This is the March 2023 Real Estate Market Report for Greeley CO
Greeley CO home sales rose in February 2023. 81 homes sold, an increase of 42.0% from the 57 homes sold in January 2023, but a drop of 38.2% from the 112 homes sold in February 2022. Homes sold for an average of 99.0% of listing price during the month, down from 100.3% in January 2023.
Home prices were again mixed in February 2023. The median price was down 0.7% to $417K from $420K in January 2023, while the average price gained 3.4% to $426 from the previous month’s $412K. These numbers reflect only those homes sold during the month and are within the range of normal monthly fluctuations for this data set.
Greeley CO inventory declined again in February 2023. There were 74 homes available for sale at the end of the month, down 18.9% from the 88 on the market at the end of January 2023. The month’s supply of inventory (MSI) fell to 0.9 months from the previous month’s 1.5, as sales declined rose and inventory fell.
Sales Price vs. List Price:
In February 2023, homes sold for an average of 99.0% of listing price, down from the previous month’s 100.3%.
The Greeley CO housing market is still in the winter doldrums, but that’s not the only factor behind this month’s numbers.
We’ve seen a shift in activity towards the higher end of the market. The impacts of last year’s early surge in prices, combined with continuing uncertainty about the state of the economy and rising interest rates, have limited buyer demand from the lower and middle ranges of the income spectrum.
Home sales have consequently skewed a bit toward the upper-mid to higher price ranges, where activity could currently be described as moderate. And this skewing is enhanced by the relative scarcity of available homes in the lower to lower-mid ranges. At the end of February, 32% of the homes on the market in Greeley CO were priced at $450K and below.
Home prices have been relatively stable so far this year, with little evidence of inflationary pressure from external sources. While imbalances between supply and demand remain a significant factor, they are both caused and moderated by concern about the future of the economy and especially rising interest rates.
Inventory has yet to begin its usual spring recovery, which we also expect to be impacted by economic uncertainty.
In other words, there is no clarity yet as to where the 2023 real estate market may be heading. We’re at the mercy of outside factors that have yet to reveal fully how they’re going to impact the local market. As always, we’ll be watching closely, and we’ll do our best to keep you informed. And, as always, we’re here to answer any questions you may have.