The Colorado Association of
Realtors® (CAR)
recently released the latest sales data for May 2016. In the report, there are some key factors which point to
the Pikes Peak region being in a strong seller’s market. Our population
is continuing to grow with more people seeking homes in and around Colorado
Springs. This is great news in itself, but homebuyers are seeing a bit of a
tougher time in finding a home, mainly due to lower inventory on the market. With fewer
homes to choose from, buyers are also paying
more. These two factors put sellers in an ideal position to list
their property and come out ahead in the market.
According
to the CAR report for May, there are fewer properties on the market across the
state. With 17,724 single-family homes
listed for the month, inventory supply is down by 24%, representing a supply of 2.5
months. For condos and townhomes, the supply was down by 30% with 4,237 units listed for sale, providing less than a two-month supply
of inventory. This current inventory is almost 50% less than the same time a year ago.
Despite
a lower inventory, buyers are finding homes in the Pikes Peak region, with a
record number of closings being reported for May. The Pikes Peak Association of
Realtors® has indicated 1,495
residential-property sales closed in May, almost 300 more listings than the average of 1,200 per month.
Across
the state and within the Pikes Peak region, home prices are on the rise. CAR
data released for May shows that the Southeast region of Colorado, which Pikes
Peak is a part of, had a 6% increase in
median-sales prices for single-family homes, compared to the prior year.
The median price for May 2016 was $242,810
compared to $229,000 in May 2015. Condos and townhomes also saw an increase
in median prices, up 5.8%, moving
from $156,000 in May 2015 up to $165,000 this year. The median sale
price for single-family homes across the state also went up to $335,000, or 8%, while condos and
townhomes increased by 12% in median
sale prices, to $245,500.
This
trend is expected to continue in the coming months. If you are thinking of
selling your property in the Pikes Peak region, this is an ideal time to list
your property. When you are ready to sell or buy your home, we at Springs LifeStyles Real
Estate are here to
help you with all of your real estate needs! As your buyer agent, we will
strive to give you the best support we can. Call Kathy Stenberg at (719) 963-4867 or you can email her at springslifestyles@gmail.com. You can also visit us at our website for available listings and
additional information.
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