Here is the market watch data for the Pikes Peak Association of Realtors® for the last 7 days.
New Listing (437)
Price Increase (50)
Price Decrease (233)
Back On Market (84)
UC 1st Rgt - Showing (2)
Under Contract - Showing (301)
UC Short Sale - Showing (11)
There were nearly 100 more new listings that the previous 7 days. Are owners seeing their neighbors get top dollar and deciding to try their luck?
On the other hand, 233 sellers found they needed to decrease their price to increase showings and offers.
84 properties came back on the market. Many of those because of low appraisals.
A total of 602 properties went off the market to “Under contract – showing” or “pending” status.
Inventory remains very low.
Choosing which property to buy in a hot market can be tricky. Buyers need to be working with a veteran broker who can educate them on the important differences between properties and help them with a strategy to get the house they want.