Colorado Springs Real Estate Market August 2020 and August 2021
The Colorado Springs real estate market continues to be strong. There were increases in almost every area over the same period last year. It continues to be a solid Seller’s market, even as sales do a typical end-of-summer slow down.
The number of listings was up twenty-percent from last August, but the days on market fell from two weeks to an average of one week actively available before going under contract. Homes sold for an average of 103% of asking price, and sales prices were up fifteen percent over the same period last year.
Inventory continues to be low at only one-half month. What that means is, if no new houses come on the market, all available inventory would be sold within two weeks. While that didn’t change from last year, those are still impressive numbers.
This is a snapshot of what’s happening with existing single family homes in El Paso County compared to the same month last year.
Monthly Changes July to August 2021
Colorado Springs real estate slowed a little as the number of new listings between July and August of 2021 was down almost twelve percent. Sales were down three percent, and the average sales price dropped slightly at about one percent.
The number of Active Listings was down less than a half a percent. Between July and August of 2021, the months’ supply remained at two weeks, similar to August of 2020.
The biggest change in the real estate market in Colorado Springs was the number of listings being down twelve percent. Otherwise, there wasn’t much change.
Housing Market Predictions for Colorado Springs Real Estate
As the lazy days of summer turn to the golden days of autumn, the Colorado Springs real estate market prediction is that it will remain a strong Seller’s market. Although there is more inventory and we are seeing the typical after-Labor Day slowdown in sales, the market still favors Sellers and should continue to do so at least into next year.
Interest rates are still at historic lows, but the frantic bidding wars seem to have cooled to a reasonable selection for Buyers.
If you are interested in buying or selling a home in Colorado Springs, I am happy to discuss your personal housing situation with you. Feel free to contact me. Decades of experience in Colorado Springs real estate gives me unique insight into getting you your best deal.