The real estate market conditions for Colorado Springs show some reprieve for buyers for the first time in a long time! We saw the first increase in inventory since April 2020, and before that it was April 2019! The active inventory is up 15.1% over last year at 1,146 homes for sale. The months-supply is sitting at 0.65 or just under 20 days. As we start to see a little more inventory come on market, buyers will start to have more options, easing the competition ever so slightly on home buyers.
However, things are still pretty competitive as the median time on market is only 4 days! Plus, we are still seeing double-digit price appreciation. We had a median sold price of $440,000 last month, up 14.3% from last year. The average is sitting just below the $500k threshold at $498,004 (up 15.5% year-over-year).
Home sales were down slight at 2.6% from last September at 1,758 homes sold. Pending sales are sitting at 2,149 homes as of October 1st.
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 a week or less.
What does all this mean for buyers? A glimpse of hope is here, 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 September data:
- Sales down 2.6% at 1,758 units
- Average price up 15.5% at $498,004
- Median price up 14.3% at $440,000
- Inventory of unsold homes up 15.1% at 1,146 homes
- Months supply of homes for sale 0.65
- Pending Sales 2,149
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 9/1/21 through 9/30/21. 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 email@example.com
Updated as of 10/1/2021