Home inventory levels have decreased by 10.3% for the month of November when compared to six months ago. Compared to the previous month of October there has been a slight decrease in single family homes for sale. Due to the time of year, we can expect to see inventory levels to continue decreasing. The inventory levels are still much lower than the previous year resulting in a better real estate market in Colorado Springs.
In November 2011, single family Inventory in the Pikes Peak MLS was higher. Compared to this time last year, months of inventory for Colorado Springs is much lower (345 fewer homes for sale). Due to low inventory, especially in the lower price ranges, the market continues to be very competitive among home buyers.
For November, Single Family Home Inventory in the Pikes Peak MLS was sitting at 4.5 months (compared to 4.4 months in October). Looking at statistics over the past six months (all price ranges), we are at 4.4 months inventory.
The months of inventory has improved considerably in Colorado Springs and we are still at much lower levels than 2011. There is a balanced market in Colorado Springs when inventory sits at 6 months. Due to low home inventory, the market continues to look good for sellers in Colorado Springs.
**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed
Also Read: El Paso County Home Sales for November 2012