Category Colorado Springs MLS Market Update

Colorado Springs MLS Market Update for March 2022

Colorado Springs MLS Market Update for March 2022

By Murray & Associates – Keller Williams Colorado Springs

 

For March, inventory for active listings is up 31% over February with average sales price and median sales price both up.

For Colorado Springs and surrounding areas the average Sales Price for last month was $539,684. The Median Sales Price was $475,000 and months of Inventory remains 0.5 months.

From One Year Ago: There are 35% more homes on the market (active listings) and the number of homes sold was up 1.4%.  Average sales price is up 12% and median sales price is up 14%. Months of inventory is the same at 0.5 months. New home starts are up 16%.

From One Month Ago: Active listings are up 31%.  Average sales price is up 4.6% and Median sales price is up 2.1%. Months of inventory remained the same at 0.5 months.  The number of new home starts are up 29.5%.

There is NO indication that the market is beginning to turn. Homes continue to appreciate in the double digits over one year ago, months of inventory remain low in comparison to sales, average days on market is low, and seller-paid concessions remain low.

Sellers continue to be reluctant to list their homes for fear of not finding another home if they are staying in the area, though we now have a program to solve this problem –  Buy Before you Sell.  Sellers that want to sell then buy are advised to plan for a way to prevent making a contingent offer or plan to move twice. Some buyers are allowing the sellers to rent back while they complete the purchase of another home. In this market, contingent offers continue to be difficult to get accepted.

For those that are 55 or older and have equity in their homes but are reluctant to downsize or upsize because of the price of homes, a Reverse Mortgage may be your answer.

 

Colorado Springs MLS Summary

 

Colorado Springs Market Trends

New home permits are up 16%  from one year ago and up 29% from February.

 

New Home Starts

 

Historically, the number of active properties far exceeded the number of sales, this flipped in June 2020. Demand for resale homes continues. With the increase in competition, buyers turned to building. Now builders are running out of lots and encountering supply chain and labor shortages. This is pushing buyers out of the market completely and most likely into apartments because there is a severe shortage of single-family rentals as well. Even with the recent interest rate increase, there is still no indication that the market is cooling off in Colorado Springs.

Actives vs. Sales

 

 

Visit Colorado Springs Real Estate Market Update for the latest news in Real Estate.

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

Colorado Springs MLS Market Update for February 2022

Colorado Springs MLS Market Update for February 2022

By Murray & Associates – Keller Williams Colorado Springs

 

For February, inventory dropped 11% over January with average sales price and median sales price both up.

For Colorado Springs and surrounding areas the average Sales Price for last month was $514,757. The Median Sales Price was $465,000 and months of Inventory is remains 0.5 months.

From One Year Ago: There are 5.4% more homes on the market (active listings) and the number of homes sold was up 3.5%.  Average sales price is up 12% and median sales price is up 13%. Months of inventory is the same at 0.5 months. New home starts are down 46%

From One Month Ago: Active listings are down 11%.  Average sales price is up 4% and Median sales price is up 4.5%. Months of inventory remained the same at 0.5 months.  The number of new home starts is down 8%.

There is NO indication that the market is beginning to turn. Homes continue to appreciate in the double digits over one year ago, months of inventory remain low, average days on market is low, and seller-paid concessions remain low.

Sellers continue to be reluctant to list their homes for fear of not finding another home if they are staying in the area, though we now have a program to solve this problem –  Buy Before you Sell.  Sellers that want to sell then buy are advised to plan for a way to prevent making a contingent offer or plan to move twice. Some buyers are allowing the sellers to rent back while they complete the purchase of another home. In this market, contingent offers continue to be difficult to get accepted.

For those that are 55 or older and have equity in their homes but are reluctant to downsize or upsize because of the price of homes, a Reverse Mortgage may be your answer.

 

Colorado Springs MLS Market Trends

 

Colorado Springs MLS Market Trends

New home permits are down 34%  from one year ago and up 15% from December.

