Housing Market Trends December 2019 to December 2020
We finished out the unsettled year of 2020 with incredibly strong housing market trends. This shows no sign of letting up as we head into the new year. During the first week in January 2021, there are only 212 single-family homes available in all price ranges in El Paso County. Compared to several thousand normally available for sale at any given time, you can see it is a market heavily weighted in a Sellers favor.
The number of active listings was down almost 60% from the same time last year. But there are two other statistics that are even more shocking. The average house is selling within the first two weeks of being listed. What that currently means is that if no other houses are put on the Multiple Listing Service, all inventory would be sold in just over a week!!
In addition, the average sales price of a home is up over 20% from last year. Good for Sellers, difficult for Buyers. Buyers still often find themselves in multiple bid situations. Now more than ever it is imperative you have an experienced real estate agent representing you whether you’re a Buyer or a Seller.
If a home is priced properly, sales prices are averaging 101.3% of asking price.
This is a snapshot of what was going on with existing single-family homes in El Paso County (Colorado Springs and surrounding areas) during the month of December 2020, compared to the market in December 2019.
Housing Market Trends November 2020 to December 2020
In the past month, new listings were down almost 15%. The number of active homes on the market was down substantially (21.4%). Some of this is natural slowdown around the holidays. But the inability of Sellers to be able to replace what they currently have for an affordable amount is often a deterrent when deciding to sell.
Regardless, there is a strong market for Buyers who are downsizing. And bucking the trends of the past few years, there is also a strong market for Buyers who want a larger house. As we are spending more time at home, people are finding they want more room to spread out.
Please don’t hesitate to email or text or call if you have any questions about your particular situation.