This is the April 2023 Real Estate Market Update for Fort Collins CO
Sales of homes in Fort Collins CO increased in March 2023. There were 178 homes sold, up 43.2% from the 125 sales in February 2023, and up 1.7% from the 175 sold in March 2022. Of these 178 homes, 140, or 79%, were priced over $500K.
Home prices rose last month. The median price was up 5.6% to $623K from $590K in February 2023, while the average price was up 4.8% to $683K from $652K. There is most likely some inflationary pressure at work here, along with increased activity as we move into a traditionally more active real estate season.
Home inventory rose in Fort Collins CO during March 2023. There were 217 homes for sale at the end of the month, a gain of 4.8% from the 210 for sale at the end of February 2022. The month’s supply of inventory fell to 1.2 months, as sales outpaced inventory gains.
Sales Price vs. List Price:
In March 2023, homes in Fort Collins CO sold for 99.2% of asking price, up from the 98.8% of the previous month.
The Fort Collins CO housing market is beginning to show an increase in activity as we move into the busier Spring season.
Sales have begun to increase, but are still trending toward the higher end of the market. Prices are increasing as well, as is the sale price vs. list price index. Inventory has begun its usual Spring increase, slowly so far, as is usual for a March result.
The bottom of the market is certainly moving upward, as are prices and interest rates, while the pool of potential buyers decreases because of affordability. As we’re early into this year’s busier period, we’re going to need a bit more data to determine how much this is going to affect the overall market in general.
But while we still face significant uncertainty about the future of the economy, with inflation, further interest rate increases, and employment stability all points of concern, the real estate market, at this point, remains relatively stable.
As always, we’ll be watching closely, and we’ll do our best to keep you informed. And, as always, we’re here to answer any questions you may have.