Colorado Springs MLS Market Update for August 2019

By Murray & Associates – Keller Williams Colorado Springs

Colorado Springs Homes Sales

Prices increased 4% over one year ago and inventory is up slightly to 1.4 months.

For August, active listings are down less than 1% from July and the number of sales are down 8%. Months of inventory is 1.4 months. Average sales price and median sales are both down slightly from July. The number of new home starts is down 1.6% from July.

From one year ago, Active listings are down 10%  and sales are up 8%.  The average and median sales prices are up 4% and 5% respectively.  Months of inventory is up slightly to 1.4 months. The number of new home starts up 3% from July 2018.

See Pricing Your Colorado Springs Home Right in Today’s Market for more information.

Pikes Peak MLS Trends

 

Pikes Peak MLS Summary

New home permits are down 2% from July and up 3% from one year ago.

 

Colorado Springs New Home Starts

 

Pikes Peak MLS Months of Inventory

 

The numbers above are for all properties in the Pikes Peak MLS which includes several counties from Pueblo to Douglas County and some counties west. In addition to these numbers, it is helpful to track Single-Family Homes in only El Paso County and all rentals in the MLS. When the number of rentals is low (less than 300 or 400) we see more first time home buyers because it is often more affordable for them to buy than rent as long as they can qualify. I saw this when we moved to Colorado Springs in 2002. Many of my co-workers reporting to stand up Northern Command were planning to rent but opted to buy due to the tight rental market. We are currently in a tight rental market again and have been for a couple years.

For 1 September 2019:

Total Single-Family Homes for Sale in El Paso County (Actives): 1,664

Total available Rentals in MLS: 293

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.

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

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By Nancy Murray

Murray & Associates, Keller Williams Colorado Springs