The Academy School District 20 Real Estate Market January 2019
By Murray & Associates – Keller Williams Colorado Springs
Several of the arrows in the summary changed from red to green this month, signs of an improving market for homes sold in the District 20 neighborhoods. We still are not seeing a big increase in the seller concessions in most District 20 neighborhoods 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 6.5%, I believe this is due to buyers entering the market because Pendings are up 19%. The pending ratio is 46%, meaning that46% of the homes currently on the market are under contract with a buyer. Sold properties are the same with 121. Average sales price is down 7% and median sales price is down 9.5%. Average days on market is 64 days. Distressed properties continue to be very low with no significant impact on the market.
From one year ago active listings are up 4%, pendings are up 22%, sold properties up 15%, and average sales the same and median sales price down 2.5%.
The average days on market for all of D20 was 64 days in January. Months of inventory dropped slightly to 2.4 months which is the amount of time to sell all active properties at the same rate as of January. 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.
We expect the market to start speeding up with more listings on the market, more buyers in the market, and lower days on market. Buyers are encouraged to act fast when they find the right home, and sellers still 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