Sales:

111 homes were sold in Greeley CO during May 2024, an increase of 4.7% from the 106 homes sold in April 2024, and a gain of 26.1% from the 88 sold in May 2023. Year to date sales of 420 homes are up 4.5% from last year’s 402 sales for the same period.

Prices:

Home prices were up slightly in May 2024, with the median price gaining 0.7% to $449K from $446K in April 2024, and the average price rose to $461 from April’s $460K for the same period.

Inventory:

The inventory of available homes in Greeley CO rose sharply at the end of May 2024 to 133 on the market from 86 homes for sale at the end of April 2024. The Month’s Supply of Inventory (MSI) rose to 1.2 months from April’s 2024’s 0.8 months.

Sales Price vs. List Price:

In April 2024, homes in Greeley CO sold for 99.2% of asking price, down from April 2024’s 99.8%.

Summary:

So far in 2024, the Northern Colorado real estate markets are experiencing sales levels similar to 2023, moderately rising prices, and rising inventories. There hasn’t been a “normal” year post-Covid for comparative analysis, so each new year presents unique challenges in understanding what’s happening. This year looks to be a continuation of the results and patterns we saw last year.

We’re now into the start of what has traditionally been our busiest season, and sales are a bit slower than we expected, most likely due to a combination of previous year’s price increases, high interest rates, the failure of wages to keep pace with inflation, and concern about the state of the economy. Price increases, though moderate, are likely driven by inventory levels that, while currently increasing, are less than optimal, along with some secondary effects of inflation and a bit of competition for the more desirable homes currently for sale.

Our best guess for now is that at least until fall, we’ll see results similar to what is currently happening. At this time, we don’t see any signs of major instability or stimulus at the local, regional levels or state-wide levels. But we’ll be closely monitoring the markets, and we’ll keep you informed and up to date. In the meantime, please give us a call if you have any questions or just want to chat about what’s happening – we’d love to talk to you.