Sales:

In 2023, there were 897 homes sold in Greeley CO, down 32.3% from the 1,345 homes sold in 2022. Total sales in each month of 2023 were less than the same month the previous year.

Prices:

Home prices trended slightly upward in 2023, with some fluctuations throughout the year. The median price ended the year at $432K, up 2.9% from its $420K start in January 2023. The average price ended the year at $460K, up 11.7% from its start in January at $412K.

Inventory:

The inventory of homes available for sale in Greeley CO in January 2023 was 88 homes. It began to rise in March 2023, and maintained high levels until it began its seasonal decline in November 2023, ending the year with 124 homes on the market.

Sales Price vs. List Price:

In January 2023, homes in Greeley CO were selling for 100.3% of asking price, a peak matched in April 2023, and ended the year at 98.5%

Summary:

2023 was an interesting year for the Northern Colorado real estate market. It began slowly, with an unsettled economic outlook and high interest rates, began to pick up some momentum as recession fears abated and interest rates showed signs of moderating, and then slowed again as structural imbalances in supply and demand manifested themselves.

There are several factors at play currently. First, home prices remain high, with potential sellers facing increased costs of home replacement. Interest rates, while moderating, show no signs of returning to the levels that drove the high market activity of years past. Conversely, the buyer pool has contracted, as wages have not kept pace, and home affordability issues are impacting more people. And the overall economic outlook remains uncertain.

Where once we were able to make reasonably confident predictions about the regional housing market based on local economic factors, and where once the housing market was a significant driver of national economic activity, that’s no longer the case. Investment decisions and consumer confidence are increasingly sensitive to national and international issues and events, and the housing markets, both national and local, are heavily influenced by those.

The economic and social stability of the region will keep those influences manageable, but their uncertain nature will limit our ability to do more than report to you what’s going on as it happens. We’ll be keeping a very close eye on the market for you, so stay tuned. And if you have questions, please give us a call – we’re always here to talk to you.