Home sales dipped in September 2021 in Fort Collins CO, with 265 sold, down 13.6% from 301 in August 2021, and down 21.1% from 321 sales in September 2020. Year-to-date sales, however, are up 6.5% over last year, with 2354 homes sold so far in 2021, compared to 2211 by the end of September 2020.

Prices:

Home prices fell in September 2021. The median price dropped to $525K from $555K in August 2021, down 5.7%, and the average price dropped to $570K from $626K, down 9.8%. These results reflect those specific homes that sold during the month, so the long-term trend line will give us more insight into what’s happening with prices.

Inventory:

The inventory of homes for sale fell last month and continues to be well below normal levels. There were 187 homes for sale at the end of September, a drop of 25.1% from August’s 234 homes. The Month’s Supply of Inventory (MSI) fell to 0.7 months, with sales outpacing inventory.

Summary:

The fall real estate market usually demonstrates a traditional seasonal slowing, and we have begun experiencing that, no doubt complicated this year by a very active summer as well as pandemic effects. We have seen not only a recent decline in sales, but price reductions as well. As falling inventory offers fewer choices to buyers, and the upcoming holiday season competes for attention, it’s more the on-going uncertainty about the economy and the pandemic that will keep the market cooled. We’re anticipating it will stay that way, with moderate sales and a lessening of upward price pressure, through the remainder of the year.