This is the November 2021 Real Estate Market Update for Fort Collins CO
November 2021 home sales in Fort Collins CO declined as expected. There were 229 homes sold, down 15.7% from the 265 sold in October 2021, but up 2.2% from the 224 sold in November 2020. Year-to-date sales of 2,848 are up 2.8% over last year’s 2,769 homes sold during the same time period.
Home prices rose in November 2021. The median price increased to $525K from $511K in October 2021, a gain of 2.7%, while the average price increased to $603K from $601K, up 0.3%. While month-to-months variations are normal, the long-term trend line shows substantial gains over the last year.
Also as expected for the season, the inventory of available homes declined last month. There were 126 homes for sale at the end of November, a drop of 33.3% from October’s 168 homes. The Month’s Supply of Inventory (MSI) held at 0.6 months.
A look at the above charts tells the story. Sales have been more or less normal, but really only in amount, since market and overall economic conditions are far from normal. But inventory is at historic lows, so competition for the limited homes on the market has led to sustained upward price pressure. That’s supply and demand in a nutshell. But it’s vastly more complicated by pandemic effects on the economy - general uncertainty combined with fears of inflation, supply chain issues, worker shortages, political turmoil, and so on. These factors are driving the bus and the real estate industry is simply along for the ride. For the immediate future, we’ll be reporting rather than predicting, and hoping for good news.