It’s time for another Colorado Springs real estate market report for October 2020. We have some very interesting statistics to share with you today and we’re excited to do so.
Let’s start with the available homes that we saw in September versus October. Typically, we have a downturn in the number of homes for sale during these months. In September 2020, we had 996 homes available. In October, this number dropped slightly to 881 as expected.
What about home sales? These typically drop around this time of year. They dropped from 1,804 in September to 1,732 in October. All things considered, this is a pretty strong fall market.
Homes’ average days on market have been pretty consistent since spring. The average remained at 21 days for both September and October 2020, which is great news for home sellers.
What else is good news for home sellers? Our median price point. In September, it was $385,000 and in October, it dipped slightly to $383,447. Prices remain strong.
This is all pretty much what we expect to see around this time of year. We get this very small dip in the early fall into the holiday season. However, there are a few different things affecting our market this year that aren’t typical every year.
One is the election. We just found out who our new president will be, and it’s been causing some uncertainty in the marketplace. We obviously also have the pandemic, which hasn’t affected the real estate market nearly as much as other industries. In spite of all of this, our market remains strong.
Our predication is a continuing slowness through the end of the year and a huge rush at the very end of February 2021. I suspect that there is quite a bit of pent-up demand and we are going to hit the ground running hard in January.
If you have any questions for us about the market or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you.