While the real estate market conditions for Colorado Springs did not break any records last month, the average price came in third place for all time high at $505,853 which is up 15.7% over last December. We continue to see double-digit price appreciation in our area. The median price remained the same from last month at $450,000. Home sales were up 4.9% from last December at 1,443 homes sold.
As of January 3rd, there are 661 homes for sale in the Pikes Peak Region and 1,467 homes pending sale. Luckily, this is the fourth month in a row where the inventory saw an increase (year-over-year). While we are seeing slightly more inventory (up 24.3 % from last year), we still do not have enough homes to sell.
The months-supply is sitting at 0.46 or roughly 14 days. So we still don’t have even a 1-month supply of homes. But, as we start to see a little more inventory come on market, buyers will start to have more options, easing the competition ever so slightly on home buyers. However, things are still pretty competitive as the median time on market is around 2 weeks! On a positive note, we are seeing a slow decrease of the selling price versus list price. Last month the average selling price was 1.05% over asking. During the summer, we were seeing people pay on average 4.6% over asking, so this means buyers are starting to pay closer and closer to list price than they have the last few months.
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 two week or less. As we start to see more inventory, you will have more competition! The inventory is so low right now, we have buyers that NEED your home!
For 2022 we are anticipating more homes to come on the market and a slight slowing of price appreciation (not depreciation!). Interest rates are forecasted to rise this year, decreasing buying power for buyers.
What does all this mean for buyers? A glimpse of hope is here, with more listings coming this year versus last. Still, 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. Plus, the longer you wait, the more you are going to end up paying as prices continue to climb. 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 #6 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 4.9% at 1,443 units
- Average price up 15.7% at $505,853
- Median price up 18.4% at $450,000
- Inventory of unsold homes up 24.3% at 661 homes
- Months supply of homes for sale 0.46
- Pending Sales 1,467
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 12/1/21 through 12/31/21. 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 1/3/2022