Sales:

As is normal for this time of year, home sales in Greeley CO fell in November 2022. 91 homes sold, down 9.0% from the 100 sold in October 2022, and down 22.9% from the 118 sold in November 2021. Year-to-date, 1266 homes have sold, up 1.6% from 2021’s 1246 homes sold in the same period. Homes sold for an average of 99.3% of listing price during November 2021.

Prices:

Home prices rose slightly in November 2022. The median price gained 0.7% to $417K from $414K in October 2022, while the average price was up 1.7% to $429K from $422K. A lack of available inventory is no longer the main driving force in the market, and upward price pressure has been moderated by market uncertainty.

Inventory:

Greeley CO inventory fell in November 2022. 142 homes were on the market at the end of the month, down 16.5% from the 168 for sale in October 2022. The Month’s Supply of Inventory (MSI) fell to 1.6 months.

Sales Price vs. List Price:

This market indicator peaked in March 2022, and has shown a gradual decline since, with homes selling for 99.3% of list price in November 2022, as economic uncertainty, inventory gains and seasonal effects have countered the factors at work last spring.

Summary:

The real estate market, as we would expect for the season, is giving us very few clues as to its future direction. We know that the combined impacts of economic uncertainty about the threat of recession, higher interest rates, and inflation will play major roles next year, but nothing in the current market activity gives us much additional insight.

That doesn’t mean that we can’t make some educated guesses – it’s just that we don’t have any new local real estate data from November that changes anything we’ve been thinking all along. Simply stated, that’s basically that good economic news will give us a more or less normal spring market, and bad economic news will lead to a much slower spring market. And it’s too early to predict what that news is likely to be.

We’ll be back next month with the 2022 overview, and, data permitting, perhaps better predictions about what 2023 will look like for Northern Colorado. Until then, we wish you a Very Merry Christmas and a Happy New Year!