The real estate market conditions for Colorado Springs continue to show double-digit price increases for both the median and average sold price (year over year). High demand and lack of supply continue to push prices upward in our area. However, our supply is slowly but surely increasing. As of this morning, 8/2 , there are 999 homes for sale in the Pikes Peak Region. The median price hit a high of $450,000 last month, up 19.4%. The average price remained just above the $500k threshold at $500,430 (up 17.0%).
The inventory remains seriously low, but does show a slight reprieve for the first time in months. As of August 2nd, there are 999 homes for sale in the entire Pikes Peak Region. Last month we has a 0.43 month supply of homes and this month we have a 0.54 month supply of homes. While the difference is roughly 3 days, it is the first time we’ve had over 790 homes for sale since September 2020! There may be a light a light at the end of the tunnel for some buyers, even if it’s tiny.
Home sales were up down 6.8% from last July at 1,844 homes sold. Pending sales are sitting at 2,417 homes as of August 2nd.
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? A glimpse of hope is on the horizon, with more listings coming this year versus last. Still, 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. Let us help you get the house you want in a time of no inventory!
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 July data:
- Sales down 6.8% at 1,844 units
- Average price up 17.0% at $500,430
- Median price up 19.4% at $450,000
- Inventory of unsold homes down 28.1% at 999 homes
- Months supply of homes for sale 0.54
- Pending Sales 2,417
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 7/1/21 through 7/31/21. 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 firstname.lastname@example.org
Updated as of 8/2/2021