Real estate stats for Colorado Springs November 2020 show that our inventory has reach unrivaled lows, with only 680 homes for sale of as 12/1 in the entire region. Last November we had 1,687 homes for sale. There are over 1,000 less homes on the market compared to last year, all while demand and prices continue to rise.
Last month we saw double digit price increases in both the median and average price. The median is up 16.9% at $380,000 and the average is up 18.9% at $434,140. On average, homes sold for 101.45% of list price, meaning most homes are selling over the list price. This is great news for homeowners (all of that added equity) but not so great for buyers. However, buyers can actually afford more house now than ever before due to historically low interest rates!
Pending sales remain high at 1,913 homes waiting to close as of December 1st. With such low interest rates and a high demand for homes, this environment may continue for a while.
As the inventory tightens, there just aren’t enough homes for buyers. If you are thinking of selling, NOW is the time. With high demand and low inventory, it is very much a seller’s market. Plus, record-low interest rates make it the ideal time to move up to your dream home. Has quarantining at home shown you everything you don’t like about your house? Do you need an office space, a home school area, or just room to hide from the people in your house? Now would be the time to move into something that better fits your needs!
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!
Rick Van Wieren (719) 331-7675
Mary Barkley (719) 421-9360
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