Real Estate Stats March 2022
Real Estate Stats March 2022 in Colorado was record-setting for real estate in the Pikes Peak Region! We sold 1,361 homes– the most ever in a March month. There have been 3,433 homes sold year-to-date in our area.
The median and average prices broke their previous records last month. Double digit price appreciation continues– as it has been since June 2020. The average price increased 14.1% to $539,555. The median price increased 15.9% to $475,000. In just two years, the average has increased over $142,000! This is great news for homeowners, but a harsh reality for potential buyers.
Other big takeaways last month include:
- Homes sold for 3.5% over list price on average (highest since July of last year)
- The median time on market is only 4 days (likely only that long to accommodate a few days of showings)
- 678 homes for sale as of 4/1
- Inventory is up, but we are still sitting at 0.50-month (or 15 day) supply of home
It’s also important to point out the rise in interest rates. As of right now, rates are sitting in the mid 4’s. This rise in rates will decrease purchasing power for buyers– especially after a few years of historically low rates. However, these rates are still really good (think of the double digit rates of the 80s and 90s!). It’s important not to wait too long if you are seriously looking to buy– not only will rates go up, but so will prices.
For 2022 we are anticipating more homes to come on the market and a slight slowing of price appreciation (not depreciation!). Interest rates will rise this year. This will decrease buying power for buyers.
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