Colorado Springs MLS Market Update for March 2019
By Murray & Associates – Keller Williams Colorado Springs
Prices increased slightly in March and inventory dropped to 1.2 months.
For March, active listings are down 3.9% from February and the number of sales is up 24.6%. Months of inventory is 1.2 months down from 1.6 months in February. Average sales price and median sales are essentially unchanged. The number of new home starts is down 1.7% from February.
From one year ago, Active listings are up 6% and sales are down 0.57%. The average sales price is up 3% and median sales price is up 4.7%. Months of inventory is 1.2 months up from 1.1 months from one year ago. The number of new home starts dropped 40.5% over March of 2018.
Appreciation is still moderate, we like to see appreciation between 5% to 8%. Buyers are beginning to enter the market for the spring buying season with actives down and sales up and new construction permits up as well.
See Pricing Your Colorado Springs Home Right in Today’s Market for more information.
New home permits are down 1.7% from February and down 40.5% 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 April 2019:
Total Single-Family Homes for Sale in El Paso County (Actives): 1,092
Total available Rentals in MLS: 178
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