Real estate stats for Colorado Springs December 2020 show that despite the many trials and tribulations of 2020, real estate in the Pikes Peak Region went out with a bang last month.
We broke yet another price record with the average price up 19.9% at $437,168! The median price is up 15.2% year over year at $380,000. Sales remained strong even through the winter, with 1,376 homes sold in December, up 10.3%. Even with soaring prices, homes are more affordable now with such low interest rates. Rates are predicted to remain low for some time.
The average home sold for nearly 1% over list price in December.
What seemed to plague the real estate market the most during 2020 was the lack of inventory. December was no exception with inventory down roughly 56.2% in December. As of January 5th, there are only 525 homes for sale in the entire region. This lack of supply coupled with high demand has driven prices up and contributed to bidding wars amongst buyers.
Pending sales remain high at 1,486 homes waiting to close as of January 1st. With such low interest rates and a high demand for homes, this environment may continue for a while.
If you are looking to buy, the competition is fierce and does not look to be subsiding. Having the right team on your side can make all the difference. Please contact us so that we can help give you that competitive advantage in this crazy market!
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