New Listings in April Showering Sales in May

By
Real Estate Agent with Falcon Property Solutions

Real Estate Market Trends Colorado Springs April 2020

Even with Sheltering in Place for the past month, the Colorado Springs housing market trends remain strong. I believe housing will remain vital as the nation seeks to recover from the COVID-19-induced recession.

We continue the trend of Colorado Springs being a Seller's Market. Inventory is so low the average days on market is only 17 DAYS. Never in my decades in real estate do I recall it ever being that low. That is a drop of 45% from the same period last year, and a 32% drop from last month!

The consistently low inventory over the past few years has fueled our Seller's Market. COVID-19 and the fear of being exposed further impacted the number of listings to a serious degree. From last April to this April, there was a 9% increase in listings. But from March to April of this year, there was a 38% increase in listings, incited in large part by the easing of quarantine restrictions.

This is a snapshot of what's happening with existing single-family homes in Colorado Springs in April 2020 compared to the same month last year. Homes that were well-priced when they were listed sold for an average two percent above asking price.

Weekly COVID-19 Housing Market Trends

Here's an even closer look at the real estate market in Colorado Springs on a weekly basis. Between April 25 and May 2, Colorado allowed a loosening of the strict no-showings policy that had been in effect in early April. Weekly stats from our local MLS as restrictions relaxed show a 62% jump in one week in new listings. There was a 50% increase in homes that went under contract from that week to the next.

There are many restraints still in place as we navigate with strict Safer at Home guidelines, but the Colorado real estate market is responding favorably to some new-found freedoms. This time of year is normally full of steady listings and sales. I believe the real estate market trends in Colorado Springs, enhanced by low interest rates, will continue to push through the bottleneck and explode in a flurry of activity in the coming months.

Even though the average sales price increased almost 16% over last year, it appears market values are not increasing foolishly as 561 people lowered their prices this past week. A good indication that while brisk, the market is not getting out of control. What I can't figure out, however, is why 107 people thought raising their prices was a good idea.

If you have thoughts of buying or selling a home in the Colorado Springs area, call or text me. I'd love to discuss your particular situation with you.

Originally published as Colorado Springs Housing Market Trends by Mimi Foster

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Selling homes throughout Colorado Springs, Old Colorado City, Manitou Springs, and surrounding areas

 

     

Mimi Foster

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Mimi has received the honor of being voted one of the best Realtors in Colorado Springs five years in a row. With over two decades of experience, she is committed to making the home buying/selling process as painless and enjoyable as possible. Read Full Bio…

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Comments (6)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Excellent report, Mimi. Our sales were way down in April... as were new listings and pending sales. Inventory is razor thin.

May 09, 2020 10:34 AM
Mimi Foster

Thanks so much! I've been surprised how active it's been. I imagine there's going to be an explosion of listings soon with all of this pent up energy - and from people who have decided they don't want to live with their partners anymore LOL

May 09, 2020 01:22 PM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Nice report on the Colorado Springs real estate market. After a precipitous drop in new listings in April, listing are rising in May. As post-SIP transactions begin to close, checking the sales prices will be most informative.

May 09, 2020 11:57 AM
Mimi Foster

The most surprising thing to me in my search was the extraordinary number of people who dropped their price.

May 09, 2020 01:23 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Mimi and Thanks for the great report to share with us here in the Rain.  Make it a great day!

 

May 09, 2020 12:00 PM
Mimi Foster

Hey, Will. Thanks for stopping by!

May 09, 2020 01:23 PM
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Boy, the energy of youth.  Post, post, post, post.

April showers brings May sales?  That's not how the saying goes...

May 09, 2020 12:10 PM
Mimi Foster

I've been doing a lot of planning while we were sheltered in place. My business is booming and I wanted to really see what was happening. I've found that the market reports are not so much for the consumer as it is for me to actually know what's going on. I'm ready for things to bloom. We had an exceptionally cold winter. And my daughter in NY has about 4" of snow today and it's still snowing!

May 09, 2020 01:26 PM
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I understood that, but was being typically obnoxious.  My best grades were in Obnoxious 101 and 102.

Cold here too, by season.  30s at night, lower 50s during the day.  Much, much colder than normal for May.

May 10, 2020 01:01 AM
Mimi Foster

You? Obnoxious? Say it isn't so! 


I think we're going to go from cold to miserably hot and dry in 3.2 :) 


 

May 15, 2020 08:34 PM
Sandra Mathewson
RE/MAX 4000 - Grand Junction, CO
CRS,ABR,SRES,GRI,CDPE,PSA,SFR

Excellent real estate market presentation!   The market where I am in Grand Junction CO is very active.  Wishing you lots of buyers and sellers!

May 15, 2020 05:38 AM
Mimi Foster

Thanks so much! Appreciate the kind feedback.

May 15, 2020 08:35 PM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

We are also seeing a busy market, and like many, not enough listings. Had a new one go Pending in 10 hours. They wanted me to write up a contract and said they would confirm their decision at the inspection. They live in Seattle and made the full price offer sight unseen. Thankfully, the inspection was yesterday and they still love it.  It will be wonderful when we get more homes on the market for buyers  Glad to hear you are also staying busy. D

Jun 11, 2020 06:18 AM