Real Estate Stats May 2022 in Colorado was an interesting month for real estate in the Pikes Peak Region! We have a new record median price at $487,000 which is an increase of 12.7% from last May. The average price of $554,013 did not break records, but it did show an increase of 13.2% from last year.
The most interesting statistic is our significant increase in inventory. As of June 1st, we have 1,355 homes for sale. This is a much needed increase in inventory for our buyers. In fact, the inventory level is up over 132.4% from last May! While we do have a lot more homes for sale, we are still selling quite a few homes. Our months-supply is still under one month, sitting at 0.8 months or roughly 24 days. Homes are still selling in a median of 4 days, so even with a higher level of inventory, sales are not slowing one bit.
Other big takeaways last month include:
- Homes sold for 3.1% over list price on average
- The median time on market is only 4 days
- Inventory is up quite a bit at 1,355 homes for sale
It’s also important to point out the rise in interest rates. As of right now, rates are sitting in the low 5’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 are forecasted to rise this year, decreasing buying power for buyers.
Colorado Springs was recently ranked the #2 best place to live in the US by US News and World report, a reminder that upward pressure may continue for some time on our market.
Needless to say, things are not slowing down. It is important to note that interest rates are rising along with home prices. This can have a major impact on a buyer’s purchasing power, so don’t delay too long if you are thinking about buying.
Sellers — there really is no better time than NOW. Competition is still relatively, demand remains high, and you will likely get top dollar for your home. Waiting could mean more competition with higher levels of inventory!
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