This is the July 2021 Real Estate Market Report for Greeley CO
Home sales increased in June 2021 in Greeley CO, with 155 homes sold, up 23.0% from the 126 sold in June 2021, but down 9.0 % from the 169 homes sold in July 2020. Year-to-date sales of 756 homes are up 2.9% from last year’s sales of 735 homes.
Home prices were again mixed in July 2021. The median price gained 2.7% to $385K from $375K in June 2021, while the average price fell 5.9% to $408K from $432K during the same period. Small variations like this are common, so we look more to the long-term trend line for a sense of what’s happening.
Inventory rose in July 2021 with 70 homes for sale at the end of the month, a gain of 59.1% over last month’s 44 homes, but still far short of normal levels. With inventory outpacing sales gains, the Month’s Supply of Inventory (MSI) rose to 0.5 months.
There is a lot going on in the Northern Colorado real estate market. A good part of it boils down to supply and demand. For several months, with the pandemic apparently lessening, it seemed like a hot market, as buyers competed for the few homes that were available. But as inventory rose somewhat, the market has slowed. It seems that the actual buyer pool, as well as inventory, was lower than normal, and perhaps some of the buyers that were in the market originally had their interest cooled by strong competition and rapidly rising prices. And with the pandemic threat still present, general uncertainty about where things might go, and when something like normality might return, psychological factors are most likely to determine how the coming months play out. This is where our reliance on analytical tools just doesn’t help much - we’re in uncharted waters and while we can tell you what happened, and somehat why, we’re all reduced to waiting to see what comes next.