This is the January 2017 Real Estate Market Update for Loveland CO
Loveland home sales declined in December 2016, finally showing the seasonal effects common for this time of year. There were 138 sales last month, down 27.5% from 176 in November 2016, and also down 21.0% from the 167 sales in December 2015. For the year as a whole, there were 2,143 sales, 3.8% less than the 2,225 sales of 2015, but 5.4% more than the 2,033 sales in 2014.
Prices rose in December, 2016, with the median price gaining 3.5% to $356K from $341K in November 2016, while average price rose 1.8% to $399K from $392K in November 2016. While monthly variations in prices are common, since they represent the sales of those specific homes that sold during the month, rising home values are strongly suggested by the long-term trend line.
The inventory of homes on the market fell significantly, with 315 homes for sale at the end of December 2016, down 21.9% from 384 for sale at the end of November 2016. The Month’s Supply of Inventory grew slightly to 2.3 months. Both of these changes are normal for the season, but still suggest a seller’s market.
While sales and inventory fell and prices rose in December 2016, the Loveland real estate market performed as expected for the season. We should see lower levels of activity for the next several months, until spring brings renewed interest. 2017 will be interesting, though, as we expect to see a continuation of high demand from regional job growth collide with generally lower levels of inventory and maintain pressure on home prices. Eventually, higher prices will convince more home owners to offer their properties for sale and enter the market as “move-up” buyers, but the market will remain unbalanced until that happens.
If you would like to browse the available inventory, take a look at Homes for Sale in Loveland CO. When you find something interesting, please give us a call - we'd love to schedule a showing for you at your convenience.