Colorado Springs housing market between January 2020 and January 2021
Colorado Springs housing market trends show no signs of slowing down as we head into the new year. It continues to be a robust Seller’s market with an unheard of lack of inventory. During this first week of February, there are 155 homes available for sale in all price ranges in all of El Paso County! In a ‘normal’ market, there are between 2500 and 4000 homes for sale at any given time. This is the time you want to be a Seller.
The average days on market when a home was listed in January 2021 was 15 days. With the current inventory of houses, if nothing else came on the market in the meantime, would be sold out within one week.
If you purchased a home in the early part of 2020, your home value, on average, is seventeen percent higher than this time last year!
Housing market between December 2020 and January 2021
Colorado Springs housing market trends only increased in intensity between the end of last year and the beginning of this year. While the average price of a house dropped slightly in this one month period (down 1.3% as opposed to a rise of over 17% in the past year), houses to purchase were incredibly hard to find. For every Buyer who made an offer on a property, there were often ten to twenty others making an offer on the same property.
I spoke with a Realtor today who told me they were one of sixty-eight offers on a single property! That must be totally discouraging as a Buyer who wants or needs to move. In bidding wars, it drives the price up to a point where many Buyers can no longer afford the house they wanted.
We are not at all-time low interest rates. But we are still in a market where money costs next to nothing when purchasing a home.
Something interesting I continue to see is that homes still need to be priced right when they go on the market. If a home is priced at fair market value, Buyers are bidding up. If a home is stretching for value when listed, Buyers are consistently offering less. Even in the hysteria of the current market, savvy Buyers are not falling for deceptive pricing antics.
Whether you’re buying or selling as we start the new year, it’s more important than ever to have an experienced agent. Someone who knows how to navigate the ins and outs of listings, offers, and Buyer negotiations. Call today with no obligation to discuss your personal housing situation.