This is the May 2019 Real Estate Market Report for Loveland CO
April 2019 home sales in Loveland CO mirrored the results from March 2019, with 176 sold in each, and were up 18.1% from the 149 sold in April 2018. While considerably higher than the previous slower winter months, we had hoped for a bit more growth in these numbers.
Home prices were essentially unchanged in April 2019. The median price remained the $400K of February and March 2018, while the average price rose a scant 0.4% to $440K from $438K in February 2019. These numbers are based on the prices of the specific homes sold during a given month, and tend to vary, so we look to the long-term trend as a better indicator of what’s happening with home prices and values. Those look to be flattening out a bit.
The inventory of available homes in Loveland CO rose in April 2019, as expected. There were 331 homes for sale at the end of the month, up 17.3% from the 282 homes for sale at the end of March 2019. The Month’s Supply of Inventory (MSI) rose to 1.9 months, but remains in seller’s market territory.
April 2019 showed the Loveland market moving slowly toward a bit of balance as it eases into the spring and summer seasons. Sales and prices were on a par from last month and inventory showed a nice increase. While it’s still early, the market is starting to shape up as a repeat of last year. Buyer demand remains strong, but price increases over the last several years have left a shortage of affordable homes necessary to meet a significant portion of that demand. Those buyers are seeking other housing options, such as renting, and their absence most likely signals a slowing trend in the market that may persist for a while.