Spring for the Colorado Springs real estate market looks like it is starting with continued tight inventory conditions. While up 22.17% from last year, there were still only 1,510 homes for sale on March 1, only a 1.64 month supply. This is a very low level, well below what is typically termed a normal market. Adjusted for homes that are outside of El Paso County, and for homes that are not actually built yet, the situation is much tighter, with fewer than 900 homes showing as either existing or completed new construction inside the county.
Prices in February were up again, with the average at $350,736 (up 5.93%) and the median at $315,000 (up 7.7%). As of March 1, there was only a 2 week supply of homes on the market below the median selling price of $315,000.
Sales for February were down 2.43%. This is the 12sing prices. New building permits for single family homes continue to be strong, but new construction tends to be in the higher price ranges.
Unemployment increased last month, ironically because the while jobs grew, population grew even faster. Interest rates in February reached historic lows for the last years.
Colorado Springs was recently called out as a number 1 market to watch (See article HERE)
Colorado Springs was recently ranked the #2 best place to live in the US by US News and World report (see the article HERE), a reminder that upward pressure may continue for some time on our market.
Here is a brief summary of some of the February data:
- Sales down 2.43% at 923 units
- Average price up 5.93% at $350,736
- Median price up 7.7% at $315,000
- Inventory of unsold homes up 22.17% at 1,510 homes
- Months supply of homes for sale 1.64
- Pending Sales 1,711 (down 1.0% from 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 2/28/19. 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 © 2018 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 email@example.com
Updated as of 3/1/2019