 

Colorado Springs New Home Sales

 

Traditionally, the number of active properties far exceeds the number of sales, this flipped in June 2020. With the increase in competition, buyers turned to building. Now builders are running out of lots and encountering supply chain and labor shortages. This is pushing buyers out of the market completely and most likely into apartments because there is a severe shortage of single-family rentals as well. I don’t anticipate this changing in the near future unless interest rates increase or buyers begin to realize that homes are no longer affordable in Colorado Springs.

Colorado Springs MLS Actives vs Sales

 

 

Visit Colorado Springs Real Estate Market Update for the latest news in Real Estate.

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

Colorado Springs MLS Market Update for January 2022

Colorado Springs MLS Market Update for January 2022

By Murray & Associates – Keller Williams Colorado Springs

 

For January, inventory dropped 17% over December with median and average sales prices down slightly.

For Colorado Springs and surrounding areas the average Sales Price for December was $494,954. The Median Sales Price was $445,000 and months of Inventory is remains 0.5 months.

From One Year Ago: There are 19% more homes on the market (active listings) and the number of homes sold was up almost 9%.  Average sales price is up 12.4% and median sales price is up 13.5%. Months of inventory is the same at 0.5 months. New home starts are down 34%

From One Month Ago: Active listings are down 17%.  Average sales price is down 2% and Median sales price is down 1%. Months of inventory remained the same at 0.5 months.  The number of new home starts is up 15%.

Homes continue to appreciate in the double digits over one year ago, though have slowed down when looking at month-to-month appreciation over the last few months. Other indicators are not showing a turn down in the market, but if interest rates start to increase, this may happen quickly. Such indicators include months of inventory, days on market, and seller-paid concessions.

Sellers continue to be reluctant to list their homes for fear of not finding another home if they are staying in the area, though we now have a program to solve this problem –  Buy Before you Sell.  Sellers that want to sell then buy are advised to plan for a way to prevent making a contingent offer or plan to move twice. Some buyers are allowing the sellers to rent back while they complete the purchase of another home. In this market, contingent offers continue to be difficult to get accepted.

For those that are 55 or older and have equity in their homes but are reluctant to downsize or upsize because of the price of homes, a Reverse Mortgage may be your answer.

 

Colorado Springs MLS

 

Colorado Springs MLS Trends

New home permits are down 34%  from one year ago and up 15% from December.

 

Colorado Springs Home New Starts

 

Traditionally, the number of active properties far exceeds the number of sales, this flipped in June 2020. With the increase in competition, buyers turned to building. Now builders are running out of lots and encountering supply chain and labor shortages. This is pushing buyers out of the market completely and most likely into apartments because there is a severe shortage of single-family rentals as well. I don’t anticipate this changing in the near future unless interest rates increase or buyers begin to realize that homes are no longer affordable in Colorado Springs.

Colorado Springs Home Sales

 

 

Visit Colorado Springs Real Estate Market Update for the latest news in Real Estate.

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

Colorado Springs MLS Market Update for December 2021

Colorado Springs MLS Market Update for December 2021

By Murray & Associates – Keller Williams Colorado Springs

 

For December, inventory dropped 23% over November with median and average sales prices the same.

For Colorado Springs and surrounding areas the average Sales Price for November was $505,852. The Median Sales Price was $450,000 and months of Inventory is down slightly to 0.5 months.

From One Year Ago: There are 24% more homes on the market (active listings) and the number of homes sold was up almost 5%.  Average sales price is up 13.5% and median sales price is up 15.5%. Months of inventory is up from 0.4 months to 0.5 months. New home starts are down 14%

From One Month Ago: Active listings are down 23%.  Average and Median sales price are the same. Months of inventory remained the same at 0.5 months.  The number of new home starts is up 13%.

We remain in a very competitive market across all prices in Colorado Springs during December and with the holiday season in full force, inventory will remain low until after the first of the year.

