Real Estate Stats November 2021 in Colorado Springs did not break any records last month, but the average price came in second place for all-time high at $507,508 which is up 18.3% from last November. We continue to see double-digit price appreciation in our area. The median price came in at $450,000 which is the record high (also tying with June, July & August).
As of December 1st, there are 858 homes for sale in the Pikes Peak Region and 1,844 homes pending sale. Luckily, this is the third month in a row where the inventory saw an increase (year-over-year). While we are seeing slightly more inventory (up 27.1% from last year), prices continue to rise. Home sales were down slightly at 1.1% from last November at 1,466 homes sold.
The months-supply is sitting at 0.59 or roughly 18 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 only 5 days! Plus, we are still seeing double-digit price appreciation.
Even though the inventory increased, the numbers tend to be a bit misleading. For example, there are 858 single family homes for sale in the entire Pikes Peak Region. However, there are only 567 homes for sale in El Paso County and 428 homes for sale with an actual Colorado Springs mailing address. So of those 858 total homes, many are outliers or even new construction (homes not even built yet!). This exacerbates the competition for buyers looking for a specific area.
On a positive note, we are seeing a slow decrease of the selling price versus list price. Last month the average selling price was 1.41% over asking. During the summer, we were seeing people pay on average 4.6% over asking, so this means buyers are starting to pay closer and closer to list price than they have the last few months.
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 a week or less. As we start to see more inventory, you will have more competition!
What does all this mean for buyers? A glimpse of hope is here, with more listings coming this year versus last. Still, plan on writing many offers over the course of several weeks before you win one. Unless of course you have plenty of cash, and are willing to pay well more than what the appraisals would indicate.
Plus, the longer you wait, the more you are going to end up paying as prices continue to climb.
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