Home inventory levels have increased by 18.8% for the month of July when compared to six months ago. Compared to the previous month of June, there was a very slight increase in single family homes for sale.
In July 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 (884 fewer homes). Due to low inventory, especially in the lower price ranges, the market continues to be very competitive among home buyers.
For July, Single Family Home Inventory in the Pikes Peak MLS was sitting at 3.9 months (compared to 4.4 months in June). Looking at statistics over the past six months, we are at 4.4 months inventory.
The months of inventory has improved considerably in Colorado Springs and although the number of homes for sale has been increasing each month, we are still at much lower levels than 2011. 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. The real estate market in Colorado Springs has shifted to a seller’s market with the low inventory of homes.
**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed
Also Read: El Paso County Home Sales for July 2012