This is the July 2024 Real Estate Market Report for Loveland CO

 

Sales:

 Loveland CO Real Estate Sales - July 2024

Home sales declined in Loveland CO in June 2024. 131 homes sold, down 13.9% from the 152 sold in May 2024, and down 16.6% from the 157 sold in June 2023. Year to date sales of 705 homes are down 12.1% from last year’s 793 sales for the same period.

 

Prices:

 Loveland CO Real Estate Prices - July 2024

Home prices rose in June 2024. The median price gained 5.9% to $620K from $585K in May 2024, while the average price rose 4.8% to $663K from $689K for the same period. June price results are for those specific homes sold during the month and appear to be minor deviations from the general trend over the last several years.

 

Inventory:

 Loveland CO Real Estate Inventory - July 2024

The inventory of homes in Loveland CO rose to a three-year high, with 311 available at the end of June 2024, a 9.9% increase from the 283 homes for sale at the end of May 2024. The Month’s Supply of Inventory (MSI) rose to 2.4 months from May 2024’s 1.9 months.

 

Sales Price vs. List Price:

 Northern Colorado Sales Price vs. List Price - July 2024

In June 2024, homes in Loveland CO sold for 99.5% of asking price, unchanged from May 2024.

 

Summary:

With sales decreasing, and inventory rising, it’s pretty clear that the market is slow. In more typical years past, we would have seen higher gains in sales resulting in less available inventory earlier in the year. Prices have remained fairly stable, although high inventory is likely to exert some downward pressure on prices and we may be seeing the start of that in the near future.

In any event, current economic conditions don’t support a strong real estate market at this time. Interest rates remain high, inflation is still a concern, and there’s continuing feeling of uncertainty about where the economy is going that is having a dampening effect on home sales.

Homes are still being bought and sold – just a bit more slowly than we’ve become accustomed to. And we’re still not seeing either any major instability or stimulus affecting real estate specifically at the local, state or national levels. We think we’ll see little change through the remainder of the summer and into fall. But we’ll be keeping a close eye on what’s happening, and we’ll let you know what we’re seeing and thinking.

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.