Real Estate Stats November 2022 show that while sales have slowed considerably, prices have not decreased. In fact, the average price increased 3.6% to $525,635. Sale prices have come very close to full price at 98.3% of asking price. Although this is not the double-digits price appreciation we have been seeing, it is still quite a healthy appreciation. Also, it looks as though inventory has peaked, as we now have 2,424 homes for sales as of 12/1 with our peak high being around 2600-2700 the previous few months.
- Inventory increase of 182.5%
- 1,149 homes pending sale as of 12/1
- Sales down 36.2% last month at 936 homes sold
- Median time on market was 22 days (same as last month)
- Months-supply of homes at 2.59
As of right now, rates are in the low 6% for conventional and high 5% for VA. While the increase in rates will certainly impact a buyer’s purchasing power, there are also programs to help lower the rates temporarily for some buyers. Not to mention these rates are slightly lower than what we’ve seen in the past few weeks. It’s important to note that we still expect home prices to continue to rise, even if at a slower rate. Waiting to buy could cost you in the long run. Buying sooner than later allows you to lock in a lower price with the opportunity to refinance later when rates lower. If you feel you may not be in the right house, call Rick at 719-331-7675 and let’s discuss the situation and come up with a plan. The selection available is so much better than it was in the spring this year, and there is less ‘crazy’ in the market to deal with!
To see more detailed information on the Real Estate Stats for Colorado Springs, please visit our Market Conditions page.
Please give me 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