Sales:

Home sales in July 2016 fell 7.5%  to 307 homes sold from 330 sold in June 2016, and were down 1.9% over the 313 homes sold in July of 2015. While we would have preferred to see a gain, July’s result was consistent with small July declines experienced in the previous 2 years.

Prices:

Home prices also fell in July 2016 - the median price of sold homes dropped to $360K from $372K in June 2016, a loss of 3.3%, and average price fell 0.7% to $405K from $408K in June 2016. We don’t see much significance in these changes, as they reflect the specific homes that sold each month and are always subject to variation. The long-term trend line is more useful for getting a feel for where prices are going, and that continues to suggest upward movement.

Inventory:

Inventory rose for the sixth consecutive month - there were 497 homes for sale in Fort Collins at the end of July 2016, an 6.7% increase over 466 homes in June 2016. The Month’s Supply of Inventory (MSI) rose slightly to 1.6 months, but remains in strong seller’s market territory.

Summary:

With sales and prices showing small drops, and inventory rising, we’re most likely seeing a continuation of a pattern that is consistent with what has happened at this time during the previous two years. Following those patterns, we can expect to see a general but slight slowing in the market during coming months. Regional growth and employment gains are keeping buyer demand high, but it remains a difficult market for buyers to navigate, with heavy competition for available homes and an upward price trend. In spite of that, there is no indication of any serious market instability.

If you are curious about what's currently for sale, browse Homes for Sale in Fort Collins CO. When you find a home that looks like a good fit for your needs, please give us a call - we'd be happy to schedule a showing for you at your convenience.