Home inventory levels have decreased by 2.6% for the month of October when compared to six months ago. Compared to the previous month of September, there has been a slight decrease in single family homes for sale. This is the first dip we have seen in inventory this year. Until October, inventory levels have been increasing each month (since January) and continue to remain below inventory levels of the previous year.
In October 2011, single family Inventory in the Pikes Peak MLS was higher. Compared to this time last year, months of inventory for Colorado Springs is much lower (446 fewer homes for sale). Due to low inventory, especially in the lower price ranges, the market continues to be very competitive among home buyers.
For October, Single Family Home Inventory in the Pikes Peak MLS was sitting at 4.4 months (compared to 4.8 months in September). Looking at statistics over the past six months, we are at 4.2 months inventory.
The months of inventory has improved considerably in Colorado Springs and we are still at much lower levels than 2011. There is a balanced market in Colorado Springs when inventory sits at 6 months. Due to low home inventory, the market continues to look good for sellers in Colorado Springs.
**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed
Also Read: El Paso County Home Sales for October 2012