For December, we saw 38 distressed sales in El Paso County, only one was in foreclosure. The other distressed sales were either corporate sales or estate sales. With the equity built up over the last few years, sellers are able to sell their home without going into foreclosure or doing a short sale which was very popular in 2009-2010.

Homes continue to appreciate in the double digits over one year ago, though have slowed down when looking at month-to-month appreciation over the last few months. Other indicators are not showing a turn down in the market, but if interest rates start to increase, this may happen quickly. Such indicators include months of inventory, days on market, and seller-paid concessions.

Sellers continue to be reluctant to list their homes for fear of not finding another home if they are staying in the area, though we now have a program to solve this problem –  Buy Before you Sell.  Sellers that want to sell then buy are advised to plan for a way to prevent making a contingent offer or plan to move twice. Some buyers are allowing the sellers to rent back while they complete the purchase of another home. In this market, contingent offers continue to be difficult to get accepted.

For those that are 55 or older and have equity in their homes but are reluctant to downsize or upsize because of the price of homes, a Reverse Mortgage may be your answer.

 

Colorado Springs Real Estate Market Summary

 

Colorado Springs Real Estate Trends

New home permits are down 14%  from one year ago and up 13% from November.

 

New building starts for Colorado Springs

 

Traditionally, the number of active properties far exceeds the number of sales, this flipped in June 2020. With the increase in competition, buyers turned to building. Now builders are running out of lots and encountering supply chain and labor shortages. This is pushing buyers out of the market completely and most likely into apartments because there is a severe shortage of single-family rentals as well. I don’t anticipate this changing in the near future unless interest rates increase or buyers begin to realize that homes are no longer affordable in Colorado Springs.

Actives vs Sales in Colorado Springs

 

 

Visit Colorado Springs Real Estate Market Update for the latest news in Real Estate.

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

Colorado Springs MLS Market Update for November 2021

Colorado Springs MLS Market Update for November 2021

By Murray & Associates – Keller Williams Colorado Springs

 

For November, inventory dropped 18% over October with median sales price up 1% and average sales price down slightly.

For Colorado Springs and surrounding areas  the average Sales Price for November was $507,507. The Median Sales Price was $450,000 and months of Inventory remained 0.6 months.

From One Year Ago: There are 27% more homes on the market (active listings) and the number of homes sold was down 1%.  Average sales price and median sales price are both up 15%. Months of inventory is up from 0.5 months to 0.6 months. New home starts are down 44%

From One Month Ago: Active listings are down 18%.  Average sales price is down slightly and median sales price is up 1%. Months of inventory remained the same at 0.6 months.  The number of new home starts is down 22%.

We remain in a very competitive market across all prices in Colorado Springs during November and with the holiday season in full force, inventory will remain low until after the first of the year.

We still are not seeing short sales or foreclosures due to the equity built up over the past couple of years with 10-15% appreciation. The only distressed sales this month were estate sales.

Homes continue to appreciate in the double digits over one year ago, though have slowed down when looking at month-to-month appreciation over the last few months. Other indicators are not showing a turn down in the market, but if interest rates start to increase, this may happen quickly. Such indicators include months of inventory, days on market, and seller-paid concessions.

Sellers continue to be reluctant to list their homes for fear of not finding another home if they are staying in the area, though we now have a program to solve this problem –  Buy Before you Sell.  Sellers that want to sell then buy are advised to plan for a way to prevent making a contingent offer or plan to move twice. Some buyers are allowing the sellers to rent back while they complete the purchase of another home. In this market, contingent offers continue to be difficult to get accepted.

For those that are 55 or older and have equity in their homes but are reluctant to downsize or upsize because of the price of homes, a Reverse Mortgage may be your answer.

 

 

 

Colorado Springs MLS Update

 

Colorado Springs MLS Trends

New home permits are down 44%  from one year ago and down 22% from October. This is partly due to a seasonal slow down, but shortage of labor and materials continue to put a squeeze on new home starts. Builders are reluctant to contract to build when they can’t guarantee they can get the materials and stay on schedule. Buyers are reluctant to build when the final price of their home is not determined until late in the building process because of the increasing price of materials.

