Real Estate Stats October 2022 show that while sales have slowed considerably, prices have not decreased. In fact, the average price increased 4.3% to $532,006. Sale prices have come very close to full price at 98.61% of asking price. Although this is not the double-digits we have been seeing, it is still quite a healthy appreciation. Also, it looks as though inventory has either already peaked as the inventory is very similar to what we saw last month.
- Inventory increase of 150.5%
- 1,323 homes pending sale
- Sales down 33% last month at 1,100 homes sold
- Median time on market was 22 days
- Months-supply of homes at 2.41
Interest rates have certainly taken their toll since beginning to rapidly rise in the spring, but the adage in this business is “marry the house, date the rate”. This means to make sure you are in the right house, regardless of what the mortgage markets are doing, and refinance when rates improve. 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 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