Market Report February 2020
The Colorado Springs real estate market continues to break records and be impacted by low inventory. At the end of February 2020, there were only 830 existing single-family homes available. (The numbers used do not reflect Condominiums or Townhomes, nor do they include homes that are currently being built.)
In just one month, the average sales price jumped a whopping five percent, from $360,027 in January 2020 to $377,952 this past month. There was a slight increase in the past month in the number of new listings, going from 1,063 in January to 1,081 in February.
In that same one-month period between January and February 2020, the number of active, available homes on the market went from 865 to 830, a drop of four percent. Those numbers are reflective, in part, to more than an eight percent rise in sales between January and February of this year from 775 to 840 homes sold.
Last Year Compared to This Year
The following is a snapshot of what is happening with existing single-family homes in Colorado Springs compared to the same month last year.
If you're even considering buying a home, now is the time before prices go up during the spring and summer months. Interest rates continue at an all-time low, allowing you to purchase more home for the dollar, but rising prices may negate that gain. Unfortunately, this often means there are multiple offers for the same property, so make sure you're using an experienced Realtor who knows how to negotiate on your behalf.
There is a robust demand for homes, so if you're even thinking of selling, now is the time to get your house on the market before the influx of new listings during the warmer months. As of February 2020, the average home in Colorado Springs sold for full asking price (if it was well priced when it went on the market)!
Ask us for your FREE NEE report (Net Equity Estimate) to find out how much money you might net from the sale of your home.
Originally posted as Colorado Springs Real Estate Market Trends for February 2020 by Mimi Foster