This is the March 2020 Real Estate Market Update for Greeley CO
Unsurprisingly, Greeley home sales fell in April 2020. There were 82 homes sold, a 37.8% decline from the 113 homes sold in March 2020, and a 69.5% decline from the 139 sales in April 2019. Real estate closings occurred throughout the month, as one of the few real estate activities permitted under the Covid-19 restrictions.
Greeley CO home prices showed gains in April 2020. The median sales price grew 4.5% to $345K from $330K in March 2020, while the average price rose 0.9% to $353K from $350K during the same period. As these numbers are based on the specific homes sold during each month, they will tend to vary from month to month.
The inventory of available homes grew in April 2020, with 131homes for sale at the end of the month, a gain of 22.4% from the 107 homes for sale at the end of February 2020. The Months Supply of Inventory (MSI) rose to 1.6 months, as inventory grew faster than sales for the month.
In April 2020, we began to see the visible effects of the Covid-19 pandemic. Keeping in mind that April sales were mostly the result of contracts written in February and March, it’s likely that next month’s numbers will show a strengthening of the downward trend in sales. Most real estate activity, and particularly the showing of homes, was prohibited for the last half of March and most of April. And at this time, we have nothing on which to base further predictions, but we can’t imagine returning to anything resembling a normal market during what would be our busiest season. 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.