Home inventory has decreased by 29.6% for the month of January when compared to six months ago (August). Compared to the previous month of December, there was also a decrease in single family homes for sale.
In January 2011, single family Inventory in the Pikes Peak MLS was not only higher but there were also fewer single family home sales. Compared to this time last year, months of inventory for Colorado Springs is much lower.
For January, Single Family Home Inventory in the Pikes Peak MLS was sitting at 6.6 months (compared to 5 months in December). Looking at statistics over the past six months, we are at 5.6 months inventory. Homes in the lower price ranges seem to be going 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.
**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed
Also Read: El Paso County Home Sales for January 2012