This is the April 2019 Real Estate Market Update for Loveland CO
Home sales in Loveland CO showed a strong gain in March 2019, with 176 sold, up 69.2% from the 104 sold last month, and up 21.4% from the 145 sold in March 2018. This should mark the start of our more active spring and summer seasons, and these numbers should be rising for the next several months.
Home prices were mixed in March 2019. The median price was unchanged from the $400K of February 2018, while the average price fell 9.6% to $438K from $480K in February 2019. Monthly price results reflect the prices of those specific homes sold during a given month, and will vary. The long-term trend serves as a better indicator of what’s happening with home prices and values.
Loveland CO’s inventory of available homes fell in March 2019, as more homes were sold than entered the market. There were 282 homes for sale at the end of the month, down 9.9% from the 310 homes for sale at the end of February 2019. The Month’s Supply of Inventory (MSI) showed a steep drop to 1.6 months, well into strong seller’s market territory.
March 2019, as expected, marked the end of our real estate market’s winter season, with sales strongly up. However, inventory was unable to keep pace with the gains in sales, leaving the market in the same unbalanced state it has experienced for several years now. And while we expect demand to remain strong because of the strength of the regional economy, we don’t see any potential for substantial changes in the inventory situation other than home owners responding to higher home values by offering their homes for sale, something they have so far been reluctant to do in sufficient numbers. How this imbalance plays out will be the main factor in determining the character of this year’s market results.