This is the February 2017 Real Estate Market Report for Greeley CO
Home sales slowed again in February 2017, falling 38.6% to 83 sales from 115 sales in January 2017, and were off 22.9% from 102 sales in February 2016. Sales decreases are normal this time of year, but it’s likely that seasonal effects are being exacerbated by continuing low inventory.
Home prices rose in February 2017 - the median sales price gained 7.2% to $266K from $248K in January 2017, and the average price rose 1.1% to $279K from $276K in January 2017. These results report only the specific homes that sold during the month, but the long term trend line does indicate increasing home values for the market, again no doubt showing the imbalance between low inventory and high housing demand.
Inventory also dropped in February 2017, an expected result for the time of year. At the end of February, there were 80 homes for sale, a decline of 6.3% from January 2017. The Months Supply of Inventory (MSI) rose to 1.0 months, still indicative of a strong seller’s market and high buyer demand.
With seasonal effects no doubt influencing the month’s performance - sales and inventory typically decline during the winter - the overall low levels of inventory - running at a 3-year low - are going to bear watching closely in coming months. Demand should remain high due to regional economic growth, and if inventory isn’t sufficient to satisfy it, continued price increases are likely. But it’s difficult to read too much into a month or two’s numbers at the traditional slowest time of the year, so we’re going to have to wait a couple of more months to get a solid read on what the market will look like during the coming year.
If you are curious about the available inventory, check out Greeley CO Homes for Sale. When you find a home that interests you, please give us a call - we would be happy to schedule a showing for you at your convenience.
Mary & Dick Greenberg
Data Source: IRES MLS