As the Spring market begins to take shape, we see another tight inventory market. With only 1475 homes for sale in the entire Pikes Peak MLS system, and with sales of 1,224 units in March, we are at a critically low 1.2 months supply of homes. When looking at homes with a Colorado Springs address, it is essentially 1 month supply.
Prices in March were up again, with the average at $350,934 (up 3%) and the median at $315,000 (up 5%). As of April 1, there was less than a 2 week supply of homes on the market below the median selling price of $315,000. The median price has shown an increase over the prior year every month since December of 2014.
Sales for March were essentially flat compared with last year, down .6% and limited by the availability of homes for sale, especially in the most affordable price ranges. New building permits for single family homes continue to be strong, but new construction tends to be in the higher price ranges.
Unemployment increased last month, and is reported at 5% for Colorado Springs in January of 2019. Reports indicate thousands of unfilled jobs available, and it is still unclear whether the higher rate is due to a mismatch of qualifications to jobs available, or simply a lag of hiring data to job openings. Interest rates Dropped again in March, and reached historic lows for the last year of 4.06% according to Bankrate.com.
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 March data:
- Sales down .6% at 1,224 units
- Average price up 3% at $350,934
- Median price up 5% at $315,000
- Inventory of unsold homes up 7.6% at 1,475 homes
- Months supply of homes for sale 1.2
- Pending Sales 1,903 (down 3.8% from last year at this time)
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 3/31/19. 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 © 2018 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 firstname.lastname@example.org
Updated as of 4/1/2019