November 2020 real estate statistics: The lack of inventory in the Colorado Springs housing market broke records this month and fell to only 680 homes for sale in the entire Pikes Peak Region. This equates to 14 days inventory.
Even more concerning is that only 343 of these homes are in the city limits. This has created fierce competition among homebuyers, who submit offers way above the listing price but are still outbid, causing one of the hardest times to buy a home in the history of the Pikes Peak area. The new year must bring in a wave of inventory to stabilize our local housing market, or it will be even harder to buy a home in 2021.
What does the real estate market in November 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
Colorado Springs real estate report from All County® Colorado Springs
New Listings: 1,102
This number is up only 1.9% from last year.
Total Residential Sales: 1,482
This number is up 24.7% from last year.
Total Active Listings: 675
This is down a whopping 59.5% from last year.
Total Under Contract: 2,240
This is up from November of 2019, when it was 1,970. With only a 14 day supply of homes available for sale (even less when new builds are factored out), it is very competitive for buyers.
Median Price of Home: $380,000
This is up 16.9% from last year, but down a bit from last month.
Average Price of Home: $429,163
Still going up from last year.
Average Days on Market: 20
Down 31.1% from last year, when it was 29. A positive change.
YTD Total Sales: 15,961
Up from last year, when we had 14,813 Year-to-Date total sales.
Summary
November 2020 real estate statistics: The lack of inventory in the Colorado Springs housing market broke records this month and fallen to only 680 homes for sale in the entire Pikes Peak Region. This equates to 14 days inventory.
Even more concerning is that only 343 of these homes are in the city limits. This has created fierce competition among homebuyers, who submit offers way above the listing price but are still outbid, causing one of the hardest times to buy a home in the history of the Pikes Peak area. The new year must bring in a wave of inventory to stabilize our local housing market, or it will be even harder to buy a home in 2021.
What does the real estate market in November 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
All County® is here for you!
Want to know more about the Colorado Springs market?
