Colorado Springs Market Information

Home inventory levels have increased by 52% for the month of July when compared to six months ago. Even with this increase, home inventory continues to remain extremely low which is great for sellers but creates a housing shortage for buyers.

When compared to July 2020, there were 409 more homes for sale and only 134 additional home sales in July 2020.  There continues to be competition among home buyers in the current real estate market especially in the lower price ranges due to the low home inventory in Colorado Springs.  Even with the current happenings surrounding Covid-19, the real estate market in Colorado Springs remains strong.

For July, Single Family Home Inventory in the Pikes Peak MLS was sitting at .5 months (compared to .47 months in February). Looking at statistics over the past six months (all price ranges), we are under one month of inventory.

The months of home inventory continues to be favorable in Colorado Springs. There is a balanced market in Colorado Springs when inventory sits at 6 months. The real estate market continues to look good for sellers in Colorado Springs.

**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed

Home sales increased in El Paso County by 1.5% for the month of July when compared to the previous month of June. Compared to this time last year, single family home sales are nearly 7% lower.

There were 134 fewer single family home sales in July 2020. Compared to the previous month of June, the average sales price ($501,138) slightly decreased and the median sales price ($450,000) remained the same. Last July, the average sales price was $427,593 and the median sales price was $377,000. Competition among home buyers remains fierce in the current real estate market; many sellers are receiving multiple offers and selling their homes within days of putting them on the market.

**Information gathered from the Pikes Peak MLS is deemed reliable but not guaranteed