Market Conditions

During July 2020, while in the midst of the COVID pandemic, we broke every all time record you can think of for our market. Record sales for a single month (1,978, up 19% from last year and 13.5% over the previous record), record average price ($427,593, up 14.8% from last year and up 6.4% over just last month!) and record median price ($377,000, up 13.6% from last year and up 4.7% over just last month!). The inventory of unsold homes (only 1,500 homes, down 31.8% from last year) was only a 3 week supply, the lowest level we’ve ever seen.

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 July data:

• Sales up 19.0% at 1,978 units
• Average price up 14.8% at $427,593
• Median price up 13.6% at $377,000
• Inventory of unsold homes down 31.8% at 1,500 homes
• Months supply of homes for sale 0.76
• Pending Sales 2,476

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 7/1/20 through 7/31/20. 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 8/3/2020