Sales:

Loveland home sales were up significantly in May 2017 to 270 sales, from 220 in April 2017, an increase of 22.7%, and up 33.3% from 204 sales in May 2016. This is the highest sales level of the last three years and a clear indication that buyer demand remains very strong.

Prices:

After a couple of months of falling prices, May results showed a resumption of upward movement - the median price gained 4.8% in May 2017 to $350K, up from $336K in April 2017, and the average price hit a 3-year high, gaining 8.6% to $403K from $371K in April 2017. While price data just reflect month-to-month variations in the prices of homes that actually sold, the long-term trend line continues to show rising home values.

Inventory:

Inventory rose strongly, with a much-needed gain of 29.9% to 412 homes for sale at the end of May 2017, up from 317 at the end of April. The Month’s Supply of Inventory (MSI) gained only slightly because of the increased sales, and now stands at 1.5 months, still a very strong seller’s market.

Summary:

While all of our indicators moved in the right direction in May - with sales, price and inventory all gaining - there remains a strong imbalance between the availability of homes for sale and buyer demand. We can expect to see a continuation of rising prices until better balance is found. But those same rising prices act against that balance, providing scant incentive for homeowners to offer their homes for sale, as their replacement homes also remain insufficient in numbers and rising in cost. At this point, it appears that low inventory and a stong seller’s market will be the reality of the market for some time to come, as a structural change in the market would be necessary for conditions to change significantly.

If you would like to take a look at what's currently on the market, check out Homes for Sale in Loveland CO. When you see a home that is a good fit for your needs, please give us a call - we'd love to schedule a showing for you at your convenience.