This is the April 2023 Real Estate Market Update for Greeley CO
Sales:
Sales of homes in Greeley CO rose in March 2023. There were 96 homes sold, an increase of 18.5% from the 81 homes sold in February 2023, but a decline of 39.6% from the 134 homes sold in March 2022.
Prices:
Home prices were mixed in March 2023. The median price was down 0.7% to $417K from $420K in January 2023, while the average price gained 1.4% to $432 from the previous month’s $426K. These numbers reflect only those homes sold during the month and are within the range of normal monthly fluctuations for this data set.
Inventory:
Greeley CO inventory increased a bit in March 2023. There were 79 homes available for sale at the end of the month, up 6.8% from the 74 on the market at the end of February 2023. The month’s supply of inventory (MSI) fell to 0.8 months from the previous month’s 1.5, as sales gains outpaced inventory.
Sales Price vs. List Price:
In March 2023, homes sold for an average of 99.6% of listing price, up from the previous month’s 99.0%.
Summary:
The Greeley CO housing market is beginning to show an increase in activity as we move into the busier Spring season.
Sales have begun to increase but are still trending toward the higher end of the market. Prices are stable, with the sale price vs. list price index increasing. Inventory has begun its usual Spring increase, slowly so far, as is usual for a March result.
The bottom of the market is certainly moving upward, as are prices and interest rates, while the pool of potential buyers decreases because of affordability. As we’re early into this year’s busier period, we’re going to need a bit more data to determine how much this is going to affect the overall market in general.
But while we still face significant uncertainty about the future of the economy, with inflation, further interest rate increases, and employment stability all points of concern, the real estate market, at this point, remains relatively stable.
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.