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