February 2021 home sales increased in Greeley CO, up 18.4% to 90 sold from the 76 sold in January 2021, but were down 2.2% from the 92 homes sold in February 2020.

Prices:

Home prices rose again in February 2021. The median price was up 1.7% to $362K from $356K in January 2021, while the average price gained 7.5%, rising to $387K from $360K during the same period.

Inventory:

Greeley CO’s inventory rose slightly to 47 homes available, up from 45 last month, but still far below levels necessary to meet demand., The Month’s Supply of Inventory (MSI) fell to 0.5 months, with sales far outpacing the gain in inventory.

Summary:

Our traditional winter slowdown is not the main factor driving current market performance. Rather, unusually high demand paired with record low inventory, even for this season, has brought on very active, but relatively small, levels of sales. We don’t have a good explanation other than pent-up demand to account for current high buyer interest, and we assume that the inventory shortage is associated with the pandemic and a reluctance to open homes to unknown visitors. But the price pressure is obvious - homes are selling region-wide at an average higher than list price. And we may not have seen the full economic impacts from the pandemic yet. Here we are, about to enter what is usually our busiest season for real estate, and we can only say that it’s going to be an interesting year and that we’ll keep you informed as it unfolds. Stay tuned.