Real Estate Stats October 2021 in Colorado Springs broke another record last month, with the average price hitting a new record of $510,181! This is an increase of 18.0% from last year. Not to mention, it’s an increase of nearly $7,000 from our next highest average price of $502,961. We continue to see double-digit price appreciation in our area. Even the median price is up 16.3% at $446,000.
As of November 1st, there are 1,057 homes for sale in the Pikes Peak Region and 2,036 homes pending sale. Luckily, this is the second month in a row where the inventory saw an increase (year-over-year). While we are seeing slightly more inventory (up 20.0% from last year), prices continue to rise. Home sales were down slighty at 5.3% from last October at 1,641 homes sold.
The months-supply is sitting at 0.64 or roughly 19 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 1057 single family homes for sale in the entire Pikes Peak Region. However, there are only 809 homes for sale in El Paso County and 367 homes for sale with an actual Colorado Springs mailing address. So of those 1,057 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.
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