- Listen to the podcast “#29: Colorado Springs Real Estate Trends – March 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.
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
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.
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.
Historical Context Comparisons
Both markets have seen significant price appreciation in the past decade.