This is the October 2019 Real Estate Market Update for Fort Collins CO
As expected, Home sales declined in September. There were 228 sales, down 27.6% from the 291 sales in August, and the second highest sales total for this year. Fort Collins CO 2019 year-to-date home sales of 2,098 are down 5.6% from the 2,215 sales for the same period last year.
September home prices also declined in September. The median price of $413K was down 1.7% from $420K in August 2019, while average price of $442K was down 2.7% from $454K in August. These numbers reflect those specific homes sold during the month, and tend to fluctuate, so we look to the long-term trend line to get a feel for where prices are heading.
The Fort Collins inventory of available homes dropped less than anticipated in September, with 601 homes for sale at the end of the month, a 2.8% drop from 618 homes for sale at the end of August 2019. The Month’s Supply of Inventory (MSI) rose to 2.6 months, in response to the lower number of sales last month, and is moving toward a balanced market.
There were no real surprises from the Fort Collins CO real estate market in September, but also little change from the previous month. Home sales fell, as they most likely will continue to do for the next several months; home prices varied as they regularly do; and inventory showed the start of its usual seasonal decline. The market has slowed from previous years, and availability deficiencies persist at the lower price ranges. But the regional economy remains strong, and uncertainty regarding the national economy hasn’t yet had a major effect on local markets.