Sales:

Home sales in Greeley jumped 27.9% in June 2017, to 151 homes sold, up from 118 in May 2017, but down 7.9% from the 163 sales reported in June 2016. While buyer demand remains strong, insufficient inventory is limiting its effect on overall home sales.

Price:

Home prices declined in June 2017 - the median sales price fell 3.6% to $276K from $286K in May 2017, and the average price fell 1.3% to $306K from $310K in May 2017. As we always point out, these numbers report the prices of the homes that sold during the month, and are subject to constant variation. We look to the long-term trend line for a feel for what is happening, and that continues to suggest rising home values.

Inventory:

Inventory fell 7.1% in May 2017, dropping to 99 homes for sale at the end of the month, down from 106 in May 2017. The Months Supply of Inventory (MSI) dropped to 0.7 months - a 3 week supply of homes, in response to higher sales and declining inventory, as the strong seller’s market gets even stronger.

Summary:

While sales in June 2017 rose sharply, they weren’t offset by any improvement in inventory, so the market remains in a state of imbalance, and in fact is moving in the wrong direction. This imbalance is going to exert greater upward pressure on prices - and home values - for as long as it persists, and there are scant signs of any relief in the immediate future. A strong regional economy and the resulting job growth in an area with already low unemployment levels will most likely increase buyer demand even further. This is probably going to be the state of the market for the next 12-18 months.

If you want to take a look at the current inventory, check out Homes for Sale in Greeley CO. When you see a home that interests you, please give us a call - we would be happy to schedule a showing for you at your convenience.