In April 2021, 107 homes sold in Greeley CO, a gain of 13.8% from the 94 sold in March 2021, and up 30.5% from the 82 homes sold in March 2020, when the pandemic effects first began to take hold.

Prices:

Home prices increased in April 2021, as expected. The median price rose to $370K from $363K, up 1.9%, while the average price rose to $398K from $378K, up 5.3% during the same period. Expect on-going low inventory and high demand to move prices higher in coming months..

Inventory:

Greeley CO’s inventory continues to fall far short of meeting market demand. There were only 32 homes for sale at the end of the month, compared to 34 at the end of February. The Month’s Supply of Inventory (MSI) fell to 0.3 months, or 9 days at current sales levels.

Summary:

We remain in uncharted territory in regards to the nature of the current real estate market. Demand for homes is high - homes are selling quickly, often with multiple offers. But rising prices and pandemic effects are squeezing the buyer pool. And when potential sellers examine those price impacts, as well as scarcity, on possible replacement homes, they seem to making a collective decision to stay put, at least for now. The mechanisms which generally restore market balance have been inhibited by static or declining income and pandemic uncertainty so far. And while we see some easing of restrictions and the beginning of a return to more normal times, we haven’t seen that begin to filter down to the real estate market yet. We think the first hints of that will come from inventory gains, and we’ll be watching carefully for that. Stay tuned and we’ll keep you informed.