 

Colorado Springs New Home Starts

 

Traditionally, the number of active properties far exceeds the number of sales, this flipped in June 2020. With the increase in competition, buyers turned to building. Now builders are running out of lots and encountering supply chain and labor shortages. This is pushing buyers out of the market completely and most likely into apartments because there is a severe shortage of single-family rentals as well. I don’t anticipate this changing in the near future unless interest rates increase or buyers begin to realize that homes are no longer affordable in Colorado Springs.

Colorado Springs MLS Active vs Sales

 

 

Visit Colorado Springs Real Estate Market Update for the latest news in Real Estate.

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

Colorado Springs MLS Market Update for October 2021

Colorado Springs MLS Market Update for October 2021

By Murray & Associates – Keller Williams Colorado Springs

 

For October, inventory dropped 11.5% over September with median and average sales prices up slightly.

For Colorado Springs and surrounding areas  the average Sales Price for September broke the half-million mark and was $510,180. The Median Sales Price was $446,000 and months of Inventory was 0.6 months.

From One Year Ago: There are 19% more homes on the market (active listings) and the number of homes sold was down 5%.  Average sales price is up 15%% and median sales price is up 14%. Months of inventory is up from 0.5 months to 0.6 months. New home starts are down 41%

From One Month Ago: Active listings are down 11.5%.  Average sales price is up 2% and median sales price is up 1%. Months of inventory decreased from 0.7 months to 0.76months.  The number of new home starts is down 6%.

We remain in a very competitive market across all prices in Colorado Springs during October. Lower-priced homes continue to receive multiple offers and higher-priced homes, in desirable areas, are selling quickly, some with multiple offers.

Higher-priced homes are selling at a record pace compared to one year ago. In 2020 between January 1st and October 31st, there were 209 homes that sold for a price over $1 million. For 2021 we have had 440 sales in the same time period. This equates to 52.5% more sales. These properties sold 42% quicker (lower days on market) and for 11% more in price ($1,556K vs $1,388K).

As I previously predicted, the only distressed sales we are seeing are estate sales and not foreclosers or short sales. This is because the recent appreciation rate for the past two years has helped build equity for those in financial distress, allowing them to sell at a profit. This includes those that went into forebearance as a result of the COVID lockdowns. This is confirmed in the following article Why a Wave of Foreclosures Is Not on the Way

Homes continue to appreciate in the double digits over one year ago, though have slowed down when looking at month-to-month appreciation over the last few months. Other indicators are not showing a turn down in the market, but if interest rates start to increase, this may happen quickly. Such indicators include months of inventory, days on market, and seller-paid concessions.

Sellers continue to be reluctant to list their homes for fear of not finding another home if they are staying in the area, though we now have a program to solve this problem –  Buy Before you Sell.  Sellers that want to sell then buy are advised to plan for a way to prevent making a contingent offer or plan to move twice. Some buyers are allowing the sellers to rent back while they complete the purchase of another home. In this market, contingent offers continue to be difficult to get accepted.

 

 

 

Colorado Springs MLS Update

 

Colorado Springs MLS Market Trends

New home permits are down 41%  from one year ago and down 6% from September. The shortage of labor and materials are putting a squeeze on new home starts. Builders are reluctant to contract to build when they can’t guarantee they can get the materials and stay on schedule. Buyers are reluctant to build when the final price of their home is not determined until late in the building process because of the increasing price of materials.

 

New Home Starts in Colorado Springs

 

Traditionally, the number of active properties far exceeds the number of sales, this flipped in June 2020. With the increase in competition, buyers turned to building. Now builders are running out of lots and encountering supply chain and labor shortages. This is pushing buyers out of the market completely and most likely into apartments because there is a severe shortage of single-family rentals as well. I don’t anticipate this changing in the near future unless interest rates increase or buyers begin to realize that homes are no longer affordable in Colorado Springs.

