The Academy School District 20 Real Estate Market May 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 1.9 months which is up from 1.8 in April, this remains well below the transition point of 4.0 to 6.0.
The average sales price for Academy District 20 last month was $471,722. Sales price to list price ratio is 99.8% for D20 neighborhoods and the average concessions were $1,498. 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 up to 42 days.
From one month ago, Active listings are up 4.5%, and Pendings are up 35%. The increase in pendings is due to the lifting of COVID-19 restrictions. For most of April, real estate agents were not allowed to show homes to buyers, these restrictions lifted on April 27th when we saw a flood of new and returning listings and buyers in the market. Consequently, we expect sales to increase in June. The pending ratio jumped to 54%. This means that 54% of the homes on the market are currently under contract. This is another strong indicator that the market remains strong. Sold properties are down 3% from April. Average and median sales price are essentially the same. Average days on market dropped to 42 days.
From one year ago active listings are down 9%, pendings are down 3%, sold properties are down 28.5%, average sales price is up 5.4% and Median sales price is up 5.8%. We anticipate sales to return to previous norms as the COVID-19 restrictions are lifted.
The average days on market for all of D20 was 42 days in May. Months of inventory is up to 1.9 months which is the amount of time to sell all active properties at the same rate as of May.
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