The Academy School District 20 Real Estate Market March 2019
By Murray & Associates – Keller Williams Colorado Springs
The strong sellers market continues this month for Academy 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 99.6% for 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. Days on market are just over 2 months, which is still a seller’s market.
From one month ago, Active listings are up 14%, and Pendings are up 12.8%. The pending ratio is 50.5%, meaning that half of the homes currently on the market are under contract with a buyer. Sold properties are about the same at 148 sales. Average sales price is up 4.5% and median sales price is up 7.4%. Average days on market dropped to 56 days. Distressed properties continue to be very low with no significant impact on the market.
From one year ago active listings are up 8%, pendings are up 17%, sold properties down slightly at 1.4%, and average sales price is up 7.4% and Median sales price up 8%.
The average days on market for all of D20 was 56 days in March. Months of inventory is up slightly at 2.2 months which is the amount of time to sell all active properties at the same rate as of March. 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