This is the November 2023 Real Estate Market Report for Loveland CO
Loveland CO home sales fell in October 2023. There were 108 homes sold, down 16.7% from the 126 sold in September 2023, and down 32.4% from the 143 homes sold in October 2022. 69 of these homes, or 63.9% of the total sold, were priced over $500K. 2023 year-to-date sales of 1,310 homes were down 19.2% from 2022’s 1,620 sales for the same period.
Home prices were mixed in October 2023. The median price fell 0.5% to $550K from $553K in September 2023, while the average price gained 1.8% to $662K from $650K. 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 declined in Loveland CO in October 2023, with 278 homes for sale at the end of the month, down 8.9% from 305 at the end of September 2023. The month’s supply of inventory rose to 2.6 months from 2.4 months in September 2023, as sales declined more than inventory.
Sales Price vs. List Price:
In October 2023, homes in Loveland sold for an average of 99.0% of list price, down from 97.0% for the previous month.
This time of year is generally a slower one for the real estate market, as buyers and sellers turn their attention elsewhere. That certainly accounts for some of the above results. That the market is slowing is obvious. But these seasonal effects hamper our ability to identify the impacts from other factors that we believe are also in play – factors such as the state of the economy, consumer expectations, interest rates, current events, and uncertainty about the future.
However, we believe the effects of those other factors have mostly been accounted for in previous months, and nothing really new seems to be affecting current results to any significant extent. This season has always been a difficult time for us to read the tea leaves, but this latest batch of data doesn’t suggest anything out of the ordinary at this time.
We’ll certainly be watching the market closely, and we’ll keep you informed. Until then, please feel free to contact us if you have questions or just want to talk about real estate – and in the meantime, we wish you a Happy Thanksgiving with your family and loved ones!