Last month was an interesting month for real estate market conditions in Colorado Springs!
Inventory levels seem to have reached their peak, with the current inventory at 2,424 homes for sale as of 12/1. Our months-supply is now at 2.59 months or roughly 78 days. Inventory is up 182.5% from last November, giving buyers more choices than they’ve had in years but also more competition for sellers.
Prices have not fallen– in fact the average and median prices continue to rise year-over-year. However, prices are increasing at a much more moderate pace, The average price increased 3.6% to $525,635 from last November. The median price increased 0.7% to $453,000. We have seen some price reductions, but overall, homes are still selling for pretty close to asking price. In fact, homes are selling for 98.3% of asking price on average. We don’t have as many homes pending sale as last year, but we are also in the holiday months where things typically start to slow.
Other big takeaways last month include:
- 1,149 homes pending sale as of 12/1
- The median time on market is 22 days
- Sales down 36.2%
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.
Colorado Springs was recently ranked the #2 best place to live in the US by US News and World report, a reminder that upward pressure may continue for some time on our market.
Here is a brief summary of some of the November data:
- Sales down 36.2% at 936 units
- Average price up 3.6% at $525,635
- Median price up 0.7% at $453,000
- Inventory of unsold homes up 182.5% at 2,424 homes
- Months supply of homes for sale 2.59
- Pending Sales 1,149
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 11/1/22 through 11/30/22. 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 © 2022 REALTOR® Services Corp. Questions about this data analysis should be directed to Rick Van Wieren, RE/MAX Properties, Inc, 1915 Democracy Pt, Colorado Springs, CO 80908 ph 719-331-7675 or email firstname.lastname@example.org
Updated as of 12/1/2022