Market Conditions

The inventory has broken records again and has dwindled even further to a record low of 567 homes for sale in the entire Pikes Peak Region (The lowest we have ever seen!). This equates to a 0.41 month supply of homes, or roughly 12 days. Even more concerning is the fact that of these homes, only 248 are actually in the city of Colorado Springs. This lack of inventory has created fierce competition among buyers amidst a time when our population is at its highest.

Home sales are up 10.3% from last December at 1,376 homes sold! Pending sales are sitting at 1,486 homes as of January 1st.

Prices continue to rise, partially due to the high demand and lack of supply. The median price was $380,000 which is up 15.2% from last year. The average price broke yet another record and is up 19.9% at $437,168.

With increased demand and record low interest rates, our inventory problem will likely persist for some time. Sellers continue to see multiple offers and their homes under contract in a matter of days. Buyers are experiencing bidding wars and few home options.

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 December data:

Sales up 10.3% at 1,376 units
Average price up 19.9% at $437,168
Median price up 15.2% at $380,000
Inventory of unsold homes down 56.2% at 567 homes
Months supply of homes for sale 0.41
Pending Sales 1,486

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 12/1/20 through 12/31/20. 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 1/4/2021