This is the December 2024 Real Estate Market Update for Greeley CO
Sales:
Home sales fell in Greeley CO in November 2024. There were 50 homes sold, a decline of 27.6% from the 69 homes sold in October 2024, and a decline of 5.7% from the 53 sold in November 2023. Year to date sales of 868 homes are up 4.8% from last year’s 828 sales for the same period.
Prices:
Home prices rose during November 2024. The median price gained 3.8% to $440K from October’s $424K, while the average price gained 17.3% to $516K from $440K for the same period. Please keep in mind that these results reflect only those specific homes sold during the month and are therefore subject to random variations.
Inventory:
The inventory of available homes in Greeley CO rose 3.0% to 173 on the market at the end of November 2024, up from 168 homes at the end of October 2024. The Month’s Supply of Inventory (MSI) rose to 3.5 months from October’s 2.4 months.
Sales Price vs. List Price:
In October 2024, homes in Greeley CO sold for 99.2% of asking price, up from October 2024’s 98.6%.
Summary:
There haven’t been any real surprises from Northern Colorado’s real estate market – activity remains at low levels, partly because it’s a typically slow season for home sales, but also because of a general feeling of uncertainty about the future of the economy. There are still homes being bought and sold, but there isn’t a lot of energy or enthusiasm. And these factors aren’t unique to our region – nationally, we’re seeing the lowest level of home sales in the last 30 years, as well as the lowest participation of first-time home buyers in the last 43 years.
It's going to take until the Spring of 2025 at the earliest before we could see some clarity begin to emerge regarding the future direction of the economy, so until then, we can expect the market to show little change from its current behavior. You can be sure, though, that we’ll be keeping a very close eye on what’s happening, and we’ll let you know what we’re seeing as soon as it happens. And in the meantime, we’re always available to talk – give us a call if you have questions or just want to chat about the market.