- Listen to the podcast “#13: Colorado Springs Real Estate MLS Market Stats – December 2020” on the Colorado Springs Real Estate Investing Podcast
- Watch the YouTube video (at the bottom.)
- Read the blog post. Note, the blog is an executive summary. Get the in-depth breakdown from the podcast or video.
Here are the high level Colorado Springs results for December 2020
- The inventory levels are near all-time lows, as they are in Denver.
- MOI (months of inventory) ended the year at 0.4 (vs December 2019 which was 1.0). It’s a strong seller’s market.
- Despite the low inventory, the number of new listings in December 2020 improved (940) vs. Dec 2019 (820). I think this is encouraging; clients that might have been reluctant to list due to COVID concerns might be getting past that.
- The number sold in December 2020 (1375) was +10% from December 2019 (1245). This is similar to Denver.
- The median home price in December was +15%, similar to Denver. Again, this is a mix issue where we have a shortage of entry level product and an unusually high number of luxury home sales. That will eventually reverse (my guess in 3Q 2021).
- Condos had generally the same trends as homes.
For the entire year (2020 vs 2019)
- New listings +1% homes, +11% condos
- Sales +8% homes, +13% condos
- So of course inventory went down
- Average price +13% (homes), +10% (condos)
Source: The above executive summary is from Lon Welsh of Your Castle Real Estate.
Colorado Springs Housing Trends December 2020
Colorado Springs Zip Code 80911 Ranked #1 Hottest by Realtor.com
In case you missed it, the 80911 zip code south of Colorado Springs has the “hottest” housing market in the U.S., according to an analysis by realtor.com.
The 80911 zip code covers the Security-Widefield area, bordered by Milton E. Proby Parkway to the north, South Powers Boulevard to the east, Fountain to the south, and Fort Carson to the west.
To come up with their list, the realtor.com economics team looked at ZIP codes in the 300 largest metropolitan areas (which include the main city and surrounding smaller urban areas, towns, and suburbs) from April through June of 2020.
Each ZIP code needed at least 13 listings per month to be included. Only the top ZIP code from each metro area was included.
Colorado Springs’ 80911 was the only Western zip code to rank in the top 10.
According to realtor.com, homes in 80911 sold in a median six days in July 2020.
“The appeal of the ZIP code, about 80 miles south of Denver, may lie in its relative affordability,” they said in their analysis. “The median home list price was $306,500 in July—significantly less than the median $455,050 price within Colorado Springs’ city limits, according to realtor.com data. It’s also much less expensive than Denver’s median $550,000 price tag.”
“But that increase in demand has driven prices in the ZIP code up nearly 15.9% from last July,” the analysis noted.
Several Pikes Peak-region zip codes have made the “hottest” list in the past few years.
Zip code 80916, which covers a portion of southeastern Colorado Springs, was ranked #10 on last year’s list.
So what are the nation’s most in-demand ZIP codes for 2020?