We had record-breaking home prices in April! The average price, at $393,103, was up nearly $22,000 since last year. The median price, at $360,000 was up $32,000 since last year!
Sales are down slightly, at just over 7%, likely due to the banning of in-person showings during April.
Showings are allowed again, but with added precautions to protect everyone.
Interest rates remain low. And while unemployment is high at the moment, experts do not believe this will be long-term as it is entirely due to the pandemic.
The lack of inventory still plagues our market, with only a 1.29 month supply of homes in the entire Pikes Peak Region. This number is even less for homes with a Colorado Springs mailing address.
As a seller, NOW if the time to sell. Inventory is low, so there is less competition.
As a buyer, please do not continue to wait for prices to drop. If you look at the numbers above, the same home from last year will cost substantially more this year.
To see more detailed information, please visit our Market Conditions page.
Please give us a call whether you are thinking of buying or selling!
Rick Van Wieren (719) 331-7675
Mary Barkley (719) 421-9360