Sales:

Greeley CO home sales declined in October 2023. There were 73 homes sold, a drop of 23.3% from 90 sales in September, 2023, and a drop of 27.0% from the 100 homes sold in October 2022. 2023 year-to-date sales of 775 homes were down 51.6% from 2022’s 1,175 sales for the same period.

Prices:

Home prices rose in October 2023. The median price gained 3.3% to $439K from $425K in September 2023, while the average price gained 2.2% to $471K from the previous month’s $461K. Please keep in mind that this number reports the specific sales during the last month and is subject to random market variations as well as specific market driven causes – it therefore needs to be considered in a broader time period context.

Inventory:

The inventory of homes for sale in Greeley CO rose in October 2023. 168 homes were available for sale at the end of the month, up 8.3% from the 155 for sale at the end of September 2023. The month’s supply of inventory (MSI) rose to 2.3 months from the previous month’s 1.7, as inventory increased while sales fell.

Sales Price vs. List Price:

In September 2023, homes sold for an average of 98.6% of listing price, down from the previous month’s 99.3%.

Summary:

This time of year is generally a slower one for the real estate market, as buyers and sellers turn their attention elsewhere. That certainly accounts for some of the above results. That the market is slowing is obvious. But these seasonal effects hamper our ability to identify the impacts from other factors that we believe are also in play – factors such as the state of the economy, consumer expectations, interest rates, current events, and uncertainty about the future.

However, we believe the effects of those other factors have mostly been accounted for in previous months, and nothing really new seems to be affecting current results to any significant extent. This season has always been a difficult time for us to read the tea leaves, but this latest batch of data doesn’t suggest anything out of the ordinary at this time.

We’ll certainly be watching the market closely, and we’ll keep you informed. Until then, please feel free to contact us if you have questions or just want to talk about real estate – and in the meantime, we wish you a Happy Thanksgiving with your family and loved ones!