Housing Market April 2020 to April 2021
The roller coaster that is real estate in 2021 continues to be speeding out of control. The Colorado Springs housing market prediction for the foreseeable future is that not much is going to change in the next few months as we enter what is historically the busiest season for buying and selling homes.
Although new listings were up over thirty-six percent from the same period last year, the number of active listings was down almost sixty-eight percent. That’s because we are still in a near-insane Sellers’ market and houses can’t be listed fast enough to keep up with the demand from Buyers. Because of the high number of Buyers and the low amount of inventory, homes are generally selling within a week of being listed on the local MLS.
The average interest rate in April 2021 was just shy of three percent. But it didn’t give prospective borrowers much relief as home prices rose more than twenty-one percent in Colorado Springs from the period between April 2020 and April 2021.
The obvious reason that listings continue to be low is that people who want to sell their home are in the same quandary as everyone else – there’s no place to go. So the housing market prediction is that the coming real estate season will continue to see brisk and rapid sales, and Buyers will continue to be in multiple-bid situations.
These figures are a snapshot of what’s happening with existing single family homes in El Paso County in April 2021 compared to the same month last year.
Housing Market March to April 2021
The Colorado Springs market was brisk between March and April of this year. New listings rose almost twenty-five percent. Active homes on the market were up twenty-nine percent, and sales were up in that one-month period over eleven percent.
The median sales price of a home in El Paso County rose five percent between March and April. There is still only nine days of inventory for sale. That means if no new houses come on the market, everything would be sold within nine days. Unbelievable.
Now, more than ever, you need an experienced agent to advocate for you. If you want to know what your home might sell for, or what your options for receiving a winning bid might be, call or text so we can discuss your particular situation with no obligation!