Home inventory levels have decreased by 23.2% for the month of February when compared to six months ago. Compared to the previous month of January, there was also a decrease in single family homes for sale.
In February 2011, single family Inventory in the Pikes Peak MLS was not only higher but there were also fewer single family home sales. Compared to this time last year, months of inventory for Colorado Springs is much lower.
For February, Single Family Home Inventory in the Pikes Peak MLS was sitting at 6.3 months (compared to 6.6 months in January). Looking at statistics over the past six months, we are at 5.8 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. In fact, inventory levels haven’t been this low for the last 10 years! 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.
**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed
Also Read: El Paso County Home Sales for February 2012