Home inventory levels have increased by 7.3% for the month of October when compared to six months ago. Although there was a decrease in home inventory when comparing to the previous month of September. The inventory levels are beginning to dip as we enter the slower season.
In October 2012, there were 400 fewer homes for sale and 135 fewer home sales. Inventory levels are remaining fairly stable and the market continues to be very competitive among home buyers in the lower price ranges.
For October, Single Family Home Inventory in the Pikes Peak MLS was sitting at 4.2 months (compared to 4.9 months in September). Looking at statistics over the past six months (all price ranges), we are at 3.8 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 October 2013