Sales:

Sales of homes in Greeley CO rose in February 2024, with 61 homes sold, a gain of 35.6% from the 45 homes sold in January 2024, but were down 32.8% from the 81 homes sold in February 2024. It is common for us to see sales gains in February, as the market moves into the busier spring season.

Prices:

The price of homes sold in February 2024 was mixed, with the median price down 2.4% to $420K from $430K in January 2024, and the average price essentially unchanged at $441K from $440K for the same period.

Inventory:

The inventory of homes for sale in Greeley CO fell to 107 homes for sale at the end of February 2024 from 114 homes for sale at the end of January 2024. The Month's Supply of Inventory (MSI) fell to 1.8 months from January 2024's 2.5 months.

Sales Price vs. List Price:

In February 2024, homes in Greeley CO sold for 99.2% of asking price, up from 98.9% in January 2024.

Summary:

February's sales growth, with a corresponding drop in inventory, indicate that the market is moving into a more active phase after the usual slowdown for winter and the holidays. Home prices reflect specific monthly sales rather than any upward price pressure, and we hesitate to read too much into a single month's price results, as they are indicative of only those specific homes that sold during the month. Inventory remains in good supply, sufficient to meet current buyer interest without encouraging downward price pressure.

But it's still just the beginning of March, and there are simply too many unknowns and too much economic uncertainty in play for a clear picture of the coming market to emerge. As always, we'll be keeping a close eye on it all and we'll be here to keep you informed. If you have any questions or just want to chat about what's happening in the market, please give us a call - we'd love to talk to you.