What’s been happening in the Pikes Peak region real estate market? The February statistics are in, and we’re excited to share them with you. Here are the highlights:
In February, we saw a huge jump in new listings hitting the market—1,349, to be exact. That’s more than we’ve seen in February over the past four or five years. It’s great for buyers who finally have a few more homes to choose from.
Sales, however, were fairly consistent with what they normally are around this time of year. We logged 1,141 this past month, which is right around what we saw in pre-pandemic February 2020. The days on market is also par for the course at 20 days; it hasn’t changed much over the last several months.
By far, the most impressive stats from February 2021 are the average and median sales prices. For almost seven months, the median sales price in Colorado Springs has been hovering around $385,000. As of February, the median sales price hit $403,000. Meanwhile, the average sales price hit $454,000. Now, since that average can be swayed by just one super high-end sale or one super low-end sale, we tend to believe that the median sales price provides us with a clearer picture of what’s going on. $403,000 is a massive spike.
Interest rates have gone up a bit, which you’d think would ebb the flow of homebuyers. However, that’s not the case yet; we’re still seeing a ridiculously high number of homebuyer activity on all of our listings. Home affordability remains a powerful incentive. That said, we do have some sellers who are anxious about selling because they know they’ll then be faced with the challenges of having to buy their next home. Selling is the easy part; finding a new home is the struggle.
We here at the Artisan Group have a couple of great solutions in the works to help ease that stress. If you want to participate in our Beta test groups for this, let us know; just give us a call or send an email. We’d be happy to share more details about our strategies for navigating the sell-then-buy conundrum. Even if you just have a few other real estate questions, we look forward to hearing from you soon.