Once again we saw record breaking, double-digit price increases for both the median and average sold price (year over year). High demand and lack of supply continue to push prices upward in our area. The median price hit a high of $410,000 last month, up 16.4%. The average price increased 21.0% to a record high of $472,931.
The inventory remains seriously low, at only 443 homes for sale in the entire Pikes Peak Region (the lowest number we have ever seen!). How tight is the inventory? As of this morning, there were only 173 homes for sale in our MLS with a Colorado Springs address that were existing, not new build homes. At any price. Of those, only 48 were under $400k. Last year on April 1st we had 1,571 homes for sale compared to the 443 homes for sale today.
Home sales were up slightly at 5.7% from last March at 1,342 homes sold. Pending sales are sitting at 2,090 homes as of April 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 less than 4 days, and for more than the asking price.
What does all this mean for buyers? 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 #4 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 March data:
- Sales up 5.7% at 1,342 units
- Average price up 21.04% at $472,931
- Median price up 16.35% at $410,000
- Inventory of unsold homes down 66.64% at 443 homes
- Months supply of homes for sale 0.33
- Pending Sales 2,090
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 3/1/21 through 3/31/21. 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 4/1/2021