Real estate stats for Colorado Springs October 2020 show that we had record-breaking sales for an October month with 1,732 homes sold; up 19.6% from last year.
Homes prices continue to rise in our area, with double digit increases for both the median and average price. The median price last month was $383,448 which is up 14.5% over last year. The average price was $432,290 and is up 16.2% over last year. In October, homes sold for 100.78% of list price on average, meaning the average seller got above asking on their home.
Remarkably, our inventory still continues to shrink! With yet again another record-breaking low, we only have 925 homes for sale as of November 1st. This equates to roughly a 2 week supply of homes and is down 52.3% from last October. The inventory is even tighter when you exclude new construction.
Pending sales remain high at 2,226 homes waiting to close as of November 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, our buyers NEED your home! Please contact us to help come up with the best strategy for your personal situation.
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