This is the April 2017 Real Estate Market Report for Greeley CO
Sales:
Home sales rose in March 2017, to 115 sales from 83 sales in February 2017, but were down 27.8% from 147 sales in March 2016. This was an expected outcome, as activity levels begin to increase as we move into spring, and we should see this trend continue in the next several months.
Prices:
Home prices were mixed in March 2017 - the median sales price rose 3.4% to $275K from $266K in January 2017, but the average price fell 1.0% to $276K from $279K in January 2017. These results are likely just month-to-month variations in the prices of the homes that sold, and the long-term trend continues to suggest increasing home values.
Inventory:
Inventory grew slightly in March 2017 - at the end of March, there were 84 homes for sale, a rise of 5% from 80 homes in February 2017. The Months Supply of Inventory (MSI) fell to 0.7 months, as inventory gains were insufficient to cover increased sales, continuing to indicate a strong seller’s market and high buyer demand.
Summary:
On the demand side, the Greeley real estate market is showing signs of a transition to busier spring levels of activity, with sales moving upward. Of much greater importance is what’s going on with inventory - it clearly remains far short of what is needed to satisfy demand and will need substantial growth in the coming months to restore balance in the market. Should that fail to happen, prices will inevitably continue to rise, and buyers will face difficult conditions, particularly at the lower and mid price levels. The next couple of months will give us a better idea of what is going to happen - we’ll keep you informed.
If you would like to take a look at the available homes, check out Greeley CO Homes for Sale. When you find something that might meet your needs, please give us a call - we would be happy to schedule a showing for you at your convenience.
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