Sales:

Home sales fell in Loveland CO in July 2024. 128 homes sold, down 2.3% from the 131 sold in June 2024, and down 2.3% from the 131 sold in July 2023. Year to date sales of 833 homes are down 9.8% from last year's 924 sales for the same period.

Prices:

Home prices also fell in July 2024. The median price dropped 11.2% to $550K from $620K in June 2024, while the average price fell 3.7% to $669K from $695K for the same period. Please keep in mind that these results reflect only those specific homes sold during the month, and are therefore subject to random variations, but the trend over the last six months has been relatively stable.

Inventory:

The inventory of homes in Loveland CO again reached a three-year high in July 2024, with 328 homes available for sale at the end of July 2024, a 5.5% increase from the 311 homes for sale at the end of June 2024. The Month's Supply of Inventory (MSI) rose to 2.6 months from June 2024's 2.4 months.

Sales Price vs. List Price:

In July 2024, homes in Loveland CO sold for 98.5% of asking price, down from 99.5 in June 2024.

Summary:

So, sales and prices were down and inventory was up for each of the last three months - a pretty clear picture of a slowing market, and at a typically busier time of the year. We also note that housing price increases over the last several years have contributed to a decline in demand from a smaller pool of potential buyers.

Yet we don't believe these results are indicative of problems specific to the real estate market itself. Rather, it seems to us that what is happening is more a reflection of a greater concern with the economy in general - unease about inflation and jobs, high interest rates, and political uncertainty are all dampening enthusiasm for discretionary spending on housing.

We don't think the real estate market is going to change much until we get some clarity about where the economy and our current political and social issues are heading, and that's at least not until after the November elections, and more likely until Spring of 2025.

We will be watching closely and will do our best to keep you informed about what we're seeing. In the meantime, if you have questions or just want to chat about real estate, please give us a call - we'd love to talk to you.