Market Trends March 2020 as COVID-19 Impacts Colorado Springs Housing
The Colorado Springs real estate trends in March 2020 show the market is still active, even as COVID-19 keeps us inside with a governor-mandated Shelter in Place order. As an industry, Realtors are doing everything possible to keep you safe. At the same time we are still meeting the needs of the public who find they must move during these stressful times.
Shut downs began in early March 2020. Most of the sales recorded during this time were already Under Contract when people were sent home and many lost their job. These numbers will transform dramatically over the next month as the market changes to adapt to changing times.
Here is a summary of what happened with existing single-family homes in Colorado Springs compared to the same month last year. These numbers do not include new-built homes, townhomes, or condominiums.
Monthly and Yearly Changes to Colorado Springs Real Estate Market
There are several striking numbers in this chart. The number of people listing their home is down dramatically from last year (27%). However, it’s up over 25% from February to March of this year. That surprised me.
The number of Days on Market and the amount of inventory is about as low as I’ve seen it in several decades of being in the real estate business. That means it is still a Seller’s Market and low inventory in all price categories is driving the market. There is also a pent-up Buyer demand which fuels the above-asking-price sales numbers if a house is priced well when it’s listed. Multiple offers on a property are not uncommon.
Because there are so few homes available, the average sales price of a single-family home in Colorado Springs is up almost 14% since last year. But it’s also up almost 4% just since last month, which also surprised me.
Obviously the next few months will bring dramatic changes to these numbers. In March, over ten million people lost their jobs. The stock market took us on a wild ride, and interest rates twisted and turned like a snake on hot sand.
Reach out if you have questions. I want to help you navigate these trying times. I’m here if you need me.