Home inventory levels have increased by 24.4% for the month of May when compared to six months ago. We will see inventory levels continue to rise since we are in the busy season of real estate for Colorado Springs.
In May 2013, there were 364 fewer homes for sale and 10 fewer home sales. There continues to be competition among home buyers in the current real estate market especially in the lower price ranges.
For May, Single Family Home Inventory in the Pikes Peak MLS was sitting at 3.6 months (compared to 4 months in April). Looking at statistics over the past six months (all price ranges), we are at approximately 4.5 months inventory.
The months of home inventory continues to be favorable in Colorado Springs. There is a balanced market in Colorado Springs when inventory sits at 6 months. The real estate market continues to look good for sellers in Colorado Springs.
Also Read: El Paso County Home Sales for May 2014