Sales:

There were 97 homes sold in Greeley CO during March 2024, an increase of 59.0% from the 61 homes sold in February 2024, and almost identical to the 96 homes sold in March 2023. Year to date sales of 203 homes are down 13.3% from last year’s 234 sales for the same period.

Prices:

Home prices rose in March 202, with the median price up 4.8% to $440K from $420K in February 2024, and the average price up 4.3% to $460K from $441K for the same period. The lack of significant structural change in the market suggests that these price movements are most likely due to random fluctuations in the specific homes sold during the month.

Inventory:

The inventory of homes in Greeley CO fell to 98 homes for sale at the end of March 2024 from 107 homes for sale at the end of February 2024. The Month’s Supply of Inventory (MSI) fell to 1.0 months from February 2024’s 1.8 months.

Sales Price vs. List Price:

In March 2024, homes in Greeley CO sold for 99.8% of asking price, up from 99.2% in January 2024.

Summary:

The March 2024 real estate market offered few surprises. As expected, it showed the usual signs of increasing Spring sales and inventory, and price movements well within the trend. But also as expected, these signs were not indicative of any significant emerging strengths or weaknesses. The underlying factors of economic uncertainty continue to moderate both strong enthusiasm and extreme alarm, like much of the rest of the economy. Real estate is being bought and sold where necessary or desirable, in the usual manner, at the moment, and we expect that to continue without dramatic change until larger questions about the economy move toward a clearer resolution.

Meanwhile, the real estate industry is itself about to undergo some major structural changes as a result of some major lawsuit settlements. There are still a lot of unanswered questions concerning what’s going to happen, but as things become more defined, we’ll be keeping you informed about those as well.

If you have questions about what’s happening in the real estate market – or the real estate industry – please give us a