This is the April 2020 Real Estate Market Update for Fort Collins CO
Home sales declined in April 2020, There were 186 home sales, a drop of 23.7% from the 230 homes sold in March 2020, and a drop of 24.7% from the 232 sold in April 2019. Real estate closings occurred throughout the month, as one of the few real estate activities permitted under the Covid-19 restrictions.
Home prices increased in April 2020. The median price rose 4.7% to $445K from $428K in March, and the average price rose 6.5%, from $475K to $506K during the same period. These numbers vary somewhat randomly, depending on the prices of specific homes sold during the month.
Inventory rose significantly in April 2020. There were 440 homes on the market at the end of the month, a gain of 12.8% from the 390 homes for sale at the end of March. The Month’s Supply of Inventory (MSI) rose to 1.7 months, as sales fell while inventory increased.
In April 2020, we began to see the visible effects of the Covid-19 pandemic. Keeping in mind that April sales were mostly the result of contracts written in February and March, it’s likely that next month’s numbers will show a strengthening of the downward trend in sales. Most real estate activity, and particularly the showing of homes, was prohibited for the last half of March and most of April. And at this time, we have nothing on which to base further predictions, but we can’t imagine returning to anything resembling a normal market during what would be our busiest season. 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.