This is the Greeley CO Real Estate Market Trends Report for June 2015
Home sales in Greeley declined in May 2015, dropping 13.5% to 156 homes sold from 177 sold in April 2015, but up 14.7% from 136 sold in May 2014. This could be a normal monthly variation in a generally upward trend for the season, and it’s too soon to know if it is something of greater concern - next month’s data will give us a better idea of what it means.
Home prices declined slightly in May 2015, with the median price falling 2.3% to $220K from $225K in April 2015, while the average price remained almost the same at $240K from $241K in April 2014. With these numbers specific to only those homes that sold during May 2015, the trend line for prices continues to show long-term gains.
Inventory, however, is not responding as we would expect for this traditionally busier season. Our inventory reporting has changed to track only those homes that are actively still for sale, and that clearly shows a lack of sufficient availability for market balance. The number of active listings in May 2015 dropped 5.4% to 129 homes on the market, from 136 in April, and the months supply of inventory (MSI) is now at 2.8 months, indicative of a seller’s market.
The Greeley real estate market has not shown as much strength as we would have hoped moving into spring. While sales are running ahead of last year, and prices are continuing to rise, inventory is not keeping pace, and a lack of available homes will have a slowing effect on the market. And with buyer demand expected to remain high due to good regional economic growth, we anticipate further upward pressure on prices.
If you want to browse the current inventory, check out at Homes for Sale in Greeley CO. If you find a home you would like to see, please let us know - we would be happy to schedule a showing for you at your convenience.
Mary & Dick Greenberg
Data Source: IRES MLS