This is the August 2021 Real Estate Market Report for Greeley CO
Greeley CO home sales declined in August 2021, with 132 homes sold, down 17.4% from the 155 sold in July 2021, and down 12.9% from the 149 homes sold in August 2020. Year-to-date sales of 888 homes are up 0.5% from last year’s sales of 884 homes for the same period.
Home prices rose in August 2021. The median price was up 6.5% to $410K from $385K in July 2021, while the average price was up 5.1% to $429K from $408K during the same period. Monthly variations like this are common, but the long-term trend line shows consistent movement upward.
Inventory continues to rise, but is still short of normal levels. There were 75 homes on the market at the end of August 2021, up 7.1% over last month’s 70 homes. With inventory outpacing sales, the Month’s Supply of Inventory (MSI) rose to 0.6 months.
The market has definitely cooled from its very active summer months. Extremely low inventory, unable to meet demand, resulted in a strong seller’s market, but with additional inventory coming on in the last several months, the pool of buyers has turned out to be relatively shallow. We’re now seeing some price drops and homes staying on the market longer, and we expect that to continue. And while the months ahead are a traditionally slower time for real estate in general, there’s nothing traditional about what’s happening to the real estate market, or the economy or life in general right now. So we’re not basing our immediate expectations on what has happened before. Rather, we’re thinking that the uncertainty about how the coming months will impact the economy may lead to some hesitation on big personal spending decisions, and anticipating a less active market through the remainder of this year.