Colorado Springs MLS Market Update for March 2022
By Murray & Associates – Keller Williams Colorado Springs
For March, inventory for active listings is up 31% over February with average sales price and median sales price both up.
For Colorado Springs and surrounding areas the average Sales Price for last month was $539,684. The Median Sales Price was $475,000 and months of Inventory remains 0.5 months.
From One Year Ago: There are 35% more homes on the market (active listings) and the number of homes sold was up 1.4%. Average sales price is up 12% and median sales price is up 14%. Months of inventory is the same at 0.5 months. New home starts are up 16%.
From One Month Ago: Active listings are up 31%. Average sales price is up 4.6% and Median sales price is up 2.1%. Months of inventory remained the same at 0.5 months. The number of new home starts are up 29.5%.
There is NO indication that the market is beginning to turn. Homes continue to appreciate in the double digits over one year ago, months of inventory remain low in comparison to sales, average days on market is low, and seller-paid concessions remain low.
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.
New home permits are up 16% from one year ago and up 29% from February.
Historically, the number of active properties far exceeded the number of sales, this flipped in June 2020. Demand for resale homes continues. 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. Even with the recent interest rate increase, there is still no indication that the market is cooling off in Colorado Springs.
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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