Real Estate Stats August 2022 show that while sales have slowed some since the red hot spring, and even with the inventory at a new high for the last several years, prices have held strong for the most part. August sale prices have come very close to full price at 99.6% of asking price. The average and median price have increased over 6% from last year, and although this is not the double-digits we have been seeing, it is still quite a healthy appreciation.
We have seen some price reductions, but mostly on houses that had been initially priced too high. September prices will likely appear to soften, as many of the pending transactions scheduled for closing in September seem to be in the more affordable range. Some of this may reflect the dampening effect rising interest rates have had on more expensive homes.
Also, it looks as though inventory has either already peaked (or come close) as the running 7 day averages for new listings and pending transactions would actually indicate there are more going under contract than are being listed.
- Inventory increase of 161.6%
- 1,742 homes pending sale
- Sales down 27.0% last month at 1,366 homes sold
- Median time on market was 10 days
- Months-supply of homes at 1.93
To see more detailed information on the Real Estate Stats for Colorado Springs, please visit our Market Conditions page.
We are seeing a mix of activity, with some homes taking longer to sell, and others still having multiple offers. Buyers have more choices and sellers have more competition, so it’s more important than ever to price your home correctly.
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