The Academy School District 20 Real Estate Market October 2019
By Murray & Associates – Keller Williams Colorado Springs
Home sales in District 20 are still going strong for the winter months. Months of inventory dropped to 1.8 months which remains well below the transition point of 4.0 to 6.0.
The average sales price for Academy District 20 is $440,451. Sales price to list price ratio is 98.9% for D20 neighborhoods. 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 46 days though this is driven by higher-priced homes that remain on the market longer.
From one month ago, Active listings are down 5.7%, and Pendings are down 0.4%. The pending ratio is still strong at 44%, meaning that 44% of the homes currently on the market are under contract with a buyer. This is about the same as the previous month. Sold properties are up 11.3% which is typical for the season. Average sales price is up slightly 0.5% and median sales price is up 7%. Average days on market is up to 46 days. Distressed properties continue to be very low with no significant impact on the market.
From one year ago active listings are down 19%, pendings are up 11.5%, sold properties are up 5%, and average sales price is up 3% and Median sales price up 10.7%.
The average days on market for all of D20 was 46 days in October. Months of inventory is down to 1.8 months which is the amount of time to sell all active properties at the same rate as of October. 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.
The market is beginning to pick up. Though the days on market for all District 20 are at 46 days, the the days on market for properties under $400,000 are just 17 days. We are seeing price drops for properties priced on the higher end of the market.
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