Home sales in Greeley CO are continuing their decline, approaching normal levels for the season. There were 112 homes sold, down 20.5% from the 135 homes sold in October 2020, but up 8.7% from the 103 homes sold in November 2019. 2020 year-to-date sales of 1,274 are down 11.5% from the 1,407 sales for the same period in 2019.

Prices:

Greeley CO home prices were mixed in November 2020. The median sales price fell 1.4%, to $345K from $350K in October 2020, while the average price rose 3.8% to $379K from $365K during the same period. The trend for the year continues to move in a strong upward direction, driven by low inventory and high demand.

Inventory:

Inventory has been declining for 7 months now and has equaled the 3-year low set in February of this year. There were 67 homes for sale at the end of the month, down 11.9% from the 75 homes for sale at the end of October 2020. The Months Supply of Inventory (MSI) held steady at 0.6 months.

Summary:

Sales again moved downward last month, joining inventory’s long slide, while prices were mixed. One month’s result doesn’t establish a trend, and it’s hard to separate the effects of the pandemic from what would be normal seasonal effects. The next few months will no doubt be difficult ones for both buyers and sellers, complicated by low inventory, economic uncertainty, and pandemic restrictions, but we’re hesitant to make predictions beyond that, with so many unknown factors coming into play. We’re likely to continue reporting market facts more than market insights over the next several months as conditions change and we figure out how long-term effects will affect consumer behavior. We’ll keep you updated as things progress.