Market Conditions

Colorado Springs was recently ranked as the #7 real estate market in the country. March sales were up 6.4% from 2016, and would have been even higher if we had had more homes to sell. Prices are strong, with the average up 10.4% in March, and the median up 11.9%. Half of the homes sold in March were under contract in less than 9 days. The months supply of homes for sale is only 1.18, the lowest on record. Homes sales are undoubtedly now being held back by lack of inventory. With prices off to such a strong start, look for the inventory to improve as the Spring market develops. Also look for new construction, much of which is not reflected in these figures, to help bridge the gap.

Here is a brief summary of some of the March data:

  • Sales up 6.4% at 1247 units
  • Average price up 10.4% at $295,826
  • Median price up 11.9% at $268,000
  • Inventory of unsold homes down 23.2% at 1,477 homes (this is extremely low)
  • Months supply of homes for sale 1.18 (6 is considered ‘normal’)
  • Pending Sales 2,182 (down 8.8% over last year at this time)

For more details, see the Colorado Springs Homes Sales Trend Data

 


“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/05 through 1/31/17 . RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.” Copyright © 2016 REALTOR® Services Corp. Questions about this data analysis should be directed to Rick Van Wieren, RE/MAX Properties, Inc, 1740 Chapel Hills Dr, Colorado Springs, CO 80920 ph 719-331-7675 or email rick@ricksellscolorado.com

Updated as of 2/1/2017