Sales:
Loveland CO home sales rose in April 2022. There were 175 homes sold, a gain of 25.9% from the 139 sold in March 2022, but down 24.6% from the 218 sold in April 2021. Year-to-date sales of 543 homes were down 27.3% from from 2021’s 691 sold in the same period. Homes sold for an average of 103.6% of listing price last month.
Prices:
Home prices rose in April 2022. The median price rose 5.9% to $593K from $560K in March 2022, while the average price gained 2.5% to $651K from $635K. Inventory shortages continue to be the main factor driving prices upward..
Inventory:
Loveland CO saw a welcome gain in Inventory in April 2022, with 114 homes on the market at the end of the month, up 46.2% from 78 at the end of March 2022, still well short of normal levels. The Month’s Supply of Inventory (MSI) rose to 0.7 months.
Summary:
The Loveland CO real estate market remains far out of balance, as evidenced by the jump in home prices. The strong gains in inventory show movement toward more stability, but we’re still far short of normal levels. While prices may have finally reached a level that encourages more existing homeowners to sell and realize some substantial gains, inflation fears and rising interest rates will certainly cool housing demand somewhat. And beyond that, we have a structural problem that is getting insufficient attention - events of the last several years have seen a significant portion of our population priced out of the market, with home ownership now a dream out of reach. It’s a structural problem because when real estate markets function well, the driving force comes from the bottom of the market as well as the top, and that’s pretty much gone now. It’s going to take while for this to play out, but we’ll be watching carefully and will do our best to keep you up to date.
