Real Estate Stats July 2021 in Colorado Springs show promising signs for our housing inventory, along with continued price appreciation.
The average sold price remained barely above the $500k threshold at $500,430 up 17.0% (or over $72,000!) from last July. The median sold price tied last month’s record high of $450,000 which is up 19.4% (or $73,000!) from last year. Experts expect homes to continue to rise in price throughout the rest of the year.
The good news is that we saw another increase in inventory. As of August 2nd, there were 999 homes for sale. While this is down 28% from last year, it is the first time we have had over 900 homes for sale since September 2020 and nearly 225 more homes than last month! We are sitting at a 0.54-month supply of homes, or roughly 16 days. It will take a while for our inventory to catch up to buyer demand, however, at least this a small step in the right direction and there may be a light at the end of the tunnel for buyers struggling to find a home.
Sales were down slightly last month with 1,844 homes sold, down 6.8% from last year. However, homes are selling for 4.48% over asking price on average, indicating demand is not waning any time soon.
More than ever, this is a GREAT time to sell. Our buyers NEED your listing! If you are thinking of selling, please give us a call!
Buyers truly need an expert on their side to navigate this crazy environment. Our team has over 29 years experience to help you find your dream home in a time of no inventory. Interest rates remain extremely low, increasing affordability for buyers. Take advantage of your increased purchasing power now because these rates are forecasted to rise.
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