Sales:

Home sales declined in Loveland CO in November 2024. 115 homes sold, down 8.8% from the 126 sold in October 2024, but up 17.3% from the 988 sold in November 2023. Year to date sales of 1,316 homes are down 6.5% from last year’s 1,408 sales for the same period.

Prices:

Home prices fell in November 2024. The median price dropped 3.0% to $555K from $572K in October 2024, while the average price dropped only a smidgeon to $647K from $648K 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.

Inventory:

The inventory of homes in Loveland CO fell in November 2024 as expected for the time of year, with 299 homes on the market at the end of the month, down 20.3% from the 375 homes for sale at the end of October 2024. The Month’s Supply of Inventory (MSI) fell to 3.0 months from October 2024’s 2.6 months.

Sales Price vs. List Price:

In November 2024, homes in Loveland CO sold for 96.4% of asking price, down from 98.3% in October 2024.

Summary:

There haven’t been any real surprises from Northern Colorado’s real estate market – activity remains at low levels, partly because it’s a typically slow season for home sales, but also because of a general feeling of uncertainty about the future of the economy. There are still homes being bought and sold, but there isn’t a lot of energy or enthusiasm. And these factors aren’t unique to our region – nationally, we’re seeing the lowest level of home sales in the last 30 years, as well as the lowest participation of first-time home buyers in the last 43 years.

It's going to take until the Spring of 2025 at the earliest before we could see some clarity begin to emerge regarding the future direction of the economy, so until then, we can expect the market to show little change from its current behavior. You can be sure, though, that we’ll be keeping a very close eye on what’s happening, and we’ll let you know what we’re seeing as soon as it happens. And in the meantime, we’re always available to talk – give us a call if you have questions or just want to chat about the market.