Post COVID-19 Summer Market Report
There doesn’t seem to be much of a slow-down in the Colorado Springs housing market as we head into summer 2020. We got a slow start because the world shut down earlier this year, and it appears we’re just getting our engines revving full speed again as we look back on June statistics.
Houses were selling for over asking price (100.8%), and the average days on market was unusually low at only 15 days. Prices were up over 8% from last year, but just in the last month they’ve risen almost 3%. That bodes well for Sellers.
The following is a snapshot of what’s going on with existing single family home sales in the Colorado Springs housing market compared to the same month last year.
Lack of inventory continues to drive the housing market (down over 30% from last year and down over 5% from last month). It is a Seller’s market, but lower interest rates are buying more house for the dollar and Buyers are still getting caught in the crosshairs of multiple offers.
The number of active listings is down almost 32% from last year, but it surprised me that listings were down over 23% from just last month. The fewer listings there are on the market, the higher demand gets, the higher prices go, and the harder it is for Buyers to win bids on affordable housing.
Unfortunately, we are also seeing appraisals coming in lower than contract price because appraisers are not keep up with the rising demand for housing. This is a good thing and bad thing, but makes selling property that much more difficult.
If you’re thinking of buying or selling during this transition period before the market changes yet again as the election approaches, please contact me for a no-obligation discussion of what your home might be worth. Or find out how you, as a buyer, can get a competitive edge in beating out the competition for the home you want to purchase.