Tuesday, April 9, 2013

Home Prices in Colorado Springs for March 2013

Home Prices in Colorado Springs for March 2013

Real estate market data for Colorado Springs, CO provided by Bernie McDonnell of Cornerstone Real Estate Team.

Colorado Springs Home Prices

We have seen 13 straight months of price increases for home prices in Colorado Springs and don’t expect things to slow down anytime soon.  If you are considering buying a home you can still find deals on a house in Colorado Springs but having a good real estate agent who understands the market is a must.  Don’t wait on the sidelines for too long, many of our listings are starting to sell within a few days of hitting the market. As you can see from the graph below, listings are not selling exactly for asking price. To make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Colorado Springs home on which you are making an offer.

If you are interested in how much current inventory is on the market in Colorado Springs you can find that information by clicking on the link. High inventory suggests that homes are sitting on the market for  a longer period of time. Currently in Colorado Springs, homes have a median time of 85 days on the market before they sell. This would suggest that buyers need to make an aggressive offer on a home. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Colorado Springs has multiple offers coming in on homes similar to what we saw back in 2007. I wouldn't expect home prices to run up quite as fast as they did back then as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is one indicator that prices should continue to rise. 


Colorado Springs Real Estate Report Summary

The median list price in March for single family homes in Colorado Springs is $212,000
Sales of single family homes totaled 867 in March up 20% from last year.
Average sold prices rose 12% from the previous year.
Sales for the 1st quarter were up 28% from last year at 2189 units.
The inventory of homes for sale totaled 3069 in March, the equivalent of a 3 1/2 month supply. An inventory of 4-5 month is considered stable.

Find Homes for Sale in Colorado Springs CO

Visit my website to search for homes in Colorado Springs or to be notified when Colorado Springs homes come on the market.  To find out what you home is worth in the current market email me or call 719-659-9482.