This is the February 2022 Real Estate Market Update for Fort Collins CO
With Inventory at historic low levels, it is no surprise that home sales in Fort Collins CO declined in January 2022. There were 122 homes sold, a 65.6% drop from the 202 sold in December 2021, and down 22.7% from the 162 sold in January 2021. Homes sold for an average of 101.8% of listing price during last month.
Home prices declined in January 2022. The median price fell to $541K from $560K in January 2022, a decline of 3.5%, while the average price fell to $597K from $6641K, a decline of 7.3%. With scant inventory, monthly price variations are more likely to reflect available inventory prices than any changes in home values, although those are no doubt trending upward.
The inventory of available homes gained a bit last month in Fort Collins CO. There were 66 homes on the market at the end of the month, up 8.2% from December’s 61 homes. The Month’s Supply of Inventory (MSI) rose to 0.5 months.
The January real estate market offered little change from previous months. Inventory remains critically low, with 66 available homes for 165K+ population. Rapid price increases are shutting the door to home ownership to more of that population. Those buyers who either can or must be in the market now are finding fierce competition and a brutal seller’s market, but one that is operating well below sustainable levels of activity. The economic outlook, with likely interest rate increases in coming months, isn’t positive in the short run either, but the pandemic and its associated challenges have sharpened our skills at dealing with difficult challenges. Unlike 2008, it isn’t the real estate sector that is driving the market - nor suffering the worst of its effects - but we are most definitely along for the ride. And we don’t see much change coming in the immediate future.