Colorado Springs MLS Market Update for October 2018
By Murray & Associates – Keller Williams Colorado Springs
I still believe that we are seeing normal market trends in today’s market. Prices are not dropping, inventory is still below 2 months, and concessions are not increasing, all signs of a shifting market towards a buyer’s market.
For October, active listings are down 3% from September and the number of sales is up 3.6%. Months of inventory is 1.8 months down from 1.9 months in September. Average sales price is up 0.5% and the median sales price is down slightly. The number of new home starts is down 20%.
From one year ago, Active listings are up 18% and sales are down 8.4%. The average sales price and median sales price are 8% for Colorado Springs MLS. Months of inventory is 1.8 months up from 1.4 months one year ago.
With the slower market buyers are finding that they have more inventory to pick from, but should still act fast when they find the right home. Sellers need to price competitively if they need to sell quickly.
See Pricing Your Colorado Springs Home Right in Today’s Market for more information.
New construction permits are down 20.31% from September and down 9.2% from one year ago.
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