Home inventory levels have decreased by 7.7% for the month of April when compared to six months ago. Compared to the previous month of March, there was a very slight increase in single family homes for sale.
In April 2011, single family Inventory in the Pikes Peak MLS was considerably higher. Compared to this time last year, months of inventory for Colorado Springs is much lower.
For April, Single Family Home Inventory in the Pikes Peak MLS was sitting at 4.3 months (compared to 6.3 months in March). Looking at statistics over the past six months, we are at 5.3 months inventory. Homes in the lower price ranges continue to go under contract quickly and home buyers who hesitate on submitting an offer may lose the opportunity to another buyer in Colorado Springs.
The months of inventory has improved considerably in Colorado Springs. As long as the inventory levels remain at these levels and sales remain steady, the market will continue to improve. There is a balanced market in Colorado Springs when inventory sits at 6 months. As a result of low home inventory, the real estate market in Colorado Springs has shifted to a seller’s market.
**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed
Also Read: El Paso County Home Sales for April 2012