Market Conditions

Another record was broken for the average and median prices in a March month for the Pikes Peak Region! The median was $352,400 and the average was $390,722. The average is up nearly $40,000 compared to March last year and the median is up nearly $37,000!

We are still plagued by record low inventory numbers with only a 1.05 month supply in the Pikes Peak region– less for homes with a Colorado Springs address. As of April 1st, there are only 1,328 homes for sale.

While many people are uncertain of what the economy is doing right now with COVID-19, our real estate market is still going strong. Prices and sales are still increasing. As a profession, we are taking extra precautions to protect our clients with stricter showing instructions, suspending open houses, limited touching during showings, and the use of sanitizing products.

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 March data:

• Sales up 3.8% at 1,270 units
• Average price up 11.3% at $390,722
• Median price up 11.9% at $352,400
• Inventory of unsold homes down 12.4% at 1,328 homes
• Months supply of homes for sale 1.05
• Pending Sales 1,890

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