This is the Loveland CO Real Estate Market Trends Report for June 2015
Loveland home sales increased strongly in May 2015, with 198 homes sold, up 20.7% from 164 sold in April 2015, and up 8.2% from 183 sold in May 2014. This is a nice result and gets Loveland back on the track of seasonal gains for this time of year.
Prices, however, declined last month, with the median price dropping 10.7%, to $290K from $321K in April 2015, and average price falling 1.4% to $346K from $351K in April 2015. Keep in mind, though, that these numbers are just for those specific homes that sold in May 2016, and aren’t, by themselves, reflective of changes in value. The trend line continues to show positive gains.
Available inventory remains our biggest cause for concern. We have changed our inventory reporting to track only those homes that are actively still for sale, and that clearly shows a lack of sufficient inventory for market balance. The number of active listings in May 2015 dropped 5.7% to 333 homes from 352 in April, 2015, and the months supply of inventory (MSI) is now at 1.7 months, a sign of a strong seller’s market.
While sales have increased, as we would expect for these busier spring months, inventory is failing to keep pace. The price decreases in May - which basically report buyer activity, rather than value - are masking strong upward pressure on home prices, as supply isn’t satisfying current buyer demand. And because of strong regional economic growth, that demand isn’t expected to diminish in the near term. The takeaway? Prices are on their way up.
If you would like to take a look at the current inventory, check out at Homes for Sale in Loveland CO. If you see something you would like a closer look at, please let us know - we would love to schedule a showing for you at your convenience.
Mary & Dick Greenberg
Data Source: IRES MLS