The median Colorado Springs home price just hit a record high for a November month, at $325,000, up 7.3% from last year. At the same time, sales jumped 8.4% , and the inventory of unsold homes fell 24%.
In addition, we hit another record this month for the lowest level of active inventory for November. In 2017 we were close to these numbers (1702 in 2017, vs 1687 this month), but still not this low, and by January of 2018 we hit the lowest level we have ever seen (1229 homes). This resulted in double digit price increases through most of 2018.Normally high prices would generate more inventory, but apparently prices are not high enough even yet!
With full employment and low interest rates, it is one of the strongest fall markets we’ve seen in a while. With Pending sales up 24.1% as well, the next couple of months also look very strong for closings.
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 November data:
- Sales up 8.39% at 1,188 units
- Average price up 6.6% at $365,218
- Median price up 7.26% at $325,000
- Inventory of unsold homes down 24.08% at 1,687 homes
- Months supply of homes for sale 1.42
- Pending Sales 1,756
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 11/30/19. 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 email@example.com
Updated as of 12/2/2019