Market Conditions

Typically things are beginning to cool off in the real estate market around this time, but that is simply not the case here in Colorado Springs.

Home sales are up 29.4% from last September at 1,804 homes sold! This is one of the highest increases in sales we’ve seen, and the highest increase for a September month!

The median price broke a new record at $385,000 which is up 18.3% from last year. The average price is up roughly 17.1% at $431,293, coming in second for the all-time high average.

The inventory (or lack thereof) continues to break records, with only 992 homes in the entire Pikes Peak Region for sale as of October 1st. This equates to a 0.55 month supply or roughly 16 days– the lowest we have ever seen! If we only look at homes with a Colorado Springs mailing address, the number is even more shocking, at merely 541 homes for sale!

The competition for buyers is extremely fierce right now with such low inventory to choose from.

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 September data:

Sales up 29.4% at 1,804 units
Average price up 17.1% at $431,293
Median price up 18.3% at $385,000
Inventory of unsold homes down 52.5% at 992 homes
Months supply of homes for sale 0.55
Pending Sales 2,447

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 9/1/20 through 9/30/20. 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 10/1/2020