This is the January 2017 Real Estate Market Update for Greeley CO
In spite of the season, home buyers remained active in Greeley during December 2016. Home sales rose for the 4th month in a row, up 10.0% to 143 sales from 130 sales in November 2016, and up 8.3% from 132 sales in December 2015. For the entire year, Greeley’s 1,765 sales were off 1.6% from the 1,784 sales in 2015, but up 7.9% from the 1,627 sales in 2014.
Home prices fell slightly in December 2016 - the median sales price fell 1.5% to $267K from $271K in November 2016, and the average price fell 4.6% to $281K from $294K in November 2016. These prices cover only the homes that actually sold during the month, and may have little significance, but the long term trend line continues to suggest increasing home values for the market.
Inventory is far below what is needed for optimum market balance, with only 103 homes for sale at the end of the December 2016, a decline of 25.2% from 129 in November 2016, and a new 3-year low. The Months Supply of Inventory (MSI) dropped to 0.7 months, indicative of a very strong seller’s market and high demand.
While we expect this time of year to be slower for real estate activity, the on-going imbalance between available inventory and buyer demand suggests that the market will continue to experience rising home prices as activity increases in the spring. More inventory is badly needed, and the best prospects for seeing that will have to come from existing home owners responding to higher prices by offering their homes for sale and entering the market themselves as “move-up” buyers. Demand is not expected to fall, since regional job growth is predicted to remain strong.
If you would like to check out the current inventory, browse Homes for Sale in Greeley CO. When you see a home that appears to be a good match for your needs, please give us a call - we would be happy to schedule a showing for you at your convenience.