Home sales in Loveland slumped 9.9% in July 2014 to 202 sold from 222 in June 2014, and were down 9.4% from the 221 sold in July 2013. This is the first month-to-month drop this year, and it’s a bit early to be seeing it. But it’s also a bit too early to draw any conclusions from it, and a single month’s data can always be an anomaly.

Home prices in Loveland didn’t change much from last month. The median price declined 3.1% in July 2014 to $260K, from $268K in June 2014, but was up 8.3% over July 2013. Average price was essentially unchanged at $314K, but was up 6.1% from July 2013. While this data applies to just those specific homes that sold in July, the trend continues to show that prices are moving upward over the longer term.

Inventory rose significantly in July 2014, increasing 17.1% to 842 homes on the market, up from 719 in June 2014, and approaching the 864 homes available last year in July 2014. Of those 842 homes, 42% are already under contract and waiting to close. The increase in inventory is a welcome sight after last month’s drop, and inventory is nearing normal levels required for better market balance.

Summary:

Last month, we were concerned over a sharp drop in inventory, which seems to have been corrected this month. And our concern this month is over the early decline in home sales. But prices are holding steady, and we’re not expecting any real surprises from the market. The regional economy is continuing to show growth, so, while at this point 2014 is looking a bit weaker than 2013, it’s still on course for being a relatively good year for real estate. We’ll keep you informed.

If you would like to see what's currently on the market, check out the Available Inventory of homes for sale. If you find something you'd like to take a look at, please give us a call - we'd love to schedule a showing at your convenience.