This is the July 2020 Real Estate Market Update for Loveland CO

 

Sales:

 Loveland CO Real Estate Sales June 2020

Home sales showed strong gains in Loveland CO during June 2020. 282 homes sold, up 131.1% from the 122 homes sold in May 2020, and up 38.2% from the 204 homes sold in June 2019. Year-to-date sales for 2020 are 967 homes sold, down 1.2% from the 979 homes sold during the same period last year.

 

Prices:

 Loveland CO Real Estate Prices June 2020

Home prices fell slightly in June 2020. The median price dropped to $400K, down 1.5% from $406K in May 2020, while the average price dropped 5.1% to $450K from $473K for the same period. We don’t believe that these minor fluctuations represent significant pandemic influences at this time.

 

Inventory:

 Loveland CO Real Estate Inventory June 2020

The inventory of homes available for sale fell in June 2020, with 334 homes on the market at the end of the month, a decline of 9.6% from the 366 homes on the market at the end of May 2020. The Month’s Supply of Inventory (MSI) fell sharply to 1.2 months, as home sales strongly outpaced any inventory gains.

 
 
Summary:
 
June was a surprising month, with large gains in sales and just a bit of movement in prices. June closings are mostly the result of contracts written in April and May, including a significant portion of the Covid-19 shutdown. We believe that most of the sales gains were the result of pent-up demand from those earlier months, which are normally the busiest time of the year for real estate activity. And we suspect that relatively few of the changes in inventory are the result of economic factors so far, but that could change as job losses from the pandemic pressure homeowners to sell. But we’re in uncharted territory, with little basis in experience to predict what comes next. We’ll keep you updated as the situation changes, and if you have real estate questions, please give us a call - we’ll do our best to answer them.