Housing Market Trend May 2020 to May 2021
As expected, the Colorado Springs Housing Market Trend in May of 2021 continued at a brisk pace. Homes are typically selling within the first week of being listed on the market and selling at 105% of asking price. We continue to be in a Seller’s market that shows no signs of letting up.
While the number of Active listings is down over forty-two percent, the number of Sold listings is up over forty-five percent. It is difficult for Buyers to win a bid in the insane feeding frenzy to purchase a home. The housing market trend for this month has been so intense we are beginning to see signs of Buyer burnout.
In the Colorado Springs area, the average sales price of a home has risen twenty-three percent in the past year! There is a half month of inventory currently available for sale. What that means is if no other houses were listed in the next two weeks, there would be no homes left on the market for purchase.
This is a snapshot of the current housing market trend of existing single family homes in El Paso County between May 2021 and the same month last year during the height of Covid-19.
April 2021 to May 2021
In the past month, new listings have risen slightly (three percent). This is typical for this time of year as we head into summer. Sales are up over six percent during the past month, and the average sales price continues to rise (almost two percent since April). The number of Active listings increased sixty percent over the month. But because homes are being sold rapidly, inventory remains low.
I don’t see the Colorado Springs housing market slowing down any time in the near future. There is high demand and low inventory. Interest rates remain low. If the foreclosure moratorium ends at the end of June, it could have a huge impact on the housing market. But that is yet to be seen and we continue to be hopeful of a strong real estate market.
Now more than ever you need an experienced agent to guide you through the crazy real estate market. To find out what your house might be worth and how much you might expect to net from the sale of your home, call or text today to discuss your personal housing situation and see if the time might be right for you to sell.