The Colorado Springs MLS trends data for July 2021 is out. Comparing year over year (July 2020 to July 2021) is better than comparing the previous month, because we have defined seasonality trends.
While July continued the trend of few listings and rising price points, the median price increased only slightly and we saw showings per listing decrease to the same level it was for July 2020 (11) which is an encouraging sign. However, the days on market (DOM) is still continuing to increase. Average DOM for July 2021 was 7 compared to 20 for July 2020 and 9 for June 2021.
Competitiveness is still extreme, and buyers still feel pressured to make a strong offer immediately. We’ve seen that homes priced higher than assumed market value stay on the market a little longer. I’m guessing this is because people don’t feel comfortable making an offer less than the listed sales price.
Once again, a Colorado Springs zip code is ranked as one of the hottest in the nation for home sales. This time 80916 took the #1 spot to beat out 29,000 other zip codes. The 80916 area is near the airport and definitely poised for growth. Realtor.com’s rankings are based on how fast homes sell in a particular ZIP code, along with how frequently home listings were viewed online by prospective buyers. Last year, zip code 80911 was ranked #1, so Colorado Springs had a top spot two years in a row.
- Listen to the podcast “#45: Colorado Springs Real Estate MLS Market Stats – July 2021” 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.
Key Takeaways from July 2021 vs. July 2020
The market is still good for sellers, but a little less red-hot.
- New listing count is +5% from last month for homes and +18% from July 2020. So grateful to have more listings.
- Active listing inventory is up for homes and condos.
- It’s working from such a small base, the percentage looks awkwardly large: +26% (homes) and +67% (condos)
- It’s better to think of it in total number of listings. Homes +200 (homes) and +40 (condos)
- Sales unit count +2% from last month and -7% from July 2020
- Remember we could not show homes in March/April 2020, so June/July 2020 was overwhelming
- Relative to historical trends, July 2021 was about the right number of closings
- Average price off -0.5% from last month (homes) and -2% (condos). Versus Jul 2020, +17%.
- That’s not quite as red-hot of growth as we have had. Things are slowing down a little.
Source: The above executive summary is from Lon Welsh of Your Castle Real Estate.
Colorado Springs Housing Trends July 2021
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