Sales:

Only 91 homes sold in Fort Collins CO in January 2024, down 26.3% from the 124 homes sold in December 2023, and down 12.1% from the 102 homes sold In January 2023. This was the lowest monthly sales total of the last 3 years.

Prices:

The price of homes sold in January 2024 rose, with the median price up 3.4% to $605K from $585K in December 2023, and the average price up 3.2% to $746K from $723K for the same period. These price increases are purely reflective of the specific home sales for the period and do not represent current upward price pressure.

Inventory:

The available inventory in Fort Collins CO declined to 281 homes for sale at the end of January 2024 from 305 homes for sale at the end of December 2023. The Month’s Supply of Inventory (MSI) rose to 3.1 months from December 2023’s 2.5 months, reaching a 3 year high.

Sales Price vs. List Price:

In January 2023, homes in Fort Collins CO sold for 98.2% of asking price, up from December 2023’s 97.7%.

Summary:

January is almost always a slow month, and January 2024 was no exception. The regional housing market lacked energy, with sales and inventory both at low levels. Prices were merely reflective of the specific homes sold – relatively low demand and the high supply of homes argue against any real upward price pressure.

To date, there are no indications that improvements in the national economy from job gains and slowing inflation, as well as declining interest rates, are having a significant impact on housing. But while high prices and economic uncertainty remain on-going concerns for buyers and sellers alike, the economy is headed in a positive direction.

But it’s still way too early to predict what the market will look like once it enters its more active phase in the coming months. We’ll be watching carefully and will do our best to keep you informed. And if you have any questions or just want to chat about what’s happening in the market, please give us a call – we’d love to talk to you.