The Academy School District 20 Real Estate Market September 2019
By Murray & Associates – Keller Williams Colorado Springs
The slower season is upon us. Sales and average sales price dropped in September.
We are seeing more price reductions, higher concessions, and fewer sales but the market still remains a strong seller’s market with months of inventory 2.2 months, well below the transition point of 4.0 to 6.0.
The average sales price for Academy District 20 is $438,164. Sales price to list price ratio is 99.2% for D20 neighborhoods. This means that on average, sellers are getting their list price and aren’t having to pay buyer concessions to do so, though they might have to lower their price to get an acceptable offer. Days on market is down slightly to 34 days.
From one month ago, Active listings are down 4.1%, and Pendings are down 11%. The pending ratio is still strong at 44%, meaning that 43% of the homes currently on the market are under contract with a buyer. This is about the same as the previous month. Sold properties are down 29% which is typical for the season. Average sales price is down 2.4% and median sales price is down 6%. Average days on market is up to 34 days. Distressed properties continue to be very low with no significant impact on the market.
From one year ago active listings are down 15%, pendings are down 1.4%, sold properties are up 11%, and average sales price is up 4% and Median sales price down 1%.
The average days on market for all of D20 was 34 days in September. Months of inventory is down up 2.2 months which is the amount of time to sell all active properties at the same rate as of September. This is still at the level of a seller’s market. When it reaches 4 months it is considered a balanced market and above 6 months a buyer’s market.
The slower season is upon us with school beginning. We typically see a slow down from mid-August until late October when buyers start looking again for a move during the holidays. Sellers are encouraged to price aggressively if they need to sell quickly. Buyers usually have more properties to choose from as the market slows down.
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.
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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