This is the July 2020 Real Estate Market Update for Fort Collins CO
Home sales in Fort Collins CO rose significantly in June 2020. 325 homes sold during the month, a gain of 97.8% from the 166 homes sold in May 2020, and a gain of 13.2% from the 287 sold in June 2019. Year-to-date sales of 1,200 homes are 9.0% less than the 1,309 homes sold for the same period last year.
Home prices were mixed in June 2020. The median price gained 2.7% to $450K from $438K in May, while the average price fell 1.8%, from $502K to $493K. These small changes most likely don’t represent any significant movement in home values at this time.
Inventory declined in June 2020, falling from 485 homes for sale at the end of May to 447 at the end of June 2020, a drop of 8.5%. The Month’s Supply of Inventory (MSI) fell sharply to 1.4 months, as sales outpaced any inventory gains.
June was a surprising month, with large gains in sales and little movement in prices. June closings are mostly the result of contracts written in April and May, including a significant portion of the Covid-19 shutdown. We believe that most of the sales gains were the result of pent-up demand from those earlier months, which are normally the busiest time of the year for real estate activity. And we suspect that relatively few of the changes in inventory are the result of economic factors so far, but that could change as job losses from the pandemic pressure homeowners to sell. But we’re in uncharted territory, with little basis in experience to predict what comes next. We’ll keep you updated as the situation changes, and if you have real estate questions, please give us a call - we’ll do our best to answer them.