Greeley CO home sales started 2020 slowly, but in spite of restrictions imposed by the pandemic, were a bit stronger in the second half of the year. 1,391 single-family homes sold last year, an 8.2% decrease from the 1,505 sold in 2019, and a 5.0% decrease from the 1,461 sold in 2018.

Prices:

Home prices maintained their upward movement in 2020. Median prices ended the year at $345K, 12.0% higher than they started, while average prices ended the year at $361K, an increase of 5.9%.

Inventory:

Inventory remained low throughout the year, beginning an early seasonal decline in May, and ending the year with fewer homes for sale than any month for the last 3 years. There were only 58 homes for sale at the end of December 2020, and the Month’s Supply of Inventory was only 15 days.

Summary:

While the Covid pandemic had a major effect on the 2020 Greeley CO real estate market, the main market driver in 2020 was low inventory. High demand continued, but how the pandemic impacted buyer psychology is mostly still unclear. Increasing prices are more understandable - a lack of inventory and high demand will usually drive prices upward. And the unwillingness of otherwise potential sellers to place their homes on the market in a pandemic may be a cause of low inventory, but the problem has persisted for several years now. We go into 2021 with the pandemic still on-going but hopefully lessening as a factor as the year progresses, inventory at a fraction of what is needed, prices likely to continue to rise, uncertainty about interest rates, and no clear idea what buyers may do. It’s going to be an interesting year, but hopefully one that sees a return to normality begin to take shape.