This is the July 2020 Real Estate Market Update for Greeley CO
Greeley CO home sales saw a small gain in May 2020. There were 84 homes sold, a 2.4% increase from the 82 homes sold in April 2020, but a 46.7% decrease from the 180 homes sold in May 2019.
Greeley CO home prices were mixed in April 2020, but the changes were small. The median sales price fell 4.5% to $330K from $345K in April 2020, while the average price gained 0.3% to $354K from $353K during the same period. It’s not likely that these numbers reflect significant pandemic impacts yet.
The inventory of available homes fell in May 2020, with 128 homes on the market at the end of the month, a drop of 2.3% from the 131 homes for sale at the end of April 2020. The Months Supply of Inventory (MSI) fell to 1.5 months, as sales slightly outpaced inventory gains for the month.
The trends over time in the charts above provide a useful context for understanding what’s currently going on in the Greeley CO real estate market, particularly in regards to sales and inventory data. The impact of the pandemic on home prices will most likely lag by a couple of months. It is also useful to keep in mind that this month’s sales and price data are based on sales contracts that occurred mostly in March and April, 2020, so we’re seeing effects from the early days of the pandemic, with most real estate activities beginning to be curtailed by restrictions. We’ll keep you updated as the situation changes, and if you have real estate questions, please give us a call - we’ll do our best to answer them.