Market Trends between October 2019 and October 2020
The Colorado Springs Market Trends continued to sizzle as we headed into autumn of 2020. One of the driving forces behind the record-breaking numbers is (again) the lack of inventory. A ‘normal’ market would see between 3,000 to 4,000 homes actively available on the MLS at any given time.
During the first week of November as I prepare the numbers from the previous month, there are only 511 Active homes available in El Paso County. But even the average Active listings for the month of October (as seen on the following graph) is still down over fifty-five percent from the number of Active listings from last year at this time. Low interest rates combined with low inventory make for a robust Seller’s market and a difficult market for Buyers wanting to move.
This is a snapshot of what’s happening with existing single-family homes in Colorado Springs compared to the same month last year.
Robust Seller’s Market
As has been the case during most of 2020, the odds-on-favorite is Sellers in Colorado Springs who want to sell their home. It has been a rough year for Buyers who are often caught in multiple-bid situations for the home of their dreams. The result (as seen by the chart above) is that homes are selling higher than list price (101.1% of asking price) and often sell for tens of thousands of dollars over what was listed in the MLS.
Even with historic low interest rates still in effect entering into an election month, I believe it will be more difficult as we approach winter to find housing that’s affordable. The average home price in Colorado Springs is a surprising fifteen-percent higher than it was this time last year.
There are just not enough available homes to satisfy the needs of people clamoring to move. Many of them (bucking the trends of the past decade) want larger homes because they are now home-schooling, working from home, and spending more time living all aspects of their lives more confined due to COVID.
Changes from September 2020 to October 2020
Even during the one-month period from September to October 2020, inventory fell sixteen-percent and new listings were down over seven percent. Sales were down seven percent during that same month, in large part because there just weren’t enough houses to buy.
Active homes on the market from September to October of this year were down over twenty-seven percent! Homes continue to average approximately two weeks on the market before they’re under contract.
If you’ve thought at all about selling your Colorado Springs home, the time doesn’t get much better than it is now. Give me a call today to find out how we can help you buy or sell a home before the new year.