COVID-19 has not had a big effect on our local real estate market. The monthly sales numbers for June (1,684) were nearly the same as this time last year (1,651). Three other categories have significantly changed: Total Under Contract (up 18.8% from last year), Days-on-Market (down 25%), and Total Active Listings (down 30.3%). These stats show that although buyers are out in force, sellers are holding back, causing our market to lack homes for sale.
Because of the current 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
Single Family Home Sales Price
Median for June 2020: $360,000
Median for June 2019: $331,000
Result: Up 8.8% percent from last year, still rising fast. Good news if you already own a home, but the increasing prices make it harder for prospective buyers to afford the rising home prices.
Total Active Listings
June 2020: 1,479 homes
June 2019: 2,122 homes
Result: This plummeted 30.3% from last year. We really need sellers to stop holding back and get their homes on the market.
Average Days on Market
June 2020: 18 days
June 2019: 24 days
Result: Dropped 25% since last year, a huge difference. Buyers are not waiting when a home goes up for sale. This is the fastest homes have been selling for quite a while.
Year-to-Date (YTD) Total Homes Sold
June 2020: 7,200 homes sold
June 2019: 7,583 homes sold
Result: Down 5% from last year, about the same.
Total Under Contract
June 2020: 3,040 homes
June 2019: 2,559 homes
Result: Shot up 18.8%. Hopefully, this is a sign that more inventory is coming.
New Listings
June 2020: 2,020 homes
June 2019: 2,053 homes
Result: Down 1.6%. Hopefully this will turn around soon.
Sold Listings
June 2020: 1,684 homes
June 2019: 1,651 homes
Result: This number is up 2%.
COVID-19 has not had a big effect on our local real estate market. The monthly sales numbers for June (1,684) were nearly the same as this time last year (1,651). Two other categories have significantly changed: Total Under Contract--up 18.8% from last year, and Days-on-Market--down 25%. Although buyers are out in force, sellers are holding back, causing our market to need more homes for sale.
Because of the current 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
