Real Estate Stats July 2022 show some good news for buyers in the Pikes Peak Region! Our inventory has reached a level we have not seen since August 2016! As of August 1st, we have 2,605 homes for sale. This is equal to a 1.86 month supply, or roughly 56 days.
Despite the increase in inventory, home prices continue to rise. The average price increased 11.1% to $556,864. The median price increased 7.2% to $482,375. Home prices are expected to continue to rise, but at a more moderate pace this year.
- Inventory increase of 160.8%
- 1,774 homes pending sale
- Sales down 23.9% last month at 1,403 homes sold
- Median time on market was 7 days
- Months-supply of homes at 1.86
Buyers– this is your time! For this first time since the pandemic, buyers have options. Not to mention, there have been fewer and fewer bidding wars. We’ve even been seeing some seller concessions and repairs due to inspection being agreed to! If you didn’t know, during the height of the pandemic frenzy, buyers were having to forgo asking for any inspection items and contingencies? Those were no-go’s as well. While we are not quite in a buyers market, this is best environment we’ve seen for quite some time!
Sellers- if you continue to wait, you will have even more competition! Don’t wait too much longer!
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