Colorado Springs Real Estate Market Trends January 2020
The Colorado Springs real estate market trend remains on its years-long course of being a Seller’s Market. Lack of inventory continues to play a major role in the low days-on-market number. The supply of homes available for sale is slightly up over last month, but has gone down almost fourteen percent from the same period last year.
What that means is, if we listed no new homes, it would take just one month to run out of existing houses for sale. Certainly a boon to Sellers and a frustration to Buyers.
The following graph views only existing single-family homes and patio homes, but does not take into account new houses that are currently being built. This is a comparison of sales data from January 2020 to sales data of January 2019.
A low inventory keeps demand from Buyers high and is a perfect time for Sellers to take advantage of this Colorado Springs real estate market trend. The sooner a home is listed for sale before the rush that usually takes place in the Spring and Summer months, the higher chance a Seller has of selling quickly and for close to asking price.
But Seller beware . . . just because there is a lack of inventory does not mean you can charge more than your home is worth. Buyers tend to wait for reasonable value rather than make an offer for a property for which the Seller is asking too much money. On the other hand, if it is fairly priced, you have a good chance of receiving close to asking price in a short amount of time.
So use these numbers to help you decide whether now is a good opportunity for you to step into the Colorado Springs real estate market. Please reach out to us if you have questions.