Colorado Springs MLS Market Update for June 2020
By Murray & Associates – Keller Williams Colorado Springs
COVID-19 continues to wreck havoc on the real estate market across the nation, though still not significantly impacting Colorado Springs.
Compared to one year ago, active listings are down over 43.5% and sales are up 2%. Average sales price is up 7% and median sales price is up 8%. Months of inventory is down from 1.3 months to 0.9 months. New home starts are down nearly 5%.
From one month ago, Active listings are down 4.5% and sales are up significantly at 32.8%. Average sales price is up 2% and median sales price is up 3%. Months of inventory is down from 1.4 months to 0.9 months. The number of new home starts is up 6.4%.
Recent experience is that we remain in a very competitive market for lower-priced homes with multiple offers, cash buyers, and offers that waive the appraisal condition, meaning the buyer is willing to cover the difference in cash between the appraised price and the contract price. First time home buyers are the ones most impacted, having a difficult time getting their offer accepted. We are also still seeing many homes return to the market after going under contract. There are many reasons for this, but when it happens within the first week it is often due to buyer’s remorse, or buyer financing issues.
For more information on how COVID-19 impacted the Academy District 20 real estate market visit COVID-19 the Perfect Storm for Sellers.
New home permits are up 6.4% from May and down 5% from one year ago. New construction is suffering due to COVID-19, though might bounce back quickly.
The gap grows between actives and sales disappeared in June due to buyers returning to the market and fewer homes added.
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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