This is the October 2022 Real Estate Market Update for Greeley CO
Greeley CO home sales fell in September 2022. There were 113 homes sold, a drop of 8.0% from the 122 sold in August 2022 and were down 15.0% from the 132 sold in September 2021. Year-to-date, 1075 homes have sold, a gain of 5.6% from 2021’s 1018 homes sold in the same period. Homes sold for an average of 99.7% of listing price during August, dropping below list price for the first time in over a year.
Home prices were mixed in September 2022, but with little significant change. The median price rose slightly to $453K from $451K in August 2022, while the average price fell to $453K from $455K. Imbalances between supply and demand are no longer the main driving force in the market, and upward price pressure has been moderated by market uncertainty.
Inventory, rising since March 2022 in Greeley CO, declined slightly in September with 164 homes on the market, a drop of 1.8% over the 167 for sale in August 2022. The Month’s Supply of Inventory (MSI) rose to 1.5 months.
Sales Price vs. List Price:
This market indicator peaked in March 2022, and has shown a gradual decline since, finally dropping under 100% in August 2022 to 99.7%, as economic uncertainty, inventory gains and seasonal effects have countered the factors at work last spring.
While it’s tempting to say that the market has returned to normality, we doubt it’s as simple as that. It’s true that the current set of numbers would fit within the boundaries of what we would consider “normal”, and are certainly better overall than last spring’s frenzy, but the economic and social conditions that have brought us here are yet to really play out.
The factors at work in last spring’s market were effectively shut down by the arrival of inflation, higher interest rates, and the fear of recession. Market uncertainty prevails as we have yet to identify how these will play out and be dealt with, and as we pointed out last month, we’re still looking at more downside in the immediate future.
So as we move into the slower winter season, we believe that the real estate market will have little of substance to react to regarding these issues. It’s likely to continue as it has during the last couple of months, needing considerably more clarity about the future before establishing a definite direction. And it’s likely that direction will be dependent on how well our responses to the economic challenges we’re facing are working.
As always, we’ll keep you up to date here, but if you have questions or just want to talk about the real estate market, please don't hesitate to give us a call.