This is the January 2021 Real Estate Market Update for Fort Collins CO
There were 162 home sales in Fort Collins CO in January 2021, a decline of 45.0% from the 235 homes sold in December 2020, but a gain of 22.7% from the 132 homes sold in January 2020.
Home prices rose in January 2021. The median price gained 4.0% to $466K from $448K in December 2020, while the average price gained 6.1%, to $543K from $512K. Extremely low inventory levels paired with still high demand continue to push prices higher.
Inventory continues a decline that began in June 2020. There were only 164 homes on the market in Fort Collins CO at the end of January 2021, another new three-year low point and down 8.5% from December’s 178 homes for sale. The Month’s Supply of Inventory (MSI) rose to 1.0 months, as sales declined a bit more than inventory.
Even though we’re in the midst of what is usually our slowest season, and see the usual declines in sales and inventory, this is not a typical winter market. A quick look at the graphs above shows that while the economic and social impacts of the pandemic are giving us what seem to be familiar trend results, what is going on is far from normal. Buyer demand, while not huge, far outpaces available inventory. We believe that inventory is constrained by seller reluctance both to change in uncertain times and to opening their homes to buyer visits. And as long as inventory remains critically low, prices will be pushed higher. But with vaccines coming online, we’re hoping to see a gradual return to more active patterns as we move into summer and the economy begins to recover. It’s going to be an interesting and challenging year for buyers and sellers alike.