Real Estate Statistics in Colorado Springs May 2020 show things are starting to slowly open back up in Colorado (even if at 50% capacity). In fact, real estate has seen some sharp changes over the last month. During most of April, showings were prohibited, but resumed on April 27th. This likely caused a steeper than usual sales decrease last month. However, more importantly, we had 2,374 pending home sales as of June 1st, which approaches an all time record! This means that although sales and showings slowed temporarily, the market is picking right back up where it left off. Of those pendings, 1,855 were from May alone! Part of this is due to pent up demand. Part of it however, is due to exceptionally low interest rates. We’ve been hearing some stories of rates all the way into the 2’s!
Despite the very temporary slow down, prices continue to go up. The average home price in the Pikes Peak Region has increased 5.63% to $393,392. The median price increased 6.3% to $350,000– year over year. If you are waiting for prices to drop, that is not likely in our near future. Along with record low interest rates, it’s really not ideal to wait too long to buy (if you are considering it) because it could end up costing you more.
Our inventory dropped significantly last month, due in part to the fast pace of homes going under contract, as well as some continued nervousness on the part of sellers who might have health risk issues to consider. What does this mean? For sellers, it means less competition! There are fewer homes to choose from and so you could have a better advantage during this time. For buyers, it means a very competitive environment. Homes are still selling quickly, and many are seeing multiple offers, especially in the more affordable segments. Having the right team on your side can certainly increase your odds of finding the home of your dreams!
Please remember, we are for YOU. If you have any questions about your current housing situation, please do not hesitate to call us. We would be honored to help you find the best strategy for your family, whether that means selling your current home, getting out of a rental, finding a new home, or even refinancing!
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