February was a great month for real estate in terms of prices– we hit record highs for median and average prices in a February month.
However, our inventory continues to dwindle. Currently we only have a 1.13 month-supply of homes for sale in the entire Pikes Peak Region. Looking at only homes in the city of Colorado Springs, there are only 530 homes for sale! Even more striking is that there are only 79 homes for sale under the median price of $341,000 with a Colorado Springs mailing address.
Buyers are having a tough time finding homes, especially in the affordable price ranges. Interest rates have lowered some, so this may help ease some of the pressure on buyers.
As a seller, NOW if the time to sell. Inventory is low, so there is less competition. You may even have more equity than you realize!
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