Market Conditions

The Colorado Springs median home price hit another new record in July, at $332,000, up 7.1% over last year . The inventory of unsold homes dropped 8%, and with sales of 1,662 units in July, we are at a critically low 1.32 months supply of homes. This is an all time low. When looking at homes with a Colorado Springs address, it is essentially a 1 month supply.

Sales for July were up 4.4%, and are still constrained by the low inventory.

Unemployment has continued in the 3-4% range. Reports indicate thousands of unfilled jobs available. Interest rates are hovering at 3.88%, still very close to a 12 month low, according to Bankrate.com. The Federal Reserve announced a .25% rate cut on 7/31/19, indicating the likelihood of continued low mortgage rates.

Colorado Springs was recently called out as a number 1 market to watch (See article HERE)
Colorado Springs was recently ranked the #2 best place to live in the US by US News and World report (see the article HERE), a reminder that upward pressure may continue for some time on our market.

Here is a brief summary of some of the July data:

• Sales up 4.4% at 1,662 units
• Average price up 7.2% at $372,526
• Median price up 7.1% at $332,000 (another record)
• Inventory of unsold homes down 8% at 2,194 homes
• Months supply of homes for sale 1.32 (record low for August)
• Pending Sales 2,132 

For more details, see the Colorado Springs Homes Sales Trend Data

“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/05 through 7/31/19. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.” Copyright © 2019 REALTOR® Services Corp. Questions about this data analysis should be directed to Rick Van Wieren, RE/MAX Properties, Inc, 1740 Chapel Hills Dr, Colorado Springs, CO 80920 ph 719-331-7675 or email rick@ricksellscolorado.com

Updated as of 8/1/2019