This is the August 2019 Real Estate Market Update for Fort Collins CO
It looks like Fort Collins CO real estate sales peaked in May at 302 homes sold. July sales mark a second consecutive month of decline, falling to 270 sales, from 287 in June, a drop of 6.3%. 2019 Year-to-date home sales of 1,579 are running behind the 1,699 sales of 2018, a decline of 7.6%.
July’s home prices dropped as well. The median price of $434K was off 1.2% from $439K in June 2019, while average price fell to $459K, a 10.5% drop from $485K in June 2019. These numbers reflect the prices of those specific homes that sold during the month, and will vary randomly from month to month, so we prefer the long term trend line as the best indicator for watching price, and value, trends.
The inventory of available homes hit a three year high, with 611 homes on the market at the end of July 2019, a 4.1% gain from 587 homes on the market at the end of June 2019. With sales down and inventory up, the Month’s Supply of Inventory (MSI) rose to 2.3 months, indicative of a more balanced market than we have seen in recent summer months.
August traditionally marks the end of our busier spring/summer market, but we started seeing signs of that over a month ago. Rising home prices and low inventory have lessened some of the heat we experienced in the market over the past several years. Hopefully, the somewhat slower pace will moderate the upward price pressure and encourage buyer who gave up previously to take another look. Our overall economic outlook remains favorable, with growth and employment gains still in the forecast. But we still have an affordability problem that needs to be addressed.