Loveland Real Estate Market Report - December 2013
Home sales fell 24.2% in November, to 132 homes sold from 164 in October, 2013, and 6.1% from 140 homes sold in November, 2012. A look at the chart above will show that this is a seasonal occurrence, as home sales usually decline during the winter holiday season. It’s also obvious from the chart that Loveland has enjoyed a very strong year compared to 2011 and 2012.
Prices of homes sold declined slightly in November. The Median Price of homes sold dropped 1.2% to $255K from $258K, while the Average Price fell 3.5% to $284K from $294K in October, 2013. Given the seasonal nature of the market at this time, there is very little of significance that can be read into these numbers, and the overall trend can be seen to be moving in a generally positive direction for the year.
The Inventory of available homes also moved in a seasonally expected direction, declining 12.8% to 619 homes from 698 in October 2013, as potential sellers showed reluctance to disrupt thier holidays with the effort of keeping a home on the market during this time. Combined with the slower sales, this moved the Months Supply of Inventory to 5 months, which is still a very good number.
While sales, prices and inventory all declined in November, it is unlikely that this signaled anything other than a seasonal lull in the real estate market. Loveland will still end 2013 in a much stronger position than it began, with solid gains in all categories. And while December is expected to show similar results, we see good reason to expect that 2014 will continue the overall recovery of the real estate market, as interest rates continue to be low, demand strong and the regional economy showing steady improvement.
If you would like to browse the homes for sale now in Loveland, take a look at the Available Inventory. If you see something you'd like to take a look at, please give us a call - we'd be pleased to schedule a showing at your convenience.
Mary & Dick Greenberg