This is the November 2022 Real Estate Market Report for Greeley CO
Home sales in Greeley CO declined in October 2022. 100 homes sold, a drop of 13.0% from the 113 sold in September 2022, and a drop of 10.0% from the 110 sold in October 2021. Year-to-date, 1175 homes have sold, a gain of 4.1% from 2021’s 1128 homes sold in the same period. Homes sold for an average of 99.5% of listing price during October 2021.
Home prices declined in October 2022. The median price fell 9.4% to $414K from $453K in September 2022, while the average price fell 7.3% to $422K from $453K. A lack of available inventory is no longer the main driving force in the market, and upward price pressure has been moderated by market uncertainty.
Greeley CO inventory continued to rise, although not significantly in October 2022. There were 168 homes for sale at the end of the month, with 168 homes on the market, a gain of 2.4% over the 164 for sale in September 2022. The Month’s Supply of Inventory (MSI) rose to 1.7 months.
Sales Price vs. List Price:
This market indicator peaked in March 2022, and has shown a gradual decline since, with homes selling for 99.5% of list price in October 2022, as economic uncertainty, inventory gains and seasonal effects have countered the factors at work last spring.
This is a really difficult time to make predictions about where the market is headed. We’re in a traditional slow season where we don’t expect high levels of activity, Sales and home prices have declined and inventory has increased, as they all usually do at this time of year. So we could look at the numbers and note that they fall within normally expected ranges for this time of year.
But the level of uncertainty regarding the economy as we head into the next year is really what will determine future market performance. At this time, that’s a huge unknown, and also one with a considerable downside. Interest rate hikes, inflation and the threat of recession will continue to impact potential homebuyers and sellers, and until we all have a better idea of how that’s all going to play out, we can’t expect much clarity from our analytical tools.
Some of that may come soon, as the implications of mid-term election results give us some indications of how these issues may be resolved, but we don’t know whether that will have much immediate effect. And we doubt that we’ll see any clear evidence of a market direction for real estate or be able to make predictions about that until we know more about where the economy is headed.
As always, we’ll keep you up to date on what’s happening, but if you have questions or just want to talk about the real estate market, please don't hesitate to give us a call.