Home sales rose in April 2015, but not by as much as hoped for. 261 homes sold, an increase of 12.5% over the 232 sales in March 2015, but down 5.7% from the 276 sales in April 2014. Buyers are still out there, but there just isn’t enough available inventory to satisfy demand.

Home prices were mixed in April 2015. Median price fell to $319K, a decrease of 2.5% from $327K in March 2015, while average price rose 0.3% to $357K from $354K in March. These numbers report sales for the particular month, so have less significance than the rising trend line. Continued high demand and low inventory will keep upward pressure on prices, so we expect the trend line to continue moving higher.

Inventory increased also in April 2015, but not by as much as needed to start to bring balance into the real estate market. The total number of homes on the market grew 2.9% to 937 homes, from 910 in March 2015. However, of those 937 homes, 52% are already under contract. The number of actually available homes only grew 1% in March. So far, it appears that inventory levels are going to be the key determinant of the 2015 real estate market.

Summary:

Our real estate market is in a state of considerable imbalance, brought about by persistent high buyer demand and low inventory levels. In spite of rising prices, potential sellers have been slow to respond, perhaps because of a hesitancy about re-entering the market as buyers for a replacement home, or perhaps because of a lack of confidence in the economy. As long as this continues, northern Colorado, and particularly Fort Collins, will continue to be a strong seller’s market.

If you'd like to browse what's currently for sale, take a look at Homes for Sale in Fort Collins. If you find a home you'd like to see, please let us know - we would love to schedule a showing for you at your convenience.