Sales:

Home sales fell slightly in Greeley CO in July 2024. 85 homes sold, a drop of 2.3% from the 87 homes sold in June 2024, but a gain of 16.0% from the 75 sold in July 2023. Year to date sales of 592 homes are up 7.2% from last year's 552 sales for the same period.

Prices:

Home prices rose in July 2024. The median price gained slightly to $450K from $449K in June 2024, and the average price rose 3.5% to $470 from June's $454K for the same period.

Inventory:

The inventory of homes for sale in Greeley CO rose 13.0% to 148 on the market at the end of July 2024, up from 133 homes at the end of June 2024. The Month's Supply of Inventory (MSI) rose to 1.7 months from June 2024's 1.5 months.

Sales Price vs. List Price:

  

In July 2024, homes in Greeley CO sold for 99.4% of asking price, down from June 2024's 99.5%.

Summary:

So, sales were down and prices and inventory were up for July, suggesting a slowing market during a typically busier time of the year. We also note that housing price increases over the last several years have contributed to a decline in demand from a smaller pool of potential buyers.

Yet we don't believe these results are indicative of problems specific to the real estate market itself. Rather, it seems to us that what is happening is more a reflection of a greater concern with the economy in general - unease about inflation and jobs, high interest rates, and political uncertainty are all dampening enthusiasm for discretionary spending on housing.

We don't think the real estate market is going to change much until we get some clarity about where the economy and our current political and social issues are heading, and that's at least not until after the November elections, and more likely until Spring of 2025.

We will be watching closely and will do our best to keep you informed about what we're seeing. In the meantime, if you have questions or just want to chat about real estate, please give us a call - we'd love to talk to you.