Real estate stats for COS January 2021 show that our area will continue to struggle with a lack of inventory for a while. As of February 1st, there are only 471 homes for sale in the entire region (the lowest we have ever seen!).How tight is the inventory? As of this morning, there were only 160 homes for sale in our MLS with a Colorado Springs address that were existing, not new build homes. At any price. Of those, only 59 were under $400k. Compare that with 359 homes in the same category that sold during the month of January, and you can see the problem.
Prices saw double digit increases (year over year) with the average price up 15.4% at $433,289! The median price is up 14.3% year over year at $385,000. Sales remained strong despite the low inventory, with 971 homes sold in January, up 6.0%. 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 1.4% over list price in January.
Pending sales remain high at 1,603 homes waiting to close as of February 1st. With such low interest rates and a high demand for homes, this environment may continue for a while.
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 less than 4 days, and for more than the asking price.
What does all this mean for buyers? Plan on writing many offers over the course of several weeks before you win one. Unless of course you have plenty of cash, and are willing to pay well more than what the appraisals would indicate.
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