Colorado Springs Actives vs. Sales

 

 

Visit Colorado Springs Real Estate Market Update for the latest news in Real Estate.

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

Colorado Springs MLS Market Update for September 2021

Colorado Springs MLS Market Update for September 2021

By Murray & Associates – Keller Williams Colorado Springs

 

Inventory increased 17% over August with median and average sales prices dropping slightly.

For Colorado Springs and surrounding areas  theAverage Sales Price for September was $498,003, Median Sales Price was $440,000 and months of Inventory was 0.7 months.

From One Year Ago: There are 19% more homes on the market (active listings) and the number of homes sold was down 2.5%.  Average sales price is up 13.4% and median sales price is up 12.5%. Months of inventory is up from 0.6 months to 0.7 months. New home starts are down 31.5%

From One Month Ago: Active listings are up 17%.  Average sales price is down slightly and median sales price is down 2%. Months of inventory increased fron 0.5 months to 0.7 months.  The number of new home starts is up 218%.

Summer slow down continues into September as we saw homes sit on the market a little longer, and fewer showings than the previous summer months. We are still seeing competing offers and sales price above list price thought there are often fewer showings. We remain in a very competitive market across all prices. Lower-priced homes are receiving multiple offers and higher-priced homes, in desirable areas, are selling quickly, some with multiple offers. When there are multiple offers buyers are waiving contingencies such as the appraisal condition, meaning the buyer is willing to cover the difference in cash between the appraised price and the contract price. First-time homebuyers and VA buyers are the ones most impacted, having a difficult time getting their offer accepted due to a lack of cash for the appraisal gap.

Homes continue to appreciate in the double digits over one year ago, though have slowed down when looking at month-to-month appreciation over the last few months. Other indicators are not showing a turn down in the market, but if interest rates start to increase, this may happen quickly. Such indicators include months of inventory, days on market, and seller-paid concessions.

Sellers continue to be reluctant to list their homes for fear of not finding another home if they are staying in the area, though we now have a program to solve this problem –  Buy Before you Sell.  Sellers that want to sell then buy are advised to plan for a way to prevent making a contingent offer or plan to move twice. Some buyers are allowing the sellers to rent back while they complete the purchase of another home. In this market, contingent offers continue to be difficult to get accepted.

 

 

 

Colorado Springs MLS Summary

 

Colorado Springs MLS Trends

New home permits are down 31.5%  from one year ago and up 18% from August. The shortage of labor and materials are putting a squeeze on new home starts. Builders are reluctant to contract to build when they can’t guarantee they can get the materials and stay on schedule. Buyers are reluctant to build when the final price of their home is not determined until late in the building process because of the increasing price of materials.

 

Colorado Springs New Home Starts

 

Traditionally, the number of active properties far exceeds the number of sales, this flipped in June 2020. With the increase in competition, buyers turned to building. Now builders are running out of lots and encountering supply chain and labor shortages. This is pushing buyers out of the market completely and most likely into apartments because there is a severe shortage of single-family rentals as well. I don’t anticipate this changing in the near future unless interest rates increase or buyers begin to realize that homes are no longer affordable in Colorado Springs.

Colorado Springs Actives vs. Sales

 

 

Visit Colorado Springs Real Estate Market Update for the latest news in Real Estate.

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

Colorado Springs MLS Market Update for August 2021

Colorado Springs MLS Market Update for August 2021

By Murray & Associates – Keller Williams Colorado Springs

 

Inventory increased 3% over July while average and median sales price remained the same.

This month there are 6% fewer homes on the market (active listings) than there were one year ago, and the number of homes sold was down 5.7%.  Average sales price is up 12.7% and median sales price is up 15.6%. Months of inventory is down from 0.6 months to 0.5 months. New home starts are down 18%

From one month ago, Active listings are up 3%.  Average and median sales price are the same. Months of inventory remains the same at 0.5 months. The number of new home starts is down 23%.

