Home inventory slightly increased by .3% for the month of August when compared to six months ago (March). Compared to the previous month of July, there was a decrease in single family homes for sale.
In August 2010, single family Inventory in the Pikes Peak MLS was higher and there were 688 single family home sales compared to 832 sales in August 2011. Compared to this time last year, months of inventory for Colorado Springs is lower.
For August, Single Family Home Inventory in the Pikes Peak MLS is sitting at 5.4 months (compared to 5.9 months in July). Looking at statistics over the past six months, we are at 5.8 months inventory.
The months of inventory has improved considerably in Colorado Springs. As long as the inventory levels remain at these levels and sales increase, the market will continue to improve. There is a balanced market in Colorado Springs when inventory sits at 6 months.
**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed
Also Read: El Paso County Home Sales for August 2011