If you think you hear the sound of breaking glass, it is actually more price records being broken for homes here in Colorado Springs. The average price was up 11.2% at $355,928 and the median was up 13.3% at $317,250, both all time records. The months supply of homes for sale is only 1.2, a strong indication that sales levels were held back by lack of inventory. It has now been over a year since there was even a 6 weeks supply of homes for sale.
The rest of 2018 looks to be more of the same, with tight inventory putting a slight damper on what otherwise would be considered a boom year. Sales are actually down slightly for the last 3 months, and 4 of the last 6 months. Unemployment remains low (in the 3’s), and despite some volatility, interest rates remain in the mid 4’s for the moment. New employment announcements by local businesses continue to roll in, so look for this to continue for a while.
This market is hard for buyers at the moment. A couple keys to buyer success:
- Be ready to jump when a good one comes along
- Have your lending and cash position solidified before writing offers
- Be prepared to pay more than the asking price, and not to ask for much from the seller in the way of other items
- Use a reputable local lender and Realtor to make sure your offer is given the credibility it deserves
- Be patient. Unless you have lots of cash to work with (and win with), you may not get the first house you write on
Many transactions are involving multiple offers at this point, and prices can easily get bid several percentage points above asking. The ratio of selling price to list price in May was 100.54% across our entire market in May, the highest it has ever been.
Here is a brief summary of some of the May data:
- Sales down 3.9% at 1,568 units
- Average price up 11.4% at $355,928
- Median price up 13.3% at $317,250
- Inventory of unsold homes up 1.4% at 1,885 homes
- Months supply of homes for sale 1.2
- Pending Sales 2,308 (down 8.6% 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 5/31/18. 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 firstname.lastname@example.org
Updated as of 6/5/2018