First month since August 2020 that over 1,000 active homes were for sale, only a 16-day supply of homes. Because there aren’t many homes to choose from, buyers are offering over asking price, and bidding wars continue. Homes sold for 2.7% above asking price in August. Double-digit price increases continue, with a median sold price of $450,000, up 18.4% from last year. The average price dropped just below the $500k threshold at $499,278, up 14.5%.

Colorado Springs is still in a strong seller’s market. The inventory remains low, but shows improvement for the first time in months. The pandemic, lumber costs, and builder inventory have all put a huge strain on local home inventory.