Colorado Springs MLS Market Update for May 2019
By Murray & Associates – Keller Williams Colorado Springs
Prices increased in May and inventory remains at 1.2 months.
For May, active listings are up 15% from April and the number of sales is are keeping pace at 15.6%. Months of inventory remains the same at 1.2 months. Average sales price and median sales are up 0.3% and 0.4% resprectively. The number of new home starts is up 13% from April.
From one year ago, Active listings are down 2% and sales are down 0.3%. The average sales price is up 4.4% and median sales price is up 3.6%. Months of inventory is the same at 1.2 months. The number of new home starts is down 10% over May 2018.
Appreciation is still moderate, we like to see appreciation between 5% to 8% year over year. Buyers heavy into the market for the spring buying season. We are seeing multiple offers again with sellers stopping showings while they review offers before making a decision. Over priced homes are seeing fewer showings and are quick to do a price drop.
See Pricing Your Colorado Springs Home Right in Today’s Market for more information.
New home permits are up 13% from April and down 10% 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 June 2019:
Total Single-Family Homes for Sale in El Paso County (Actives): 1,390
Total available Rentals in MLS: 247
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