This is the January 2019 Real Estate Market Update for Fort Collins CO
As expected for the slower winter season, Fort Collins CO home sales declined to 195 homes sold, a drop of 10.2% from the 215 sold in December 2017. More interestingly, we now have a full calendar year to compare, and in 2018, 2,832 homes were sold, down 5.3% from the 2,982 homes sold during 2017.
With the lower seasonal activity levels, December home price levels don’t tell us very much, so the drops in median price of 1.3% and average price of 2.2% are less interesting than the trends for the entire year. Those indicate a 2018 increase in median price of 6.7% and an increase in average price of 4.0% for Fort Collins CO.
The inventory of available homes fell 20% in December 2018 to 380 homes on the market, down from 456 at the end of November 2018. The Month’s Supply of Inventory (MSI) dropped to 1.9 months, in response to the lower lower inventory levels.
Taking a look back at 2018, it is apparent that the drop in overall sales activity in Fort Collins CO from 2017 was primarily the result of lower inventory levels. Buyer demand, driven by a strong regional economy and job growth, remained high, although a difficult and competitive market for buyers may have also had a slowing effect. It’s too early to make guesses about the market’s direction for the coming year, although at this point, we see no real indications of any major structural corrections that would suggest significant changes over last year. We’ll be watching carefully, though, so stay tuned.