Sales:
Home sales in Greeley CO fell in May 2022. There were 119 homes sold, down 48.7% from the 177 sold in April 2022, but up 10.2% from the 108 homes sold in May 2021. Year-to-date sales of 617 were up from last year’s sales of 475 for the same period. Homes sold for 102.0% of list price last month.
Prices:
Home prices rose in May 2022. The median price was up 0.7% to $460K from $457K in April 2022, while the average price rose 1.8% to $463K from $455K during the same period. Inventory us still the main factor driving prices upward.
Inventory:
The inventory of available homes rose significantly to 93 homes for sale at the end of the month, a gain of 238% from last month’s 39 homes. The Month’s Supply of Inventory (MSI) fell to 0.8 months as inventory gains outpaced sales.
Summary:
The Greeley CO real estate market may be changing, if last month’s significant increase in home inventory is sustained. This will begin to ease the upward pressure on prices, and it will become a bit less frenzied and crazy out there. But the market is still a long way from finding some sort of equilibrium, and we can’t expect a return to what we used to think of as “normal”. Recession and inflation are likely to diminish the potential for quick recovery. And the price increases of the last several years have taken the bottom out of the market, excluding a large pool of potential buyers from participation. We’re not expecting to see those prices fall, nor are we expecting to see wages keep pace with inflation. With so many different external factors at work here, it’s still very unclear how this will play out, but it’s likely that at least in the immediate future, we’re going to see the market become a challenging one for sellers as well as buyers.
