January 2020 set a new record for home prices in a January month for Colorado Springs. The average price was $375,516 and the median price was $336,795– the highest for a January month thus far. The median price was up 11% over last January.
We are still plagued with an extremely low inventory, with only a 1.37 month supply of homes– even less if you are looking for a home with a Colorado Springs mailing address. The lack of inventory puts pressure on buyers and seriously constrains sales. Sales are up just slightly over last January at 1.6%.
While many buyers may be weary of rising prices and hope to “wait it out”, this may not come for a very long time, if at all. Homes are more expensive this year than last, and more expensive last year than the year prior. We are seeing many areas with double digit appreciation, and so if you are even considering buying a home, sooner than later could be financially beneficial.
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