The Colorado Springs housing market trends for August 2020 continue to produce record-breaking numbers. As we head into autumn of the year that many anxiously await the end of, there are some interesting statistics to report.
One of the most impressive differences between August of this year and last is the number of Active Listings. There are not enough houses for the number of people looking to purchase, and the number of people trying to sell is down 56% from last year at the same time!
The average time a house is lasting from putting it on the MLS to being under contract is just over two weeks. Depending on the price point, most houses listed under $400,000 (if they’re well priced and in decent condition) are having multiple offers within the first day or two.
Strong Seller’s Market Continues
The record-breaking low interest rates (haven’t been this low since Dwight D. Eisenhower was President in the late 1950s, early 60s) are also driving Buyers to want to purchase. Unfortunately, they’re also allowing Sellers to refinance and stay in their current residences. Homes are also selling for 100.7% of asking price, certainly a bonus for people who list their home at Fair Market Value.
There is only a half a month of inventory. Meaning, if no new listings come on the market, it would (theoretically) take one half month to sell everything that is currently on the market. The sad truth for Buyers (but great for Sellers) is that the average price of a Colorado Springs home for sale has risen 18% from the same time last year. Current average sales price of a home for sale in Colorado Springs is $433,942.
This is a snapshot of what’s happening with housing market trends in existing single family homes in Colorado Springs in August 2020 compared to the same month last year.
Housing market changes during 2020
The effects of COVID-19 started affecting the housing market in April of this year. From April to August of 2020, home sale prices have risen 12% in those six months, in large part due to the lack of inventory. We continue to be in a strong Seller’s Market with no let up in sight.
In addition to these shattering statistics, Colorado Springs was selected by Realtor.com as the Hottest Real Estate Market in the United States.
So if you’re thinking of selling your Colorado Springs home, the time doesn’t get much better than it is now. Call, text, or email me if you’d like to discuss your individual situation.