Sales:

Only 45 homes sold in Greeley CO in January 2024, a drop of 34.8% from the 69 homes sold in December 2023, and down 22.1% from the 57 homes sold In January 2023. This was the lowest monthly sales total of the last 3 years.

Prices:

The price of homes sold in January 2024 fell, with the median price down 0.5% to $430K from $432K in December 2023, and the average price down 4.5% to $440K from $460K for the same period.

Inventory:

The inventory of homes for sale in Greeley CO fell to 114 homes for sale at the end of January 2024 from 124 homes for sale at the end of December 2023. The Month’s Supply of Inventory (MSI) rose to 2.5 months from December 2023’s 1.8 months.

Sales Price vs. List Price:

In January 2024, homes in Greeley CO sold for 98.9% of asking price, up from 98.5% in December 2023.

Summary:

January is almost always a slow month, and January 2024 was no exception. The regional housing market lacked energy, with sales and inventory both at low levels. Prices were merely reflective of the specific homes sold – relatively low demand and the high supply of homes argue against any real upward price pressure.

To date, there are no indications that improvements in the national economy from job gains and slowing inflation, as well as declining interest rates, are having a significant impact on housing. But while high prices and economic uncertainty remain on-going concerns for buyers and sellers alike, the economy is headed in a positive direction.

But it’s still way too early to predict what the market will look like once it enters its more active phase in the coming months. We’ll be watching carefully and will do our best to keep you informed. And if you have any questions or just want to chat about what’s happening in the market, please give us a call – we’d love to talk to you.