August 2015 home sales dropped to 303 homes sold, a decline of 3.3% from the 313 sales in July 2015, but were up 3.8% from the 292 sales in August 2014. This would seem to establish the seasonal slowing trend that began in June, but it’s worth noting that the decline has been a gradual one.

Home prices also fell in August 2015, with median price dropping to $320K, a loss of 4.7% from $335K in June 2015, while average price declined 6.4% to $358K from $381K in July 2015. This is probably just a statistical variation in month to month sales activity, and has little significance. The trend line provides a more accurate read on what’s happening and that continues to show upward strength over time.

Inventory is still rising, but remains lower than optimal for market balance. There were 618 homes on the market in August 2015, an increase of 5.3% from 587 homes in July 2015, but 14.6% less than the 708 on the market in August 2014. The month’s supply of inventory (MSI) rose slightly to 2.0 months from 1.9 months in July 2015, so the very strong seller’s market conditions persist.

Summary:

As we move into the slower fall and winter markets, the data present unsurprising, but small, declines in sales and prices, while inventory has made some welcome, but also small, gains. At this point, we would expect the remainder of the year to continue to show us slowdowns in sales, with inventory also beginning to decline soon. It’s likely going to remain a strong seller’s market though, with good regional economic growth driving buyer demand, so market dynamics will be similar, but at a less intense level than in busier seasons. Overall, 2015 is looking like a better year than 2014.

If you'd like to browse the current inventory, check out Homes for Sale in Fort Collins CO. When you see something you'd like to take a closer look at, please give us a call - we would be happy to schedule a showing for you at your convenience.