NOCO Real Estate May Market Report

During the stay at home order earlier this year it was difficult to predict what the post-shutdown market conditions would be like. And while the surprising activity that occurred during the shutdown led us to believe the market would weather the storm well as it did in 2008, we had to assume that the contracting economy, job loss, and low sales volume would increase the number of homes for sale and perhaps bring prices down slightly. What we didn’t count on was the fact that whatever additional home inventory came on the market due to job loss, was counteracted by fewer people wanting to show their homes in the midst of a pandemic. The result has been even lower numbers of homes for sale than we have ever seen. That combined with incredibly low-interest rates has caused the market to remain competitive and appreciate 1.9% in May despite an unprecedented 37% decrease in sales volume.

Typically we see a huge amount of sales occur in May and June with a slowing of activity in July and August. But this year may be different. We may see more activity occur later in the summer as things open up. Unless of course, an increase in COVID cases causes another shutdown, which would keep sales volume and inventory low and prices relatively flat or trending slightly upward as we saw earlier this year.

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Ryan Jenkins

BROKER OWNER One of the most rewarding parts of my job is when a client realizes that their best interest is more important to me than the paycheck. When you put a client’s needs above your own, you earn their business for life. Today I am very proud to say that day in and day out, I see each agent at Grey Rock Realty striving for this standard. We are not the biggest real estate brokerage in Fort Collins, but we are the best. Find out why more and more people are finding a better real estate experience at Grey Rock Realty.

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