Home inventory levels have decreased by 27.5% for the month of March when compared to six months ago. Inventory levels are the lowest we have seen in many years which is resulting in competition for homes among home buyers in Colorado Springs.
In March 2014, there were 1,037 more homes for sale and 177 fewer home sales. There continues to be competition among home buyers in the current real estate market especially in the lower price ranges due to the low home inventory in Colorado Springs.
For March, Single Family Home Inventory in the Pikes Peak MLS was sitting at 2.5 months (compared to 3.4 months in February). Looking at statistics over the past six months (all price ranges), we are at approximately 3.3 months inventory.
The months of home inventory continues to be favorable in Colorado Springs. There is a balanced market in Colorado Springs when inventory sits at 6 months. The real estate market continues to look good for sellers in Colorado Springs.
Also Read: El Paso County Home Sales for March 2015