Instead of competing against 20 offers, say, we’re now only competing against 15. Our agent Leah even helped a new client get their very first offer accepted, and it appraised for more than the contract. We’re not sure what explains the lessening competition, although the average number of people walking through a property dropped from 18 in April to 15 in May. It’s possible people are starting to go on vacation again and that seasonality is coming back to the market for the first time since COVID upended things.
I always tell my clients that there’s no perfect scenario for investing in real estate, so it’s important to look at the big picture. Price points are high right now, but we also have historically low interest rates. This may be the only time buyers can get an investment property with an interest rate in the 3% range. Now is a good time to take advantage of cheap long term debt and ride the wave of growth. If you’re interested in investing, reach out to me and I will help you figure out how to achieve your goals.
- Listen to the podcast “#35: Colorado Springs Real Estate MLS Market Stats – May 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 May 2021 vs. May 2020
Here are the summary stats for CO Springs for may. It was a really strong month!
- Year to date sales prices are up 23% (!), and May was similar (+27%).
- Unit count is up 18% year to date and +45% for May (recall May 2020 was greatly depressed due to COVID showing limits)
- The number of new listings in May was down a little from last year but pretty stable. Overall the number of new listings year to date is about flat vs. last year.
- 0.3 months of inventory…again. Tight market.
Source: The above executive summary is from Lon Welsh of Your Castle Real Estate.
Colorado Springs Housing Trends May 2021
How to Get Started Building Your Own Rental Portfolio
For information on how to get started investing in Colorado Springs, check out our free 2021 Colorado Springs Real Estate Investing Guide.