The Academy School District 20 Real Estate Market December 2018
By Murray & Associates – Keller Williams Colorado Springs
The red arrows continued this month on the summary for Academy District 20 for the month of December. Some may represent normal seasonal slowdown or a possible shift in the market. I’m still hoping that it is a seasonal shift, though affordability is recently reported to be declining. Affordability was one cause for the turn in the market in 2007 – 2008. We still are not seeing a big increase in the seller concessions and sales price to list price ratio is still 98-100% for most of the D20 neighborhoods. This means that sellers are still getting close to their list price and aren’t having to pay in concessions to do so. And days on market are just over 2 months, which is still a seller’s market.
From one month ago, Active listings are down 35%, most likely because sellers pull their homes off the market during the holidays. Pending sales are down 11% and sold properties are down 24%. Average sales price is up 9% and median sales price is up 2.3%. Average days on market is 68 days.
Distressed properties continue to be very low with no significant impact to the market. Pending ratio is still strong at 39%, meaning that 39% of the homes currently on the market are under contract with a buyer. This is an increase due to homes being removed from the market for the holidays.
From one year ago active listings are up 1.3%, pendings are up 20%, sold properties down 33% with average sales price up 11.7% and median sales price up 11%.
The average days on market for all of D20 was 68 in December. Months of inventory dropped slightly to 2.6 months which is the amount of time to sell all active properties at the same rate as of December. This is still at the level of a seller’s market. When it reaches 4 months it is considered a balanced market and above 6 months a buyer’s market.
With the slowing market, buyers have more inventory to pick from but should still act fast when they find the right home. Sellers need to price to sell based on comparable sold properties and be prepared to negotiate on sales price if they need to sell quickly.
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