This is the November 2018 Real Estate Market Update for Fort Collins CO
As expected for the season, we saw a further slowing of home sales in Fort Collins CO during October 2018. Sales fell to 207 homes sold, down 16.4% from the 241 sales in September 2018, and were down 26.1% from the 261 sales in October 2017. 2,422 homes have sold so far this year, compared to 2,547 sold during the same period in 2017.
Prices of homes sold in October 2018 were mixed. The median price fell 2.5% to $395K from $405 in September 2018, while the average price gained 4.4% to $451K from $432K in September 2018. These month to month variations reflect prices for those specific homes sold during the month, so a better feel for what’s happening with prices, and home values, can be gained from the long-term trend line.
Also as expected, the inventory of available homes fell, down 8.6% to 513 at the end of October 2018, from the 557 homes on the market at the end of September 2018. The Month’s Supply of Inventory (MSI) rose to 2.5 months, its highest level since January 2016.
October usually marks a transition to slower real estate activity, beginning a trend that will persist until February or March of next year. So we’re not surprised to see sales and inventory begin to decrease. While it’s still too early to close the books on 2018, it looks like sales will wind up a bit down from last year, with prices continuing to rise and inventory remaining less than adequate to provide market balance, particularly in the lower and mid price ranges. And there are no indications of any changes in the strong economic conditions underlying the region’s real estate market performance.