This is the September 2021 Real Estate Market Update for Fort Collins CO
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.
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.
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.
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.