August showed a 7.8% drop in sales, while also showing a 10.3% increase in the median home price. The national real estate market appears to be slowing down, but our local housing demand is keeping home prices high in our area. This means that the PPAR market needs more average-priced residential homes to rent.
If you have a home to rent, or are interested in renting your home, call us today at (719) 445-7172 Here are some of the numbers in the PPAR region for August 2018. You can read more by clicking here: https://ppar.com/MarketTrends.aspx
Total Residential Sales: 1,592
Last Year: 1,658. This is down 4.0%.
Total Homes for Sale: 2,414
Last year: 2,292. This is up 5.5%.
Median Price of Home: $315,000
Last year: $282,750. This is up 10.3%.
Average Days on Market: 26
This is about the same as last year, when it was 24. But it is down significantly from February of this month when the DoM was 40 days.
Home prices are high. Homes are selling a lot faster than in the winter months. There are just not enough homes in the PPAR region in the price range most people want.
What does all of this mean? It’s a great time to have a Colorado Springs investment home, and a great time to rent a home in Colorado Springs! Check out our available rentals at http://allcountycs.com/available-rentals
Call us today at (719) 445-7172 for more information about renting out your home in Colorado Springs.
All County is here for you!