July 2019 to July 2020
The Colorado Springs housing market trends for July 2020 are still showing a strong Seller’s market with continued record-low interest rates. Mortgage rates fell to 3.30% for a 30-year fixed mortgage.
Lack of inventory continues to drive not only the low days-on-market, but also appears to be driving the average Colorado Springs home price almost 15% over last year’s average.
While we are certainly not out of the woods concerning COVID-19, its impact on the real estate market in Colorado Springs does not yet seem to be showing repercussions. Historic low interest rates and a large military population have helped our housing market continue to thrive.
And in good news for home Sellers, the average SOLD price is above asking (if it was priced well to begin with). Buyers are still fighting multiple-offer situations. It is especially important that Buyers make sure their finances are in order and that they have a solid pre-approval letter before they start the home-buying process.
This is a snapshot of what’s happening with existing single family homes in the Colorado Springs housing market compared to the same month last year.
June 2020 – July 2020
Even since last month, the average sales price of an existing Colorado Springs home for sale has increased over 7%. In decades of being a Colorado Springs Realtor, I don’t remember having so little available inventory. The number of months of inventory on the market is only 0.6 months!
The largest number of sales were between $400,000 and $500,000 with no price decreases. The average price reduction in ALL PRICE RANGES WAS 0.0%! The average days-on-market was less than two weeks.
If you are a Seller thinking of selling in the current Colorado Springs real estate market, be sure to give me a call so we can discuss your individual situation. If you’re a Buyer looking for Colorado Springs housing, call me and I’ll help you get prequalified to find your dream home.