As we approach the end of 2020, are you curious to see what’s going on with Colorado Springs housing market trends? Almost always in an election year, the housing market comes to a crawl in October and November. Surprisingly, not this year. The housing market continued to be strong and healthy and active.
What we’re finding is that people are reimaging how they live in their homes. Bucking previous years’ housing trends, many people during the year of COVID-19 are looking for larger houses because they’re spending so much more time at home. Unfortunately, inventory is still shockingly low, and finding your dream home is difficult. (Unless, of course, you have an experienced agent on your team 😇.)
For the month of November 2020, Colorado Springs Housing Market Trends showed a dramatic 60% drop in available inventory from the same period last year. The average days on market for November were only eighteen days! The average sales price this month was 101.1% of asking price.
This is a shocking statistic: there is only 0.4 months of inventory! What that means is, if there were no other houses listed, we would be out of inventory in TWELVE DAYS! Holy smokes!
This is a snapshot of what’s happening with existing single-family homes currently in the Colorado Springs area compared with the same time period last year.
Colorado Springs Housing Market October to November 2020
While the market shows drastic changes from last year to this, there were some impressive changes just within the last month. The number of new listings that came on the market between October and November of 2020 was down almost 30%. That makes for an even more difficult market for Buyers.
Sales were down about 14% from last month to this month, and active listings were down 26.5%. The good news for Buyers is that, within the last month, the average sales price didn’t increase. I believe that’s the first time this year that number has stayed steady since we’re up a whopping 18% on average sales price from November of last year.
Are you dreaming of a new home for the New Year but don’t know where to begin? Feel free to reach out and I’ll be glad to guide you in the purchase process. Or if you’re a Seller thinking of getting your own new home in the New Year, I’m the app for that 😁. Be sure to give me a call today to discuss your individual situation.