Market Conditions

Records are made to be broken, and in May the Colorado Springs real estate broke the all time price records for the 2nd month in a row. The median price in May rose 3.8% over last year, and hit $329,250, while the average was up 4.6% and hit $372,416. Inventory remains tight, with only 1,916 homes for sale in the entire Pikes Peak MLS system. With sales of 1,564 units in May, we are at a critically low 1.23 months supply of homes. When looking at homes with a Colorado Springs address, it is essentially 1 month supply.

Sales for May were essentially flat (down .3%).

Unemployment dropped in the 1st quarter, and is back under 4%, somewhat of a bellwether for an economic boom. Reports indicate thousands of unfilled jobs available. Interest rates are hovering at 4.09%, still very close to a 12 month low, according to Bankrate.com.

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 May data:

• Sales down 0.26% at 1,564 units
• Average price up 4.63% at $372,416
• Median price up 3.78% at $329,250
• Inventory of unsold homes up 1.64% at 1,916 homes
• Months supply of homes for sale 1.23
• Pending Sales 2,268 

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 5/31/19. 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 6/3/2019