Fort Collins home sales actually rose in October 2014 with 287 homes sold, up 9.9% from 261 in September 2014, and up 12.5% from 255 in October 2013. This movement against the expected seasonal downward trend most likely reflects a bump in buyer activity in September after a slower August. We do expect that sales figures will now slowly decline for the remainder of the year.

While home prices declined in October, 2014, it is unlikely that there is any real significance beyond the normal variation in specific buyer activity from month to month. Median price dropped to $280K, down 2.8% from $288K in September and average price dropped to $324K, down 1.2% from $328K in September. The long-term trends continue to show year-over-year improvement, as low inventory generates upward pressure on prices. We don’t expect much change, and certainly nothing of significance, for the remainder of the year.

Inventory is continuing to show a normal seasonal decline and is expected to decrease slowly though the remainder of the year. The inventory of homes for sale in Fort Collins dropped in October 2014 to 1030 homes, down 7.9% from 1112 in August 2014, and down 3.4% from 1065 homes on the market in October, 2013. Of the 1030 homes on the market, 40% are under contract. Inventory will become more important after the start of the new year, as buyer demand increases, and will likely be a major factor in 2015 market performance.

Summary:
The market is performing pretty much as expected. Prices declined moderately, as did inventory, and the sales increase, while counter to the normal trend, isn’t surprising and is in fact, a repeat of what we saw in October 2013. It’s unlikely that, during the remainder of 2014, we’ll see much that will give us a real feel for how the real estate market will do next year. But we are generally optimistic, as we believe that predicted growth in the regional economy will generate ongoing strong buyer demand. The key, as it has been for the last two years, will be the availability of homes for sale.

If you are curious about the current inventory, check out Homes for Sale in Fort Collins. If you see something you would like a closer look at, please let us know - we'd be delighted to schedule a showing for you at your convenience.