Real Estate in Colorado Springs May 2021 broke price records yet again!
The average sold price hit a record high of $489,377, up 24.4% (or over $95,000!) from last May. The median sold price hit a record high of $432,095 which is up 23.5% (or $82,000!) from last year. The Pikes Peak Region continues to see double-digit price increases and buyers are feeling the pressure from the competitive environment and bidding wars.
While we did not have a new record low for inventory, there were still only 583 homes for sale on June 1st in the entire region. This equates to only a 0.38-month supply of homes, or roughly 11 days. How tight is the inventory? As of this morning 6/1, there were only 227 homes for sale in our MLS with a Colorado Springs address that were existing, not new build homes. At any price. Of those, only 53 were under $400k. Last year on June 1st we had 1,479 homes for sale compared to the 583 homes for sale today. However, the demand for homes has not decreased and sales are actually increasing. It’s not hard to see why the competition is so fierce amongst buyers.
Sales were up 37% last month with 1,553 home sold, indicating the strong demand for real estate.
More than ever, this is a GREAT time to sell. Sellers truly have an advantage right now with the high demand and lack of competition. We even have a program where we can help you buy your next home BEFORE selling your current one to make the transition even easier!
Buyers truly need an expert on their side to navigate this crazy environment. Our team has over 29 years experience to help you find your dream home in a time of no inventory. Interest rates remain extremely low, increasing affordability for buyers. However, these rates are forecasted to rise, so take advantage of that increased purchasing power.
To see more detailed information on the Real Estate Stats for Colorado Springs, please visit our Market Conditions page.
Please give us a call whether you are thinking of buying or selling! We would be honored to help you in your home buying or selling journey!
Rick Van Wieren (719) 331-7675
Mary Barkley (719) 421-9360