Patricia Beck
Colorado Springs Market Information
Home inventory levels have decreased by 7.7% for the month of April when compared to six months ago. Compared to the previous month of March, there was a very slight increase in single family homes for sale.
In April 2011, single family Inventory in the Pikes Peak MLS was considerably higher. Compared to this time last year, months of inventory for Colorado Springs is much lower.
For April, Single Family Home Inventory in the Pikes Peak MLS was sitting at 4.3 months (compared to 6.3 months in March). Looking at statistics over the past six months, we are at 5.3 months inventory. Homes in the lower price ranges continue to go 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. As a result of low home inventory, the real estate market in Colorado Springs has shifted to a seller's market.
Home sales increased by 8.4% in El Paso County for the month of April when compared to March and sales were 4.8% higher when compared to April 2011.
There were 36 additional single family home sales in April 2012 when compared to April 2011. There were also an additional 1,197 single family homes for sale in April 2011. Inventory levels continue to remain much lower than they were around this time last year in Colorado Springs.
Compared to the previous month of March, both the average sales price ($221,125) and the median sales price ($192,525) increased. Last April, the average sales price was $215,466 and the median sales price was $184,950. Buyers are taking advantage of the opportunity to purchase a home with the current low interest rates and home prices.
