Market Conditions

Last month was another record-setter for real estate in the Pikes Peak Region! We have new records for the median price and average price of homes! The average price increased 16.6% to $561,631. This is almost $80k up from last April! The median price increased 14.0% to $484,500. The shortage of homes in our continues to drive up home prices. While our inventory is increasing slowly, it still cannot keep up with buyer demand. Homes are going under contract in just days, often over asking price. The market remains swift and competitive.

Other big takeaways last month include:

Homes sold for 3.8% over list price on average (highest since July of last year)
The median time on market is only 4 days (likely only that long to accommodate a few days of showings)
988 homes for sale as of 5/2
Inventory is up, but we are still sitting at 0.66-month (or 20 day) supply of homes

It’s also important to point out the rise in interest rates. As of right now, rates are sitting in the mid 4’s. This rise in rates will decrease purchasing power for buyers– especially after a few years of historically low rates. However, these rates are still really good (think of the double digit rates of the 80s and 90s!). It’s important not to wait too long if you are seriously looking to buy– not only will rates go up, but so will prices.

For 2022 we are anticipating more homes to come on the market and a slight slowing of price appreciation (not depreciation!). Interest rates are forecasted to rise this year, decreasing buying power for buyers.

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

Colorado Springs was recently ranked the #6 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 April data:

Sales down 0.07% at 1,488 units
Average price up 16.6% at $561,631
Median price up 14.0% at $484,450
Inventory of unsold homes up 73.9% at 988 homes
Months supply of homes for sale 0.66
Pending Sales 2,276

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 4/1/22 through 4/30/22. 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 © 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 rick@ricksellscolorado.com

Updated as of 5/2/2022