This is the April 2017 Real Estate Market Report for Fort Collins CO
Sales:
March 2017 home sales rose sharply to 231 homes sold, an increase of 46.2% over the 158 homes sold in January 2017, and 1.3% from the 228 homes sold a year ago in March 2016. We were expecting activity to increase as we move into the more active spring season, and this is an indication that buyer demand remains high.
Prices:
Home prices were mixed in March 2017 - the median price gained 2.7%, up to $380K from $370K in February 2017, while the average price dropped 3.0% to $399K from $411K in January 2017. Individual monthly data reflects only the specific homes that sold during the month, and variations like these have little significance as single data points. However, the long-term trend clearly suggests a continuing increase in home values.
Inventory:
Inventory finally seems to have begun its seasonal rise, gaining 7.3% at the end of March 2017 to 323 homes for sale, from 301 at the end of February 2017. The insufficiency of this increase to meet demand can be seen from the Month’s Supply of Inventory (MSI) falling to 1.4 months, clearly indicating a very strong seller’s market.
Summary:
After a relatively quiet winter, the Fort Collins real estate market is beginning to see the increasing activity levels associated with the spring season. Sales were up, along with inventory, while prices continued to demonstrate the upward pressure that an imbalance between supply and demand would suggest. The character of the 2017 Fort Collins real estate market is going to be determined primarily by how well inventory responds to increasing prices - it’s clearly insufficient at this time to provide a balanced and healthy market, and unless it grows substantially, we’re going to see more difficult times for homebuyers, particularly in the lower and mid price ranges.
If you would like to take a look at what's currently on the market, browse Fort Collins CO Homes for Sale. When you find a home that interests you, give us a call - we would be pleased to schedule a showing for you at your convenience.
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