This is the January 2019 Real Estate Market Update for Greeley CO
Consistent with the slower winter season, Greeley CO home sales declined in December 2018, with 98 homes sold, a drop of 14.3% from the 112 homes sold in November 2018, and were down 15.3% from the 113 homes sold in December 2017. During all of 2018, 1461 homes sold, an increase of 2.3% from the 1428 homes sold during 2017.
Greeley CO home prices declined in December 2018. The median sales price fell to $301K, down 6.6% from $321K in November 2018, while the average price dropped to $314K, a loss of 9.3% from $336K in October 2018. However, the long-term trend line shows a 2018 median price gain of 7.5% and an average price gain at 7.2%.
Inventory in Greeley CO actually gained slightly in December 2018 to 146 homes for sale at the end of the month, but remains well short of what is necessary to provide market balance. The Months Supply of Inventory (MSI) rose to 1.5 months, still well in seller’s market range.
The most important factor in looking at Greeley’s real estate performance in 2018 is the lack of sufficient inventory to meet strong buyer demand. This shortfall has driven home prices upward over the course of the year, and diminished the supply of affordable housing. There is little indication that those conditions will change in the immediate future, so at least for now, until the more active spring market shows us otherwise, we expect the coming year will be much like the past year.