Summer slow down started with August as we saw homes sit on the market a little longer, and fewer showings than the previous summer months. We are still seeing competing offers and sales price above list price. We remain in a very competitive market across all prices. Lower-priced homes are receiving multiple offers and higher-priced homes, in desirable areas, are selling quickly, some with multiple offers. When there are multiple offers buyers are waiving contingencies such as the appraisal condition, meaning the buyer is willing to cover the difference in cash between the appraised price and the contract price. First-time homebuyers and VA buyers are the ones most impacted, having a difficult time getting their offer accepted due to lack of cash for the appraisal gap.

Homes continue to appreciate in the double digits over one year ago, though have slowed down when looking at month-to-month appreciation over the last few months. Other indicators are not showing a turn down in the market, but if interest rates start to increase, this may happen quickly. Such indicators include months of inventory, days on market, and seller-paid concessions.

Sellers are reluctant to list their homes for fear of not finding another home if they are staying in the area, though we now have a program to solve this problem –  Buy Before you Sell.  Sellers that want to sell then buy are advised to plan for a way to prevent making a contingent offer or plan to move twice. Some buyers are allowing the sellers to rent back while they complete the purchase of another home. In this market, contingent offers are difficult to get accepted.

 

 

 

Colorado Springs MLS Update

 

Colorado Springs MLS Trends

New home permits are down 18%  from one year ago and down 23% from July. The shortage of labor and materials are putting a squeeze on new home starts. Builders are reluctant to contract to build when they can’t guarantee they can get the materials and stay on schedule. Buyers are reluctant to build when the final price of their home is not determined until late in the building process because of the increasing price of materials.

 

Colorado Springs New Home Starts

 

Traditionally, the number of active properties far exceeds the number of sales, this flipped in June 2020. With the increase in competition, buyers turned to building. Now builders are running out of lots and encountering supply chain and labor shortages. This is pushing buyers out of the market completely and most likely into apartments this summer because there is a severe shortage of single-family rentals as well. I don’t anticipate this changing in the near future unless interest rates increase or buyers begin to realize that homes are no longer affordable in Colorado Springs.

Colorado Springs Actives vs. Sales

 

 

Visit Colorado Springs Real Estate Market Update for the latest news in Real Estate.

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

Colorado Springs MLS Market Update for July 2021

Colorado Springs MLS Market Update for July 2021

By Murray & Associates – Keller Williams Colorado Springs

 

I seem to repeat myself each month with “Inventory remains at a record low with properties selling very quickly”. Though inventory has increased over the previous month, there still remains significant competition with multiple offers on most listings.

Those that took advantage of forbearance during COVID and now must sell, are finding that they have equity in their homes and still do not need to go into foreclosure, so we are still not seeing distressed sales.

This month there are 29% fewer homes on the market (active listings) than there were one year ago, and the number of homes sold was down 6.8%.  Average sales price is up 14.7% and median sales price is up 16%. Months of inventory is down from 0.7 months to 0.5 months. New home starts are up 15.5%.

From one month ago, Active listings are up 26%.  Average and median sales price are the same and median sales price is up 4.14. Months of inventory is up slightly to 0.5 months. The number of new home starts is up 6%.

We remain in a very competitive market across all prices. Lower-priced homes are receiving multiple offers and higher-priced homes, in desirable areas, are selling quickly, some with multiple offers. When there are multiple offers buyers are waiving contingencies such as the appraisal condition, meaning the buyer is willing to cover the difference in cash between the appraised price and the contract price. First-time homebuyers and VA buyers are the ones most impacted, having a difficult time getting their offer accepted due to lack of cash for the appraisal gap.

There is no indication that this market will slow down anytime soon. Sellers are reluctant to list their homes for fear of not finding another home if they are staying in the area, though we now have a program to solve this problem –  Buy Before you Sell.  Sellers that want to sell then buy are advised to plan for a way to prevent making a contingent offer or plan to move twice. Some buyers are allowing the sellers to rent back while they complete the purchase of another home. In this market, contingent offers are difficult to get accepted.

