Colorado Springs MLS Market Update for November 2020
By Murray & Associates – Keller Williams Colorado Springs
COVID-19 is impacting the real estate market in Colorado Springs continuing to scare sellers from listing their homes.
Compared to one year ago, active listings are down 147% and sales are up 20%. Average sales price is up 15% and median sales price is up 14.5%. Months of inventory is down from 1.4 months to 0.5 months. New home starts are up 37%.
From one month ago, Active listings are down 30% and sales are down 17%. Average and median sales price remain the same. Months of inventory remains the same at 0.5 months. The number of new home starts is down 25%%.
We remain in a very competitive market for all homes below $600,000. Lower-priced homes are receiving multiple offers, higher-priced homes in desirable areas are selling quickly. When there are multiple offers buyers are waiving contingencies such as 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.
There is no indication that this market will slow down anytime soon. Sellers are reluctant to list their homes for fear of not finding another home if they are staying in the area. 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. Contingent offers are difficult to get accepted.
Buyers from out of the area are moving into Colorado Springs and are seeing the great value and often have cash. Due to the low inventory, many buyers are opting to build.
New home permits are up 37% from one year ago. Buyers realize that in order to buy in this market, they will need to build.
With the very low inventory, the number of sales surpassed the available active homes in June with the gap continuing to grow. This is driving prices higher, buyers to build, and others to rent until more properties are added to the market.
Visit Colorado Springs Real Estate Market Update for the latest news in Real Estate.
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