Home inventory levels have decreased by 26% for the month of November when compared to six months ago. We will see inventory levels continue to dip as we enter the slower season of real estate for Colorado Springs.
In November 2013, there were 545 more homes for sale and 73 fewer home sales. There continues to be competition among home buyers in the current real estate market especially in the lower price ranges.
For November, Single Family Home Inventory in the Pikes Peak MLS was sitting at 4 months (compared to 3.6 months also in October). Looking at statistics over the past six months (all price ranges), we are at approximately 3.7 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 November 2014