Colorado Springs MLS Market Update for July 2019
By Murray & Associates – Keller Williams Colorado Springs
Prices increased over last year July and inventory remains 1.3 months.
For July, active listings are up 3.5% from June and the number of sales are up slightly. Months of inventory remains 1.3 months. Average sales price is down slightly while median sales price is up slightly. The number of new home starts is down 16% from June.
From one year ago, Active listings are down 8.5% and sales are up 4%. The average sales price and median sales price are both up 6.7%. Months of inventory remained 1.3 months. The number of new home starts is down 4% from June 2018.
Anual appreciation is steady and healthy at about 6%.
See Pricing Your Colorado Springs Home Right in Today’s Market for more information.
New home permits are down 16% from June and down 2.6% from one year ago.
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 August 2019:
Total Single-Family Homes for Sale in El Paso County (Actives): 1,591
Total available Rentals in MLS: 286
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