This is the April 2019 Real Estate Market Report for Fort Collins CO
The Fort Collins CO real estate market is moving sharply into the busier spring season. Home sales in March 2019 showed a second month of strong gains, with 223 homes sold, up 42% from the 156 homes sold in February 2019, which itself showed a 43% gain over January’s numbers.
Home prices were mixed in March 2019. Median price was $425K, up 3.9% over February’s $403K, while average price dropped 4.6% to $478K from $508K in January. These numbers are based on the prices of those specific homes that sold during the month, and will vary somewhat randomly, so we pay more attention to the long-term trend line to get a feel for what’s happening with prices and home values.
Meanwhile, the inventory of available homes has yet to start really moving upward, with March showing a scant increase of 0.5%, to 360 homes for sale, from the 358 available at the end of February. Consequently, the Month’s Supply of Inventory (MSI) dropped to 1.6 months, showing a strong seller’s market and more upward pressure on home prices.
The March market data confirmed that buyer demand remains strong in the Fort Collins CO real estate market, with a robust increase in sales. However, the lack of matching gains in inventory will tend to push home prices higher, as the market continues to struggle for balance between supply and demand. While it’s still very early in the year, if we don’t start to see more homes for sale, we’re probably looking at market conditions similar to what we’ve been seeing for the last several years - a difficult market for buyers and further erosion in what little affordable housing remains available.