The Colorado Springs housing market continues to break all the records even when the COVID pandemic has not ended. The real estate market has reached record high prices with a lack of homes for sale. The Colorado Springs real estate market is facing a severe lack of inventory, with 50% fewer homes available for sale than at this same time last year. It is a hot seller's real estate market. As of August 2020, the “Months Supply of Inventory” is 0.8, down by 55% from last year.
In August, home sales in El Paso county increased by 13.3% while new listing dropped by – 9.6% year over year. The median sales price has reached a new peak of $380,000, which is + 15.2% higher than last year. Total available properties for sale have shrunk by – 53.5% year over year which amounts to 0.8 months of supply. The latest monthly data by the Realtor.com shows that homes in Colorado Springs sell faster than average compared to other cities in El Paso County. It takes an average of 38 days on market for a home to sell in Colorado Springs.
The median list price of homes in Colorado Springs on their platform is $350,000, trending up 9.4% year-over-year. The median listing price per square foot was $157. The median sale price was $337.5K. Ideally, a buyer would prefer a sale to asking price ratio that’s closer to 90%. The sellers in Colorado Springs have managed to hold good leverage in these negotiations in the past month. On average, they could sell homes for 100% of the asking price. A seller would always prefer scenarios that can yield a ratio of 100% or higher. The detailed analysis for the Colorado Springs real estate market (single-family homes) from April to date is given below.