This is the June 2023 Real Estate Market Update for Greeley CO
Sales of homes in Greeley CO rose in May 2023. 88 homes were sold, up 10.0% from the 80 homes sold in April 2023, but a decline of 35.2% from the 119 homes sold in April 2022. 2023 year-to-date sales of 402 homes were down 53.5% from 2022’s 617 sales for the same period.
Home prices increased in May 2023. The median price gained 4.1% to $431K from $414K in April 2023, while the average price was up 10.8% to $492 from the previous month’s $444K. These numbers reflect only those homes sold during the month and are within the range of normal monthly fluctuations for this data set.
The inventory of homes for sale in Greeley CO rose sharply in May 2023. There were 111 homes available for sale at the end of the month, up 52.1% from the 73 homes on the market at the end of March 2023. The month’s supply of inventory (MSI) rose to 1.3 months from the previous month’s 0.9, as inventory gains outpaced sales.
Sales Price vs. List Price:
In April 2023, homes sold for an average of 100.2% of listing price, down a bit from the previous month’s 100.3%.
The Greeley CO real estate market became more active in May 2023, as sales, home prices and home inventory increased significantly.
So does this mean that the real estate market is returning to normality? Probably not, given that so much has changed since we were last able to describe a market as “normal”. More likely, we’re seeing the market adjusting to significant changes in underlying factors affecting the economy. And unlike a few past notable instances, real estate is not driving any of these changes, but is very responsive to them.
However, the fact that our indicators are moving in a generally positive direction is cause for cautious optimism. Cautious, because we still have concerns: the persistence of inflation, higher interest rates, and the lack of available housing have priced a significant portion of our population out of the market; employment instability may play a part in the sharp rise in inventory; and a pervasive sense of uncertainty about the future of the economy is inhibiting investment overall. It’s probably going to take a more resolved socio-economic-political environment to generate a real estate market that could be characterized as “normal”.
The market is becoming more settled and focused, however. Homes are selling, but that’s mostly those that are priced correctly – there’s no current reward for over-enthusiasm. Prices are stable-to-rising, and there are currently enough homes to meet demand.
We’ll be watching the market, as well as those factors most affecting it, very closely in the coming months, and doing our best to keep you informed. If you have any questions or concerns in the meantime, don’t hesitate to give us a call. We’re always available to help.