The Colorado Association of Realtors® (CAR) recently released the latest sales data for May 2016. In the report, there are some key factors which point to the Pikes Peak region being in a strong seller’s market. Our population is continuing to grow with more people seeking homes in and around Colorado Springs. This is great news in itself, but homebuyers are seeing a bit of a tougher time in finding a home, mainly due to lower inventory on the market. With fewer homes to choose from, buyers are also paying more. These two factors put sellers in an ideal position to list their property and come out ahead in the market.
According to the CAR report for May, there are fewer properties on the market across the state. With 17,724 single-family homes listed for the month, inventory supply is down by 24%, representing a supply of 2.5 months. For condos and townhomes, the supply was down by 30% with 4,237 units listed for sale, providing less than a two-month supply of inventory. This current inventory is almost 50% less than the same time a year ago.
Despite a lower inventory, buyers are finding homes in the Pikes Peak region, with a record number of closings being reported for May. The Pikes Peak Association of Realtors® has indicated 1,495 residential-property sales closed in May, almost 300 more listings than the average of 1,200 per month.
Across the state and within the Pikes Peak region, home prices are on the rise. CAR data released for May shows that the Southeast region of Colorado, which Pikes Peak is a part of, had a 6% increase in median-sales prices for single-family homes, compared to the prior year. The median price for May 2016 was $242,810 compared to $229,000 in May 2015. Condos and townhomes also saw an increase in median prices, up 5.8%, moving from $156,000 in May 2015 up to $165,000 this year. The median sale price for single-family homes across the state also went up to $335,000, or 8%, while condos and townhomes increased by 12% in median sale prices, to $245,500.
This trend is expected to continue in the coming months. If you are thinking of selling your property in the Pikes Peak region, this is an ideal time to list your property. When you are ready to sell or buy your home, we at Springs LifeStyles Real Estate are here to help you with all of your real estate needs! As your buyer agent, we will strive to give you the best support we can. Call Kathy Stenberg at (719) 963-4867 or you can email her at springslifestyles@gmail.com. You can also visit us at our website for available listings and additional information.
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