Market Conditions

The Colorado Springs had another strong month of home sales in September. Sales were up 9.5% from last year, but the median price was up 6.5%, indicating the low interest rates we currently have are still helping home sales.

Unemployment has dropped to 3.4%. Reports indicate thousands of unfilled jobs available. Interest rates are hovering at 3.73% as of 10/1, still very close to a 12 month low, according to Bankrate.com. The Federal Reserve announced a .25% rate cut on 7/31/19 and again on 9/18/19, 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 September data:

• Sales up 9.5% at 1,394 units
• Average price up 7.2% at $368,431
• Median price up 6.5% at $325,500
• Inventory of unsold homes down 15.1% at 2,087 homes
• Months supply of homes for sale 1.5
• Pending Sales 1,972 

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 9/30/19. 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 10/1/2019