Patricia Beck
Colorado Springs Market Information
Home inventory levels have increased by 24.3% for the month of May when compared to six months ago. There was also an increase in home inventory when comparing to the previous month of April. The inventory levels are still low, resulting in an improved real estate market in Colorado Springs.
In May 2012, there were only 40 additional homes for sale but there were fewer sales. Due to low inventory, especially in the lower price ranges, the market continues to be very competitive among home buyers.
For May, Single Family Home Inventory in the Pikes Peak MLS was sitting at 3.3 months (compared to 3.6 months in May). Looking at statistics over the past six months (all price ranges), we are at 3.8 months inventory.
The months of inventory has improved considerably in Colorado Springs. 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.
Home sales increased in El Paso County by 19.5% for the month of May when compared to the previous month of April which isn't surprising since we are in the busy season of real estate for Colorado Springs. Compared this time last year, single family home sales are 20% higher.
There were 189 fewer single family home sales in May 2012. Compared to the previous month of April, the average sales price ($249,700) and the median sales price ($215,250) increased. Last May, the average sales price was $233,065 and the median sales price was $210,000. Low inventory is creating more demand and home prices have increased when comparing to last year at this time. Prices are climbing again in Colorado Springs.
