Market Conditions

The big news from real estate last month is the incredible number of pending sales! As of June 1st, there are 2,374 pending home sales in the Pikes Peak Region– with 1,855 of those pendings from May alone!

Sales are down quite a bit– almost completely due to COVID and the restrictions imposed on real estate in April. However, the robust amount of pendings demonstrates that the market is as strong as ever.

Our inventory is still very tight, with just over a 1 month supply of homes. Many sellers removed their homes from the market, unsure about the coronavirus. This creates an even more competitive environment for buyers, especially in the affordable price ranges.

In terms of price, the average price is up 5.6% at $393,392 and the median is up 6.3% at $350,000. Strikingly, the median for pendings is at $365,000– a new record for our area!

Colorado Springs was recently called out as a number 1 market to watch
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 May data:

• Sales down 27.6% at 1,133 units
• Average price up 5.63% at $393,392
• Median price up 6.3% at $350,000
• Inventory of unsold homes down 15.74% at 1,558 homes
• Months supply of homes for sale 1.38
• Pending Sales 2,374

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 5/1/20 through 5/31/20. 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 © 2020 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 6/1/2020