Real Estate Stats January 2022 in Colorado Springs did not break any records last month, the average finally dipped below $500k for the first time since September. However, the average price is still up 14.2% since last January at $494,955. The median price is up 16.6% at $445,000. We continue to see double-digit price appreciation in our area. In fact, we’ve had double-digit price appreciation every single month since July of 2022. Home sales were up 9.0% from last January at 1,058 homes sold.
As of February 1st, there are 551 homes for sale in the Pikes Peak Region and 1,598 homes pending sale. Luckily, this is the fifth month in a row where the inventory saw an increase (year-over-year). While we are seeing slightly more inventory (up 19.8% from last year), we still do not have enough homes to sell.
The months-supply is sitting at 0.52 or roughly 16 days. So we still don’t have even a 1-month supply of homes. But, as we start to see a little more inventory come on market, buyers will start to have more options, easing the competition ever so slightly on home buyers. However, things are still pretty competitive as the median time on market is around 4 days and the average time is 2 weeks!
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 two 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 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, decreasing buying power for buyers.
Our Predictions for the Real Estate Market in 2022 (watch below)
If you are waiting for prices to drop, you will be waiting and waiting (and waiting!). January’s median price is up 15.6% in just one year, so each month you wait is going to cost you in the long run.
If you are hoping to sell this year, our buyers need your home! You don’t have to wait until summer to sell– if anything, there is less competition in the earlier part of the year.
If you would like help getting on the right path to homeownership, please contact us. We would love to offer some expert help, whether buying or selling (our team has over 30 years experience)! Plus we have an amazing network of reputable, local lenders who can help you along the way.
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