This is the April 2022 Real Estate Market Update for Fort Collins CO
Fort Collins CO home sales rose in March 2022. There were 175 home sales, a gain of 25.0% over the 140 sold in February 2022, but down 34.8% from the 236 sold in March 2021. Homes sold for an average of 102.8% of listing price during last month.
Home prices were mixed in March 2022. The median price fell to $605K from $626K in February 2022, a drop of 3.4%, while the average price rose to $685K from $671K, a gain of 2.1%. These results, once again, represent those specific homes that sold during the month, so month-to-month variations tell us less than the overall trend line for prices.
Contrary to typical seasonal expectations, inventory fell in Fort Collins CO last month. There were 63 homes for sale at the end of the month, down 11.1% from January’s 70 homes. The Month’s Supply of Inventory (MSI) fell to 0.4 months.
There is still no sign of anything looking like a typical spring real estate market. Sales are low because of extremely limited inventory, rapidly rising prices, and economic uncertainty, now compounded by rising interest rates and inflation. There is little for sale that could be considered “affordable” and there are few good paths for first-time home buyers. But serious buyers still outnumber sellers, even at these lower levels of activity. So competition for the few available homes is fierce, and buyers must be prepared to make some serious concessions to win what are usually bidding wars. And while the current market may be good news for sellers, that is most likely countered by the market conditions they must then face in buying a replacement home. This isn’t a comfortable situation for any of us, but we’re working hard to provide what help we can to our clients while we all wait for conditions to improve.