This is the November 2018 Real Estate Market Update for Loveland CO
Loveland CO home sales fell in October 2018 to 158 sold, a drop of 9.5% from 173 sales in September 2018, and were also down 21.5% from the 192 homes sold in October 2017. There have been 1,702 sales so far this year, compared to 1,979 sales for the same period in 2017, a decline of 16.3%.
While only a snapshot of the homes sold during October 2018, home prices rose in October 2018, with the median price gaining 1.3% to $390K from $385K in September 2018. Average price also rose, up 3.5% to $443K in October 2018 from the $428K in September 2018.
Somewhat surprisingly, inventory in Loveland CO also rose in October 2018, up 1.3% to 404 homes on the market at the end of the month, from 399 homes for sale at the end of September 2018. As a result of lower sales and higher inventory, the Month’s Supply of Inventory (MSI) increased to 2.6 months.
A downturn in sales was the main sign of seasonal slowing for the Fort Collins real estate market in October. Prices normally fluctuate from month to month, but the small increase in inventory suggests a decline in buyer activity during this period. It’s likely that the insufficiency of inventory in lower and mid range properties is driving this - overall demand most likely remains high, but is skewed toward current inventory shortages. We’ll certainly get a better feel for this in the spring of next year when activity picks up, but that has been the experience of the last two years.