Sales:
Home sales rose in Loveland CO in March 2022. There were 139 homes sold, up 17.8% from the 118 sold in February 2022, but down 61.2% from the 224 sold in March 2021. Homes sold for an average of 103.1% of listing price during last month.
Prices:
Home prices dropped in March 2022. The median price fell 1.4% to $560K from $568K in February 2022, while the average price fell 5.0% to $635K from $667K. These results, once again, represent those specific homes that sold during the month, so month-to-month variations tell us less than the overall trend line for prices.
Inventory:
Inventory in Loveland CO rose in March 2022, with 78 homes on the market at the end of the month, up % from 65 at the end of February 2022. The Month’s Supply of Inventory (MSI) held steady ar 0.6 months.
Summary:
There is still no sign of anything looking like a typical spring real estate market. Sales are low because of extremely limited inventory, rapidly rising prices, and economic uncertainty, now compounded by rising interest rates and inflation. There is little for sale that could be considered “affordable” and there are few good paths for first-time home buyers. But serious buyers still outnumber sellers, even at these lower levels of activity. So competition for the few available homes is fierce, and buyers must be prepared to make some serious concessions to win what are usually bidding wars. And while the current market may be good news for sellers, that is most likely countered by the market conditions they must then face in buying a replacement home. This isn’t a comfortable situation for any of us, but we’re working hard to provide what help we can to our clients while we all wait for conditions to improve.
