The Academy School District 20 Real Estate Market December 2021
By Murray & Associates – Keller Williams Colorado Springs
The District 20 housing market remains VERY HOT! Homes continue to go under contract quickly even with the seasonal slow down. While we are seeing price reductions on overpriced homes, multiple offers remain the norm.
Months of inventory is down to 0.6 months, which remains well below the transition point for a “buyer’s market” of 4.0 to 6.0 months.
The average sales price for Academy District 20 last month was $607,081. Sales price to list price ratio is 100.0% for D20 neighborhoods and the average concessions were $1400. The average days on market were 22 days. Most resale homes are under contract within the first week they are listed.
From One Year Ago: Active listings are up 34%, pendings are down 4.25%, sold properties are down 4.3%. Average sales price is up 8.5% and Median sales price is up 13.5%.
From One Month Ago: Active listings are down 6%. Sold properties are down 10%, and Pendings are down 32%. The average sales price is up 2.8% and median sale price is up 3.3%.
The pending ratio is 69%. This means that 69% of the District 20 homes on the market are currently under contract.
This time last year we were just coming out of the lockdowns. Sellers were still reluctant to make a move. This year is a better year for sellers, but they are still reluctant to make a local move because of the prices.
Months of inventory is down to 0.6 months due to the extremely low inventory.
As I previously predicted, the only distressed sales we are seeing are estate sales and corporate sales and not foreclosers or short sales. This is because the recent appreciation rate for the past two years has helped build equity for those in financial distress, allowing them to sell at a profit. This includes those that went into forebearance as a result of the COVID lockdowns.
More information on the buying process can be found in understanding the home buying process in Colorado Springs. Contact me if you would like to receive my Home Buyer Education emails that explain each step in detail.
Search all District 20 Homes for Sale
This same chart using a line graph shows how homes are selling (Sold – green) quicker than properties enter the market (New – red). Historically Active listings were well above Pendings and Solds.
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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