Colorado Springs MLS Market Update for January 2019
By Murray & Associates – Keller Williams Colorado Springs
Prices increased slightly in January and inventory remains low at 1.8 months.
For January, active listings are down 4% from December and the number of sales is down 18%. Months of inventory is 1.8 months up from 1.6 months in December. Average sales price and median sales price both increased 1%. The number of new home starts is up 42% from December which was an unusually low month.
From one year ago, Active listings are up 23.5% and sales are down 4%. The average sales price is up 3.24% and median sales price is up 2.78%, both the lowest increase year over year for quite some time. Months of inventory is 1.8 months up from 1.3 months from one year ago. The number of new home starts dropped 60%.
With the slower market buyers are finding that they have more inventory to pick from, but should still act fast when they find the right home. Sellers need to price competitively if they need to sell quickly.
See Pricing Your Colorado Springs Home Right in Today’s Market for more information.
New construction permits are down significantly, 317%, from November at 108 permits issued. This is most likely due to the pending holidays.
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.
Total Single-Family Homes for Sale in El Paso County (Actives): 1,184
Total available Rentals in MLS: 207
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.
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By Nancy Murray
Murray & Associates, Keller Williams Colorado Springs