Sales:

159 homes sold in Fort Collins CO during March 2024, an increase of 22.3% from the 130 homes sold in February 2024, but a decrease of 8.1% from the 178 homes sold in March 2023. Year to date sales of 380 homes are down 6.2% from last year’s 405 sales for the same period.

Prices:

Home prices increased in March 2024. The median price of homes sold during the month rose 7.2% to $628K from $586K in February 2024, and the average price rose 4.2% to $701K from $673K for the same period. The lack of significant structural change in the market suggests that these price movements are most likely due to random fluctuations in the specific homes sold during the month.

Inventory:

The available inventory of homes for sale in Fort Collins CO rose significantly during March 2024. There were 314 homes on the market at the end of March 2024, a gain of 14.2% from 275 homes for sale at the end of February 2024. The Month’s Supply of Inventory (MSI) fell to 2.0 months from February’s 2.1 months.

Sales Price vs. List Price:

In March 2024, homes in Fort Collins CO sold for 98.7% of asking price, down a bit from February 2024’s 98.8%.

Summary:

The March 2024 real estate market offered few surprises. As expected, it showed the usual signs of increasing Spring sales and inventory, and price movements well within the trend. But also as expected, these signs were not indicative of any significant emerging strengths or weaknesses. The underlying factors of economic uncertainty continue to moderate both strong enthusiasm and extreme alarm, like much of the rest of the economy. Real estate is being bought and sold where necessary or desirable, in the usual manner, at the moment, and we expect that to continue without dramatic change until larger questions about the economy move toward a clearer resolution.

Meanwhile, the real estate industry is itself about to undergo some major structural changes as a result of some major lawsuit settlements. There are still a lot of unanswered questions concerning what’s going to happen, but as things become more defined, we’ll be keeping you informed about those as well.

If you have questions about what’s happening in the real estate market – or the real estate industry – please give us a call. We’d love to talk to you about what’s going on.