Sales:
Loveland CO home sales fell in July 2021. 237 homes sold, a drop of 6.7%, from the 253 homes sold in June 2021, and a drop of 30.8% % from the 310 homes sold in July 2020. However, year-to-date sales of 1,393 homes are up 9.1% from 2020’s 1,277 homes.
Prices:
Home prices fell in July 2021. The median price dropped to $536K from $540K in June 2021, a drop of 0.7%, while the average price fell dropped to $556K from $567K, a drop of 1.9%. Minor price variations like these are common, so we look at the long-term trend for a better sense of direction.
Inventory:
Inventory was up again in July 2021, with 158 homes on the market at the end of the month, a gain of 7.5% from 147 at the end of June 2021, yet still well below normal levels. The Month’s Supply of Inventory (MSI) rose slightly to 0.7 months.
Summary:
There is a lot going on in the Northern Colorado real estate market. A good part of it boils down to supply and demand. For several months, with the pandemic apparently lessening, it seemed like a hot market, as buyers competed for the few homes that were available. But as inventory rose somewhat, the market has slowed. It seems that the actual buyer pool, as well as inventory, was lower than normal, and perhaps some of the buyers that were in the market originally had their interest cooled by strong competition and rapidly rising prices. And with the pandemic threat still present, general uncertainty about where things might go, and when something like normality might return, psychological factors are most likely to determine how the coming months play out. This is where our reliance on analytical tools just doesn’t help much - we’re in uncharted waters and while we can tell you what happened, and somehat why, we’re all reduced to waiting to see what comes next.
