This Is The October 2018 Real Estate Market Update for Greeley CO
Home sales in Greeley CO fell 3.1% in September 2018, with 127 homes sold, down just a bit from the 131 homes sold in August 2018, but were up 2.4% from the 124 homes sold in September 2017. So far this year, 1100 homes have sold, a small improvement over the 1079 homes sold in the same period last year.
Greeley’s September home prices varied only slightly from those of August 2018, with the median sales price holding at $310K for the third month in a row and the average price rising 2.5% to $324K from August’s $316K. The long-term trend line shows year-to-date increases in median price at 8.1% and average price at 10.5%.
Inventory increased in September 2018 to 176 homes for sale at the end of the month, an increase of 19.7% from 147 homes on the market at the end of August 2018, but is still far short of optimum levels. The Months Supply of Inventory (MSI) rose to 1.3 months, still showing a strong seller’s market.
With the exception of the increase in the inventory of homes for sale, September results for the Greeley CO real estate market show few signs of a real move into the slower fall season, but summer activity levels weren’t very strong to begin with. A lack of inventory, and particularly affordable housing, combined with strong demand from regional economic growth, will continue to imbalance the market, provide difficulties for potential buyers and push home prices upward.