Real Estate Statistics in Colorado Springs July 2020 show that real estate saw fireworks last month with multiple records being SHATTERED!
We had record home sales for a single month at 1,978 homes sold! This is up 19% over last July. Even crazier, this record is up 13.5% over our previous record sales.
The average price hit a record high of $427,593 which is up 14.8% over last year and up 6.4% over last month even.
The median price hit a record high of $377,000, up 13.6% over last year. This is an increase of 4.7% just since last month.
The biggest issue we are facing is record low inventory! On August 1st, there were only 1,500 homes for sale, down 31.8% from last July! This equates to only a 0.76-month (or roughly 3 week) supply of homes, making it the lowest supply we have ever seen. As you can see, we don’t have enough homes to sell to keep up with buyer demand. On August 1st there were already 2,476 homes pending sale.
Because of the extremely low interest rates and severe lack of inventory, buyers are finding the competition to be fierce. Buyers are often seeing multiple offer situations. Buyers need to have the right team on their side and be pre-approved through a local, reputable lender to be competitive in this market.
If you are even thinking of selling, our buyers NEED your home! Please reach out to us so that you can take advantage of this high demand for homes!
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