What's going on in the Colorado Spring market?
- Inventory levels are rising as we head into the summer months, but they have gotten lower over the last four years, driving prices up in the Colorado Spring market.
- The most popular price point for sales in recent months is $200,000 to $250,000. Inventory and sales by price points drop up after that when you go up in price. Above $700,000 and below $100,000, things really drop off.
- The average number of days homes spend on the market is lowest in the price brackets with the most sales and increase as you go up in price point.
- Average sales price from the beginning of the year up to now continues to rise like they have in recent years. Stagnation in February was likely due to a lack of inventory and traffic.
"It's a great time to sell your house due to a need for inventory at all price points."
What does this all mean for you? It's a great time to sell your house due to a need for inventory at all price points in our market. The equity that homeowners are getting for their homes has allowed many to buy their next home in a higher price point. It's still early enough in the recovery of our market to buy a home and it's still smarter in most price points to buy a home rather than rent.
I believe the market will improve overall this summer with continued growth in inventory, but we'll need a lot of inventory to start to burn price increases.
If you have any questions or you're thinking of buying or selling a home, don't hesitate to give me a call or send me an email. I'm always happy to help!