Colorado Springs Market Update

Colorado Springs Market Update

Colorado Springs Market Update

as of February 1, 2019

We are in a Hot Seller’s Market.  

Now is a great time to sell your Colorado Springs home and get the most money for it. Indications as of the last few months have suggested that we may have hit the top of the market as Home Prices have leveled off, the Median Home price seems to have stabilized, and Inventory has decreased slightly. The Average days on market has also increased slightly to 46 days on market.

 


Colorado Springs has one month of home inventory which means their is a very low supply. The demand for homes in Colorado Springs is very high as well so there are typically multiple offers on homes. The Demand is High because Colorado Springs is ranked consistently as one of the best places to live! According to U.S. News & World Report Colorado Springs Ranks #1 for Most Desirable Places to Live in the Country!

The supply and demand curve has pushed home prices up. In Colorado Springs the median home price in January 2018 was $295,000 and today in January 2019 the median home price is $303,000. So you can see that home prices have leveled off and have stabilized from huge increases from year to year.

Sell Your Home Today!  719-SELL-NOW (719-735-5669)

Inventory

Home Sales

Home Price

Days On Market

1.3 months

1.6 months Inventory last month

1.5 months last year

 3% decrease

⇓15% from last month

⇓3% from last year

$303k median

$300k last month

$295k last year

 46 avg days

Avg 40 last month

Avg 39 last year

(Updated by the 7th day of every month. Metrics for all Single Family/Patio Homes in the Pikes Peak region. Data provided by Pikes Peak REALTOR® Services Corp. Absorption Rate & Inventory calculations provided by Wish Property Group, Inc®. © 2012-2018 Wish Property Group, Inc®. All Rights Reserved)

What does our Colorado Springs Market Update really mean?  It means that if no more homes were listed on the market as of today, it would take just over 40 days (30 days per month x 1.36 absorption rate) for all the homes currently listed to be sold.  

So with very Low supply and High demand for the limited number of homes available, this has caused an increase in Home prices not only last month but over the last several years.


Call Jerrod Butler today @ 719-735-5669 (719-SELL-NOW), I Guarantee I will get your Home Under Contract within 29 days or I’ll buy it!  My proven Marketing System gets Results. Any Median price home or less, we can guarantee to buy it, it’s No Risk Selling.

“It’s Your Wish, Let’s Make It Happen!”® 

Colorado Springs Market Update

Jerrod Butler
Broker, Owner, REALTOR®
719-735-5669 (719-SELL-NOW)
[email protected]
Wish Property Group, Inc.


Let’s look at Last Month’s numbers:

As of February 1, 2019 we have an Absorption rate of  1.36 months on hand of inventory. This means that if we are at 1.5 or lower we are in a very Hot Seller’s market. If we were at 6 we would be in a perfectly balanced market.  If we were at 7 or more we would be in a Buyer’s Market.  Let’s look at the Colorado Springs Market Update numbers below.

1. Our first number is the time frame, that being 1 month, the month of January.
2. Our second number is the number of homes sold last month, that being 902 homes sold in January.
3. Our third number is 1232 which was the number of Active listings on Jan 31st (for El Paso County).

1232/902 = 1.36     1.36 x 1 month = 1.36 months of inventory = Hot Seller’s Market

By using the above Absorption rate calculations we can best determine whether we are in a Buyer’s or Seller’s market. Absorption rate (Inventory) is a measurement of the rate at which a group of homes in a particular area get processed through the system.  If the absorption rate is slow (higher number), that means there will be in increase in supply of homes which leads to a buyer’s market.  If absorption rate is fast (lower number), that means there will be a decrease in supply of homes which leads to a seller’s market. It is really a function of supply and demand where supply is the current inventory of homes and demand is what has been sold in a given time frame. Absorption rate is the best metric to determine if we are in a buyer’s or seller’s market, however knowing average days on market, home price trend, and home sales trends are obviously good metrics to determine market conditions in your area.

Thinking of Selling?…I would love to support you. 

Call Today!  719-SELL-NOW (719-735-5669)

 

Call Jerrod Butler
719-SELL-NOW
(719-735-5669)

Jerrod Butler,
REALTOR®, GRI, ABR®, MRP
[email protected]
  • Yelp Reviews

    Wish Property Group
    5.0
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    Derik H.
    Derik H.
    2017-11-22 14:08:31
    Jerrod was awesome to work with! I can't even start to explain how to say "DONT HIRE ANYONE ELSE". Im just glad I picked Jerrod to sell my home. It was a...
    Paul M.
    Paul M.
    2017-11-19 19:55:54
    Jerrod is the best realtor, easy to work with and really understanding.He was able to go over-board to make sure that I get a home that I was happy and for...
    Edwin R.
    Edwin R.
    2017-09-14 15:31:32
    Jerrod was really great to work with, we highly recommend him. When we were interviewing prospective realtors, Jerrod was one of the many we contacted. In...
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