Zoom zoom zoom! That is the sound of homes flying off the market in Colorado Springs. April home sales in Colorado Springs were very fast, with half of the homes closed in April lasting on the market only 4 days or less. in some cases, the only reason they lasted even that long, was that listing agents are holding all offers for a few days to let more buyers view the home, and potentially bid up the price. When they don’t, affordable homes are going under contract in hours, not days.
Sellers were all smiles, with the average price up 11.8% at $348,528 and the median up 10.9% at $305,000, 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. Unemployment remains low (in the 3’s), and despite some volatility, interest rates remain in the 4’s for the moment.
This market is hard for buyers at the moment. Being prepared with a loan pre-approval, and being willing to pay above the asking price in some cases (in cash if it doesn’t appraise), and being ready to jump when new listings come up, is paramount for buyer success.
Here is a brief summary of some of the April data:
- Sales down 1.8% at 1,286 units
- Average price up 11.8% at $348,528
- Median price up 10.9% at $305,000
- Inventory of unsold homes down 3.2% at 1,520 homes
- Months supply of homes for sale 1.2
- Pending Sales 2,358 (down 5.4% 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 4/30/18. 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 5/1/2018