Real Estate Stats December 2021 in Colorado Springs did not break any records last month, but the average price came in third place for all-time high at $505,853 which is up 15.7% from last December. We continue to see double-digit price appreciation in our area. The median price came in at $450,000 which is the record high (also tying with June, July, August & November).
As of January 4th, there are 634 homes for sale in the Pikes Peak Region and 1,477 homes pending sale. Luckily, this is the fourth month in a row where the inventory saw an increase (year-over-year). While we are seeing slightly more inventory (up 24.3% from last year), prices continue to rise. Home sales were up 4.9% from last December at 1,443 homes sold.
We sold a total of 18,172 homes in 2021, which broke the previous record from last year at 17,349.
The months-supply is sitting at 0.46 or roughly 14 days. So we still don’t have even a 1-month supply of homes. But, as we start to see a little more inventory come on market, buyers will start to have more options, easing the competition ever so slightly on home buyers.
Even though the inventory increased from last December, the numbers tend to be a bit misleading. For example, there are 634 single family homes for sale in the entire Pikes Peak Region. However, there are only 399 homes for sale in El Paso County and 302 homes for sale with an actual Colorado Springs mailing address. So of those 634 total homes, many are outliers or even new construction (homes not even built yet!). This exacerbates the competition for buyers looking for a specific area.
On a positive note, we are seeing a slow decrease of the selling price versus list price. Last month the average selling price was 1.05% over asking. During the summer, we were seeing people pay on average 4.6% over asking, so this means buyers are starting to pay closer and closer to list price than they have the last few months.
Highlights from the Real Estate Market in 2021
- 18,172 homes sold in the Pikes Peak Region (823 more homes than last year)
- Broke the record for the numbers of homes sold in a year!
- The average price crossed the $500k threshold
- Hit a new record median price of $450,000
- In June, homes sold for 4.65% over asking on average!
- In 2021, the average time on market was 21 days and the median was 4 days
- We saw double-digit home price appreciation every single month of 2021
If you are waiting for prices to drop, you will be waiting and waiting (and waiting!). December’s median price is up 18.4% in just one year, so each month you wait is going to cost you in the long run.
If you are hoping to sell this year, our buyers need your home! You don’t have to wait until summer to sell– if anything, there is less competition in the earlier part of the year.
If you would like help getting on the right path to homeownership, please contact us. We would love to offer some expert help, whether buying or selling (our team has over 30 years experience)! Plus we have an amazing network of reputable, local lenders who can help you along the way.
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