The market for Colorado Springs homes is hot! In fact, the average days on market for a home in the Colorado Springs area is lower than it has been since 2006 (62 days on market). The most desirable homes are selling in days – not months or weeks, and much of this is due to the incredibly low inventory of available homes (roughly half of what was on the market just 3 years ago).
The data comes from an article posted this week in the Colorado Springs Business Journal:
As of June 30, single-family homes spent an average of 62 days on the market, the lowest number since June 2006, when the Pikes Peak Association of Realtors started keeping records.
The total number of active listings is extremely low at 3,450, said Fred Crowley, associate director of the Southern Colorado Economic Forum. He compared that number with around 6,000 active listings in June 2010.
“The available homes for sale has decreased 40 percent over three years ago,” Crowley said. “These numbers are just mind-boggling.”
A total of 1,114 homes sold in May, an increase of 20.4 percent over the 925 homes sold in May 2012. The momentum continued in June as 1,104 homes sold, compared with 846 in June 2012, an increase of 30.5 percent, said Joe Clement of RE/MAX Properties.
From January through May of 2012, 3,420 homes sold, compared with 4,233 this year, an increase of 23.8 percent, according to figures from the PPAR.
These numbers are insanse and explain why buyers looking for Colorado Springs homes are having such a hard time.
Besides the standard resale market, the number of available Colorado Springs foreclosures has dropped sharply over the past year and is just increasing the difficulty buyers are having finding homes to buy.
If yo are in the market, make sure our team is aware of your needs so we can keep an eye out for the newest listings as the hit the market (or before). Give us a call at: 719-641-4209