Colorado Springs MLS Market Update for September 2018
By Murray & Associates – Keller Williams Colorado Springs
There is concern that we might be seeing a shift in the market. I’m thinking that it is normal market trends for the season. We are seeing houses sit longer, more price reductions, and fewer sales, but prices are not dropping drastically, yet, seller concessions are still low, and list price to sales price ratio is still at 98-100% on the pricing analyses I have completed this past month.
For September, active listings are up 1.4% over August and the number of sales is down 20%. Months of inventory is 1.9 months up from 1.6 months in August. Average sales price is down 3.89% and the median sales price is down 3%. The number of new home starts is own 4.5%.
From one year ago, Active listings are up 12.4% and sales are down 18.5%. The average sales price is down 4% and the median sales price is up 10% for Colorado Springs MLS. Months of inventory is 1.9 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 4.5% from August and down 5.4% 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