This is the August 2019 Real Estate Market Update for Greeley CO
After last month’s decrease, home sales in Greeley CO rebounded a bit in July 2019, with 150 homes sold, a gain of 12.8% from the 133 sold in June 2019, but a drop of 18.0% from the 177 sold in July 2018. Year-to-date, sales are up 8.9%, with 2019 sales at 917 compared with 2018’s 842.
Home prices in Greeley CO continued to decline in July 2019. The median sales price fell 6.9% to $305K from $326K in June 2019, while the average price fell 6.1% to $314K from $333K in June 2019. While monthly results are can be random, it’s worth noting that both median and average prices for July 2019 fell below those results for July 2018.
Inventory rose again in July, up 4.3% to 144 homes for sale at the end of the month, from the 138 homes for sale at the end of July 2019. The Months Supply of Inventory (MSI) held steady at 1.0 months, still showing a strong seller’s market.
The Greeley real estate market is showing us some interestingly mixed signals. Sales have been somewhat erratic over what should have been a busy spring/summer season, home prices are a bit below where they began 12 months ago, and inventory remains insufficient to meet demand. There is little of the buying frenzy we experienced a couple of years ago, but demand remains high and should remain so as regional economic and job growth are expected continue at a healthy pace. And we remained concerned about the lack of affordable housing at the lower end of the market.