This is the April 2022 Real Estate Market Update for Greeley CO

 

Sales:

 Greeley CO Real Estate Sales March 2022

Greeley CO home sales were up in March 2022. There were 134 homes sold, a gain of 19.6% from the 112 sold in February 2022, and up 42.5% from the 94 homes sold in March 2021. Homes sold for 102.6% of list price during the month.

 

Prices:

 Greeley CO Real Estate Prices March 2022

Home prices were mixed in March 2022. The median price rose 2.9% to $452K from $439K in February 2022, while the average price fell 1.1% to $443K from $448K during the same period. These results, once again, represent those specific homes that sold during the month, so month-to-month variations tell us less than the overall trend line for prices.

 

Inventory:

 Greeley CO Real Estate Inventory March 2022

The inventory of available homes fell again last month, to 35 homes on the market at the end of the month, down 35.7% from last month's 51 homes. The Month's Supply of Inventory (MSI) fell to 0.3 months in response to sales gains and inventory losses.

 
 
Summary:
 
There is still no sign of anything looking like a typical spring real estate market. Sales are low because of extremely limited inventory, rapidly rising prices, and economic uncertainty, now compounded by rising interest rates and inflation. There is little for sale that could be considered "affordable" and there are few good paths for first-time home buyers. But serious buyers still outnumber sellers, even at these lower levels of activity. So competition for the few available homes is fierce, and buyers must be prepared to make some serious concessions to win what are usually bidding wars. And while the current market may be good news for sellers, that is most likely countered by the market conditions they must then face in buying a replacement home. This isn't a comfortable situation for any of us, but we're working hard to provide what help we can to our clients while we all wait for conditions to improve.