This is the November 2022 Real Estate Market Report for Loveland CO
Sales of homes in Loveland CO declined in October 2022. There were 143 homes sold, down 7.0% from the 153 sold in September 2022, and down 4.4% from the 205 sold in October 2021. Year-to-date sales of 1,620 homes are down 25.7% from 2021’s 2,037 sold during the same period. Homes sold for an average of 98.5% of listing price last month.
Home prices Rose in October 2022. The median price of homes sold during the month increased 3.3% to $560K from $542K in September, while the average price rose 4.1% to $678K from $651K. Minor price variations from month to month may have little significance, as they reflect those specific homes that sold during the month.
Inventory was essentially unchanged in Loveland CO during October 2022 in Loveland CO, with 254 homes for sale at the end of the month, from 255 at the end of September 2022. The Month’s Supply of Inventory (MSI) rose to 1.8 months.
Sales Price vs. List Price:
This market indicator, which peaked in May 2022, has been declining since, and fell to 98.5 in October 2022, as economic uncertainty, inventory gains and seasonal effects have countered the factors at work in last spring’s strong seller’s market.
This is a really difficult time to make predictions about where the market is headed. We’re in a traditional slow season where we don’t expect high levels of activity, Sales and home prices have declined and inventory has increased, as they all usually do at this time of year. So we could look at the numbers and note that they fall within normally expected ranges for this time of year.
But the level of uncertainty regarding the economy as we head into the next year is really what will determine future market performance. At this time, that’s a huge unknown, and also one with a considerable downside. Interest rate hikes, inflation and the threat of recession will continue to impact potential homebuyers and sellers, and until we all have a better idea of how that’s all going to play out, we can’t expect much clarity from our analytical tools.
Some of that may come soon, as the implications of mid-term election results give us some indications of how these issues may be resolved, but we don’t know whether that will have much immediate effect. And we doubt that we’ll see any clear evidence of a market direction for real estate or be able to make predictions about that until we know more about where the economy is headed.
As always, we’ll keep you up to date on what’s happening, but if you have questions or just want to talk about the real estate market, please don't hesitate to give us a call.