, while the average price rose to $601K from $570K, gaining 5.4%. Month-to-months variations are common, so we rely more on the long-term trend line for insight into what’s going on with prices.
The inventory of homes for sale fell last month, as would be expected for the season. There were 168 homes on the market at the end of October, down 11.3% from September’s 187 homes. The Month’s Supply of Inventory (MSI) fell to 0.6 months, with sales higher than inventory gains.
On the surface, the market looks much like a typical fall real estate season, with inventory falling and sales slowing. This is always a difficult time for reading market trends - it’s too easy to just say “seasonal slowdown”, because we know that under the surface, market conditions are further complicated by the effects of the pandemic and economic uncertainty. It’s very doubtful we’ll see any major changes in inventory, sales or price trends for the remainder of the year. But we’ll most likely have a busy and interesting spring market, with insufficient inventory and high demand driving activity, but we’re also expecting other factors, like interest rates, to make an impact as well. We’ll be watching carefully and we’ll keep you informed.