Sales:

Greeley CO home sales rose in September 2023. There were 90 homes sold, up 50% from 60 sales in August, 2023, but down 25.5% from the 113 homes sold in September 2022. 2023 year-to-date sales of 702 homes were down 34.7% from 2022’s 1,075 sales for the same period.

Prices:

Home prices fell in September 2023. The median price dropped 5.2% to $425K from $448K in August 2023, while the average price dropped 1.5% to $461K from the previous month’s $468K. Please keep in mind that this number reports the specific sales during the last month and is subject to random market variations as well as specific market driven causes – it therefore needs to be considered in a broader time period context.

Inventory:

The inventory of homes for sale in Greeley CO held steady in September 2023. 155 homes were available for sale at the end of the month, the same number on the market at the end of August 2023. The month’s supply of inventory (MSI) fell to 1.7 months from the previous month’s 2.6, as inventory remained the same and sales increased.

Sales Price vs. List Price:

In September 2023, homes sold for an average of 99.3% of listing price, down from the previous month’s 99.9%.

Summary:

September’s results appear quite typical for this time of year – we generally see the market cool down as we head into winter and the upcoming holiday season, and expect slower sales, not much price movement and higher inventories.

And while we know that economic and political events are also having an effect, most of that will be obscured somewhat from what we could determine in a more active season. But there are clues that indicate that the market has softened.

One of those involves home prices. We’re seeing a significant number of price changes on available homes, to the extent that during September, Northern Colorado real estate markets saw between 40% - 50% of available homes post price decreases to attract buyers. We should see this activity reflected in moderate downward price movement in the next couple of months, as these homes close.

Another factor is the narrowing of our markets toward the upper price ranges – our buyer pool remains smaller than optimal.

So, generally the market is slowing due to seasonal influences, structural price corrections, and buyer and seller uncertainty about the state of the economy and the future.

We expect the market to continue at something like this pace until springtime, when we should be able to get better comparisons as activity is expected to pick up. Of course, we’ll be watching carefully as we go, and we’ll keep you posted on what’s going on. And we’re always here to answer any questions you might have or to just chat about the markets.