December 2020 real estate statistics: Inventory broke records yet again, falling to a record low of 532 homes for sale in the entire Pikes Peak Region. This is less than a 1/2-month-supply of homes, just 12 days. Showing that homes are even more scarce is the statistic that less than 250 of the inventory are in the Colorado Springs city limits.
High demand and low interest rates mean that our inventory problem will persist this year. Sellers get multiple offers on their homes quickly. Buyers must enter bidding wars, with few home to choose from.
What does the real estate market in December tell us about rental homes? More rental homes are needed for all the folks who cannot buy homes because of the low inventory. If you have investment property you’d like to rent out, call us today at (719) 445-7172
New Listings: 939
This number is up 14.2% from last year, when it was still low at 822.
Total Residential Sales: 1,376
This number is up 10.3% from last year, when it was 1,247.
Total Active Listings: 530
This is down a whopping 59.5% from last year, when it was double, at 1,302.
Total Under Contract: 1,778
This is up from December of 2019, when it was 1,568.
Median Price of Home: $379,999
This is up 15.1% from last year.
Average Price of Home: $437,365
Still going up from last year, when it was $329,990.
Average Days on Market: 20
Down 31.1% from last year, when it was 29. A positive change.
YTD Total Sales: 17,337
Up from last year, when we had 16,060 Year-to-Date total sales. This is now the total for the year.
Summary
December 2020 real estate statistics: Inventory broke records yet again, falling to a record low of 532 homes for sale in the entire Pikes Peak Region. This is less than a 1/2-month-supply of homes, just 12 days. Showing that homes are even more scarce is the statistic that less than 250 of the inventory are in the Colorado Springs city limits.
High demand and low interest rates mean that our inventory problem will persist this year. Sellers get multiple offers on their homes quickly. Buyers must enter bidding wars, with few home to choose from.
What does the real estate market in December tell us about rental homes? More rental homes are needed for all the folks who cannot buy homes because of the low inventory. If you have investment property you’d like to rent out, call us today at (719) 445-7172
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