Prices continue to see double digit increases (year over year) due to the high demand and lack of supply. The median price finally broke the $400k threshold. Up until last month, the median had remained below $400,000. The median price was $403,000 which is up 18.2% from last year. The average price increased 17.6% to $454,900.
The inventory remains critically low, at only 471 homes for sale in the entire Pikes Peak Region (one of the lowest numbers we have ever seen!). How tight is the inventory? As of this morning, there were only 180 homes for sale in our MLS with a Colorado Springs address that were existing, not new build homes. At any price. Of those, only 74 were under $400k. Last year on March 1st we had 1,114 homes for sale compared to the 471 homes for sale today.
Home sales were down slightly at 0.41% from last February at 981 homes sold. Pending sales are sitting at 1,867 homes as of March 1st.
So what does all that mean for you as a seller? List your home with us now, and we’ll likely have it under contract in less than 4 days, and for more than the asking price.
What does all this mean for buyers? Plan on writing many offers over the course of several weeks before you win one. Unless of course you have plenty of cash, and are willing to pay well more than what the appraisals would indicate.
Colorado Springs was recently called out as a number 1 market to watch
Colorado Springs was recently ranked the #4 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 February data:
- Sales down 0.41% at 981 units
- Average price up 17.6% at $454,900
- Median price up 18.2% at $403,000
- Inventory of unsold homes down 57.7% at 471 homes
- Months supply of homes for sale 0.48
- Pending Sales 1,867
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 2/1/21 through 2/28/21. 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, 1283 Kelly Johnson Blvd #100, Colorado Springs, CO 80920 ph 719-331-7675 or email email@example.com
Updated as of 3/1/2021