Colorado Springs MLS Market Update for October 2019
By Murray & Associates – Keller Williams Colorado Springs
Prices increased 7% over one year ago and inventory is down to 1.3 months. The average sales price for the month of October is $372,037.
For October, active listings are down 8% from September and the number of sales are up 3.7%. Months of inventory is 1.3 months. Average sales price is up 1% and median sales is up 3% from September . The number of new home starts is down 2.4% from September.
From one year ago, Active listings are down 22% and sales are up 9%. The average sales price is up 7% and median sales prices is up 9%. Months of inventory is down from 1.8 months to 1.3 months. The number of new home starts up 32% from September 2018.
See Pricing Your Colorado Springs Home Right in Today’s Market for more information.
New home permits are down 2.3% from September and up 32% 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 October 2019:
Total Single-Family Homes for Sale in El Paso County (Actives): 1,389
Total available Rentals in MLS: 309
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