This is the March 2020 Real Estate Market Report for Greeley CO
Home sales in Greeley CO rose in March 2020, as expected. There were 113 home sales, a 22.8% increase from the 92 homes sold in February, but a 59.3% drop from the 180 sales in March 2019. The effects of business closures and stay-at-home orders had yet to impact the market.
Greeley CO home prices rose in March 2020. The median sales price gained 1.5% to $330K from $325K in February 2020, while the average price rose 2.0% to $350K from $343K during the same period. As these numbers reflect the specific homes sold during each month and the changes are relatively small, they have little significance.
The inventory of available homes showed expected and needed growth in March 2020, with 107 homes on the market at the end of the month, up 59.7% from the 67 homes on the market at the end of February 2020. The Months Supply of Inventory (MSI) rose to 0.9 months, as inventory gains outpaced sales for the month.
It certainly looked as if the market were poised for a strong spring season, with inventory and sales both showing strong gains. However, the sales that occurred in March were mostly based on contracts written in January and February, well before the effects of the Covid-19 pandemic impacted everything. Next month’s numbers will tell a different story, as the full impact begins to become visible in the statistics.