Home inventory decreased by 23% for the month of November when compared to six months ago (June). Compared to the previous month of October, there was also a decrease in single family homes for sale.
In November 2010, single family Inventory in the Pikes Peak MLS was not only higher but there were 542 single family home sales compared to 645 sales in November 2011. Compared to this time last year, months of inventory for Colorado Springs is lower.
For November, Single Family Home Inventory in the Pikes Peak MLS is sitting at 5.7 months (compared to 5.2 months in October). Looking at statistics over the past six months, we are at 5.6 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 November 2011