Executive Summary

Here are the Colorado Springs market stats for February 2021

No surprise; it was a spectacular time for the sellers!  Some high points…

Number of new listings in month (vs February 2020)

• +8% for homes
• -10% for condos

Number sold

• +0% for homes
• +10% for condos
• I’m impressed how well the sales count held up!

Average price

• +18% for homes (!)
• +18% for condos
• Better than Denver’s performance
• Denver’s average price is being driven up by LOTS of luxury sales and not many entry level sales.
• I think Colorado Springs has the same trend to a somewhat lesser extent.
• I do think that this “mix of sales” issue that is artificially driving up the home price will reverse in 3Q

Total active inventory

• Homes, -58% (bigger decline than Denver, %-wise)
• Condos -37%
• No relief in site for buyers
• I don’t expect this to improve (e.g., more inventory) until 3Q at the earliest
• Even then, it’s not like there will suddenly be a tidal wave of inventory; we might just see it improve to, say, 2018 levels.

There is 12-14 days of inventory.

Source: The above executive summary is from Lon Welsh of Your Castle Real Estate.

Colorado Springs Housing Trends February 2021

Colorado Springs Home Prices Hit Another Record High

This Gazette article outlines concerns over Colorado Springs’s rapidly increasing median and average prices and its impact on affordability.  With an 18.2% year over year increase between February 2020 and 2021, last month for the first time the city crossed $400,000 for the median price point.  

The article points to low supply and high demand being the main driver for the increased median price points and dives into some of the reasons behind each of these components.

YouTube Video: Colorado Springs Real Estate Trends – February 2021

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