This is the April 2020 Real Estate Market UJpdate for Loveland CO

 

Sales:

 Loveland CO Home Sales April 2020

As we entered what would normally be our busiest season, home sales fell in Loveland CO during April 2020. 161 homes were sold, a drop of 21.2% from the 200 sales in March 2020, and a 9.3% drop from the 176 homes sold in April 2019. Real estate closings occurred throughout the month, as one of the few real estate activities permitted under the Covid-19 restrictions.

 

Prices:

 Loveland CO Home Prices April 2020

Loveland CO home prices were mixed in April 2020. The median price fell slightly to $398K, a decline of 0.5% from March 2020, while the average price gained 5.7% to $482K from $456K for the same period. These results are based on the specific homes sold during the month, and tend to vary from month to month.

 

Inventory:

 Loveland CO Home Inventory April 2020

The inventory of homes for sale continued to rise, with 396 homes on the market at the end of April 2020, a gain of 9.4% over the 362 homes for sale at the end of March 2020. The Month’s Supply of Inventory (MSI) rose to 2.5 months, as inventory growth outpaced sales.

 
 
Summary:
 
In April 2020, we began to see the visible effects of the Covid-19 pandemic. Keeping in mind that April sales were mostly the result of contracts written in February and March, it’s likely that next month’s numbers will show a strengthening of the downward trend in sales. Most real estate activity, and particularly the showing of homes, was prohibited for the last half of March and most of April. And at this time, we have nothing on which to base further predictions, but we can’t imagine returning to anything resembling a normal market during what would be our busiest season. 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.