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
Pingback: Real Estate Stats April 2022 - Living Colorado Springs
Pingback: Old Farm Real Estate Stats March 2022 - oldfarmnews.com
Pingback: Real Estate Stats January 2022 in Colorado Springs - Living Colorado Springs
Pingback: Old Farm Real Estate Stats December 2021 - oldfarmnews.com
Pingback: Real Estate Stats September 2021 - Living Colorado Springs
Pingback: Real Estate Stats August 2021 - Living Colorado Springs
Pingback: Old Farm Real Estate Stats June 2021 - oldfarmnews.com
Pingback: Real Estate in Colorado Springs June 2021 - Living Colorado Springs
Pingback: Forest Meadows Real Estate Stats May 2021 - Forest Meadows News
Pingback: Real Estate in Colorado Springs May 2021 - Living Colorado Springs
Pingback: Real Estate in Colorado Springs April 2021 - Living Colorado Springs
Pingback: Real Estate in Colorado Springs March 2021 - Living Colorado Springs
Pingback: Real Estate Colorado Springs February 2021 - Living Colorado Springs
Pingback: Forest Meadows Real Estate Stats Jan 2021 - Forest Meadows News
Pingback: Forest Meadows Real Estate Stats Dec 2020 - Forest Meadows News
Pingback: Real Estate Stats for Colorado Springs December 2020 - Living Colorado Springs
Pingback: Real Estate Statistics in COS July 2020 - Living Colorado Springs
Pingback: Real Estate Statistics for COS August 2020 - Living Colorado Springs
Pingback: Real Estate Stats for Colorado Springs October 2020 - Living Colorado Springs
Pingback: Real Estate Sales and Growth - Living Colorado Springs
Pingback: Real Estate Statistics for Colorado Springs September 2020 - Living Colorado Springs
Pingback: Real Estate Stats for Forest Meadows August 2020 - Forest Meadows News
Pingback: Old Farm Real Estate Stats YTD - oldfarmnews.com
Pingback: Forest Meadows Real Estate Stats YTD - Forest Meadows News
Pingback: May Real Estate Stats Forest Meadows COS - Forest Meadows News
Pingback: May Real Estate Stats Old Farm CO Springs - oldfarmnews.com
Pingback: Real Estate Stimulates the Economy | Living Colorado Springs
Pingback: COVID19 & the COS Real Estate Market | Living Colorado Springs
Pingback: January stats for Old Farm in Co Springs - oldfarmnews.com
Pingback: January Stats for Forest Meadows - Forest Meadows News
Pingback: Relocating to Colorado Springs? 4 reasons why you made the right choice
Thank you for sharing our market conditions! We hope you find them useful!
Pingback: Market Snapshot: Colorado Springs – October 2019 – Lauren Stadjuhar Realty
Thank you for sharing our stats! We hope you find them useful!
Pingback: Market Conditions in Colorado Springs are breaking records this summer – Lauren Stadjuhar Realty
Pingback: July 1 Stats Forest Meadows & The Trails – Forest Meadows News
Pingback: July 1 Old Farm Stats – oldfarmnews.com
Awesome website and information, thank you!