Buyers from out of the area are moving into Colorado Springs and are seeing great value and often have cash. Due to the low inventory, many buyers are opting to build.

 

 

Colorado Springs MLS Market Summary

 

Colorado Springs MLS market trends

New home permits are up 15.5%  from one year ago and up 6% from June. Many buyers turned to building when the re-sale market took off and became very competitive, increasing the demand for new homes. This was compounded by the supply chain problems for building materials and labor has resulted in Builders now have waiting lists for buyers to build and fewer building permits issued.

 

New Home Starts

 

Traditionally, the number of active properties far exceeds the number of sales, this flipped in June 2020. With the increase in competition, buyers turned to building. Now builders are running out of lots and encountering supply chain and labor shortages. This is pushing buyers out of the market completely and most likely into apartments this summer because there is a severe shortage of single-family rentals as well. I don’t anticipate this changing in the near future unless interest rates increase or buyers begin to realize that homes are no longer affordable in Colorado Springs.

Actives vs. Sales

 

 

Visit Colorado Springs Real Estate Market Update for the latest news in Real Estate.

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

Colorado Springs MLS Market Update for March 2021

Colorado Springs MLS Market Update for March 2021

By Murray & Associates – Keller Williams Colorado Springs

 

Spring selling season has started early with homes selling almost as quick as they enter the market. Many agents are maximizing offers by allowing showings for several days with all offers evaluated after the showing period is over. Many listing receiving 20-30 offers.

Buyers and investors are anxiously awaiting the foreclosure market to increase due to the forbearance of mortgage payments due to COVID. Sellers are advised to talk with a trusted real estate agent before proceeding with foreclosure.  With the recent appreciation of 15% year over year, anyone who has owned their home for more than two years should have enough equity to sell before foreclosing depending on the penalties of the forbearance period.

This month there are 65% fewer homes on the market (active listings) than there were in March 2021, and the number of homes sold was up 5.7%.  Average sales price is up 17% and median sales price is up 14%. Months of inventory is down from 1.0 months to 0.3 months. New home starts are up 1.1%.

From one month ago, Active listings remain the same and sales are up 37%. Average sales price is up 4% and median sales price is up 1.7%. Months of inventory is down from 0.5 months to 0.3 months. The number of new home starts is up 18.5%.

We remain in a very competitive market across all prices. Lower-priced homes are receiving multiple offers and higher-priced homes, in desirable areas, are selling quickly, some with multiple offers. When there are multiple offers buyers are waiving contingencies such as the appraisal condition, meaning the buyer is willing to cover the difference in cash between the appraised price and the contract price. First-time homebuyers and VA buyers are the ones most impacted, having a difficult time getting their offer accepted due to lack of cash for the appraisal gap.

There is no indication that this market will slow down anytime soon. Sellers are reluctant to list their homes for fear of not finding another home if they are staying in the area, though we now have a program to solve this problem –  Buy Before you Sell.  Sellers that want to sell then buy are advised to plan for a way to prevent making a contingent offer or plan to move twice. Some buyers are allowing the sellers to rent back while they complete the purchase of another home. In this market, contingent offers are difficult to get accepted.

Buyers from out of the area are moving into Colorado Springs and are seeing the great value and often have cash. Due to the low inventory, many buyers are opting to build.

 

 

Colorado Springs MLS

 

Colorado Springs MLS

New home permits are up 1.11% from one year ago and 18.51% from February. Buyers realize that in order to buy in this market, they will need to build.

 

New Home Starts

With the very low inventory, the number of sales surpassed the available active homes in June with the gap continuing to grow until recently. This activity is driving prices higher, buyers to build, and others to rent until more properties are added to the market.

Active listings vs sales

Months of Inventory

 

Visit Colorado Springs Real Estate Market Update for the latest news in Real Estate.

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