This is the October 2024 Real Estate Market Update for Fort Collins CO

Sales:

Home sales declined again in Fort Collins CO during September 2024. 161 homes sold, a drop of 6.4% from the 172 homes sold in August 2024, and a decline of 8.6% from the 176 homes sold in September 2023. Year to date sales of 1,516 homes are down 5.1% from last year’s 1,597 sales for the same period.

Prices:

Home prices fell during September 2024. The median price of homes sold was $589K, down 1.9% from $600K in August 2024, while the average price was down 7.0% to $677K from $717K for the same period. Please keep in mind that these results reflect only those specific homes sold during the month and are therefore subject to random variations.

Inventory:

The inventory of homes for sale in Fort Collins CO declined in September 2024 - there were 551 homes on the market at the end of the month, down 4.9% from 579 homes for sale at the end of August 2024. The Month’s Supply of Inventory (MSI) held steady at 3.4 months.

Sales Price vs. List Price:

In September 2024, homes in Fort Collins CO sold for 98.0% of asking price, down from 98.3% in August 2024.

Summary:

During September 2024, the real estate market continued to plod along without much energy. Declines in sales, prices and inventory, though of minor size, all indicate a continuation of what we’ve been seeing for the last several months. Despite slight recent improvements, the impacts of high interest rates, inflation, and slow growth in wages all continue to dampen enthusiasm for real estate investment, and we’re seeing a growing number of price decreases as the market adjusts to lower activity levels.

We don’t think we’ll see much change in these market conditions until there is more clarity about where the economy and our current political and social issues are heading, and that’s at least not until after the November elections, and more likely until Spring of 2025.

As always, we’ll be keeping a close watch on the state of the market and will do our best to keep you informed about what we’re seeing. In the meantime, if you have questions or just want to talk about real estate, please give us a call – we’d love to hear from you.