This is the January 2021 Real Estate Market Update for Greeley CO
Home sales declined in Greeley CO in January 2021, down 53.9% to 76 sold from the 117 sold in December 2020, but only down 2.6% from the 78 homes sold in January 2020.
Home prices continued to move upwards in January 2021. The median price gained 2.6% to $356K from $345K in December 2020. The average price stayed essentially the same, coming in at $360K from $361K in December 2020.
Greeley CO’s inventory decline continues, with only 45 homes on the market at the end of the month, a new three-year low point, and down 28.9% from December’s 58 homes for sale. The Month’s Supply of Inventory (MSI) rose slightly to 0.6 months, with sales falling a bit more than inventory.
Even though we’re in the midst of what is usually our slowest season, and see the usual declines in sales and inventory, this is not a typical winter market. A quick look at the graphs above shows that while the economic and social impacts of the pandemic are giving us what seem to be familiar trend results, what is going on is far from normal. Buyer demand, while not huge, far outpaces available inventory. We believe that inventory is constrained by seller reluctance both to change in uncertain times and to opening their homes to buyer visits. And as long as inventory remains critically low, prices will be pushed higher. But with vaccines coming online, we’re hoping to see a gradual return to more active patterns as we move into summer and the economy begins to recover. It’s going to be an interesting and challenging year for buyers and sellers alike.