This is the March 2021 Real Estate Market Report for Greeley CO
Home sales increased in Greeley CO during March 2021, up 4.4% to 94 sold from the 90 sold in February 2021, but were down 20.2% from the 113 homes sold in February 2020.
Home prices showed little change in March 2021. The median price was up 0.2% to $363K from $362K, while the average price dropped 2.3%, to $378K from $387K during the same period. But the on-going imbalance between demand and supply will continue to put upward pressure on prices.
Greeley CO’s inventory remains at critically low levels, with only 34 homes available at the end of the month, compared to 45 at the end of February. The Month’s Supply of Inventory (MSI) fell to 0.4 months, with sales far outpacing inventory.
This is obviously not going to be a normal spring season for real estate. While buyer demand is strong, and seems to be growing, historically low inventory levels are putting strong upward pressure on home prices. At some point, as we continue to make progress with the pandemic, those higher prices will incentivize more homeowners to offer their homes for sale. But that upward price movement is being seen in all segments of the market, so sellers may face price as well as availability issues in finding suitable replacements. This is all going to take some time to play out and reach some equilibrium, so we expect the market to remain chaotic for at least the next several months, with sellers holding the upper hand and buyers facing strong competition and limited choice.