Although July 2020 did not show the end of the COVID pandemic, the Colorado Springs real estate market broke all-time records:
- Sales for a single month—1,978, up 19% from last year, and 13.5% over the previous record.
- Average price—$427,593, up 14.8% from last year, and up 6.4% from last month.
- Median price—$377,000, up 13.6% from last year and up 4.7% from last month.
- Home Inventory—1,500 homes, down 31.8% from last year. This is only a 3 week supply, the lowest level ever.
These stats show that our market has record high prices with a lack of homes for sale, conditions that make the availability of rental properties important.
Check out our Colorado Springs market report from previous months by clicking here.
Check out the PPAR market trends report by clicking here.
Because of these market conditions, rental homes are more in demand than ever in the PPAR MLS. Call All Seasons today to find out the steps you need to take to offer your Colorado Springs investment property as a rental. With All Seasons, it’s not as hard to own and manage rental property as you may think. (719) 632-3368
Single Family Home Sales Price
Median for July 2020: $377,000
Median for July 2019: $332,000
Result: Up 13.6% from last year, and up 4.7% from last month. A new record.
Total Active Listings
July 2020: 1,390 homes
July 2019: 2,199 homes
Result: This plummeted 36.8% from last year. We really need sellers to stop holding back and get their homes on the market.
Average Days on Market
July 2020: 20 days
July 2019: 23 days
Result: Dropped 13% since last year. Homes are still selling fast.
Year-to-Date (YTD) Total Homes Sold
July 2020: 9,177 homes sold
July 2019: 9,245 homes sold
Result: Down 0.7% from last year, about the same.
Total Under Contract
July 2020: 2,981 homes
July 2019: 2,290 homes
Result: Down 24.7%. Inventory is not increasing.
New Listings
July 2020: 1,969 homes
July 2019: 1,852 homes
Result: Up 6.3%. A good turn around from last month.
Sold Listings
July 2020: 1,978 homes
July 2019: 1,662 homes
Result: This number is up 19%. A good showing, considering the inventory is so low.
Summary
Although July 2020 did not show the end of the COVID pandemic, the Colorado Springs real estate market broke all-time records:
- Sales for a single month—1,978, up 19% from last year, and 13.5% over the previous record.
- Average price—$427,593, up 14.8% from last year, and up 6.4% from last month.
- Median price—$377,000, up 13.6% from last year and up 4.7% from last month.
- Home Inventory—1,500 homes, down 31.8% from last year. This is only a 3 week supply, the lowest level ever.
These stats show that our market has record high prices with a lack of homes for sale, conditions that make the availability of rental properties important.
Because of these market conditions, rental homes are more in demand than ever in the PPAR MLS. Call All Seasons today to find out the steps you need to take to offer your Colorado Springs investment property as a rental. With All Seasons, it’s not as hard as you may think! (719) 632-3368
