This is the November 2018 Real Estate Market Update for Greeley CO
Counter to the expected trend of lower seasonal real estate activity, home sales in Greeley CO rose in October 2018, with 151 homes sold, up 18.9% from the 127 homes sold in September 2018, and were up 36.0% from the 111 homes sold in October 2017. So far this year, 1251 homes have sold, a gain of 5.1% over the 1190 homes sold in the same period last year.
Home prices in Greeley CO fell slightly from those of September 2018, The median sales price dropped to $307K from September’s $310K, and the average price fell to $321K from $324K in September 2018. The long-term trend line shows year-to-date gains in median price at 8.5% and average price at 9.6%.
Inventory declined as expected in Greeley CO during October 2018 to 169 homes for sale at the end of the month, a drop of 4.1% from 176 homes on the market at the end of September 2018, and remains below optimum levels for market balance. The Months Supply of Inventory (MSI) fell to 1.1 months, showing a strong seller’s market.
Housing demand in Greeley remains high, a consequence of a strong regional economy and employment growth. A move to slower activity levels is certainly ahead, since inventory levels will continue to drop as we move further into the winter season. And we’re confident that prices will continue to trend upward, given the insufficiency of inventory at the lower and mid range price levels. Additionally, we see no indication of any change in underlying economic conditions at this point.