The Academy School District 20 Real Estate Market April 2020
By Murray & Associates – Keller Williams Colorado Springs
The impact of COVID-19 to the District 20 real estate market has been minimal so far, though that could change.
District 20 remains in a Seller’s market. Months of inventory is currently 1.8 months which is up from 1.5 in March, this remains well below the transition point of 4.0 to 6.0.
The average sales price for Academy District 20 last month was $475,223. Sales price to list price ratio is 100% for D20 neighborhoods and the average concessions were $1,221. This means that on average, sellers are getting their list price and aren’t having to pay buyer concessions to do so, though they might have to lower their price to get an acceptable offer. Days on market is down to 30 days.
From one month ago, Active listings are up 15%, and Pendings are down 12%. These numbers are most likely due to the impact of the COVID-19 virus. The pending ratio dropped this month but is still strong at 44.5%, meaning that 44.5% of the homes currently on the market are under contract with a buyer. This is a good indicator that even with the uncertainty of the virus, there are still many buyers in this market. Sold properties are down 4% from March. Average sales price is essentially the same and Medan price is up 1%. Average days on market is down to 40 days.
From one year ago active listings are down 2.5%, pendings are down significantly at 49%, sold properties are down 17.5%, average sales price is up 1% and Median sales price is up 5.5%.
The average days on market for all of D20 was 40 days in April. Months of inventory is up to 1.8 months which is the amount of time to sell all active properties at the same rate as of April.
More information on the buying process can be found in understanding the home buying process in Colorado Springs. Contact me if you would like to receive my Home Buyer Education emails that explain each step in detail.
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Based on information from the Pikes Peak REALTOR® Services Corp. (“RSC”). 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.
By Nancy Murray
Murray & Associates, Keller Williams Colorado Springs