Real Estate Stats February 2022 in Colorado Springs broke price records again last month, yet another indicator that our housing market is not slowing down by any means.
The average price hit a new high of $512,806 which is up 12.7% from last February. The median price hit a new high of $465,000 which is up 15.4% from last year. However, the biggest takeaway is that this median is up $15k from our last record high! In Feb 2020 (right before COVID hit), the median was only $386,750. In just 2 years the median has risen over $126,000!
Home sales were up 3.5% from last February at 1,015 homes sold. This is the first February (since we’ve been tracking stats in 2005) that we had over 1,000 homes sold! Needless to say, sales are not slowing and neither is the real estate market, despite what you may have heard. In fact, the number of sales is only constrained by the number of listings we have. Homes are selling faster than they are coming on the market.
As of March 1st, there are 499 homes for sale in the Pikes Peak Region and 1,731 homes pending sale. Luckily, this is the sixth month in a row where the inventory saw an increase (year-over-year). While we are seeing slightly more inventory (up 3.5% from last year), these numbers still cannot keep up with demand.
So what does all that mean for you as a seller? List your home with us now, and we’ll likely have it under contract in a week or less. As we start to see more inventory, you will have more competition! The inventory is so low right now, we have buyers that NEED your home!
For buyers, you need to have an expert team on your side (and patience!).
For 2022 we are anticipating more homes to come on the market and a slight slowing of price appreciation (not depreciation!). Interest rates are forecasted to rise this year. This will decrease buying power for buyers.
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