Colorado Springs Real Estate Trends – March 2021
The Colorado Springs MLS trends data for March 2021 is out. Comparing year over year (March 2020 to March 2021) is better than comparing the previous month, because we have defined seasonality trends. The big news is average sales price increased 21% from March 2020 to March 2021. Listen to the podcast to find out what accounts for this dramatic price increase.
Three Learning Options!
  1. Listen to the podcast “#29: Colorado Springs Real Estate Trends – March 2021” on the Colorado Springs Real Estate Investing Podcast
  2. Watch the YouTube video (at the bottom.)
  3. Read the blog post. Note, the blog is an executive summary. Get the in-depth breakdown from the podcast or video.

Executive Summary

Here are the Colorado Springs market stats for March 2021

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

Local Headline: Colorado Springs’ cost of living average spikes again, above national average

The Gazette recently reported that higher housing and gasoline prices pushed the cost of living in Colorado Springs last year to 103.4% of the national average which was the highest annual average the Council for Community and Economic Research has recorded in the 14 years the nonprofit has made that calculation. Rent for a 2 bedroom apartment in Colorado Springs increased at 3 times the rate of the national median to $1,386, or nearly 40% above the median in 2020. Prices for a new 4 bedroom house locally increased nearly 10% to $343,668, or 10.7% above the national average. Check out the Gazette article to get all the details.

Colorado Springs Housing Trends March 2021

Colorado Springs showings / active listings March 2021
Colorado Springs March 2021 real estate listings and sales
Colorado Springs March 2021 real estate total sales YTD
Colorado Springs March 2021 real estate total sales under contract
Colorado Springs March 2021 real estate average days on market
Colorado Springs March 2021 real estate listings average and median sales prices
Colorado Springs March 2021 real estate homes for sale
Colorado Springs March 2021 real estate new listings
Colorado Springs March 2021 real estate residential home sales

First Quarter 2021 Colorado Springs Residential Trends

In the last 12 months, Colorado Springs homes and condos are both continuing double digit appreciation. Inventory is again at record lows for both attached and detached properties. As a result, 77-82% of all properties in MLS are already under contract.

2021 Colorado Springs Residential Trends

Months of Inventory

Inventory has steadily tightened since 2008. Months of Inventory (MOI) on 4/5/21 was just 0.3 for homes and 0.4 for condos. No end in sight to this sellers’ market. It became a sellers’ market in 2015. There is a lot of seasonality in MOI, the smallest number of homes are usually on the market in December/January, and the largest number of homes are usually available in late spring – early summer. Homes and condos mirror each other very closely.

Colorado Springs months of inventory MOI

Historical Context Comparisons

Both markets have seen significant price appreciation in the past decade.

Colorado Springs Historical comparison rental property chart

YouTube Video: Denver and The Springs Real Estate Trends – March 2021

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Authors
Jenny Bayless
Jenny Bayless is an investor-friendly agent with Envision Advisors, Colorado real estate investor, and the host of the Colorado Springs Real Estate Investing podcast.
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