The Colorado Springs Real Estate Market Report for May 2016
According to the new data released by the Pikes Peak Association of REALTORS® for May 2016, the Colorado Springs real estate market is finally starting to balance out a little, after a crazy record breaking April.
The Bottom line:
April was the craziest month that we have had in years. May is showing signs of slowing down (but not much), which means we may be past the peak of the market for this year. This sales boom we've experience this year has pushed our median sales price way up to $262,000.
Let's take a look at the May 2016 real estate market numbers for Colorado Springs:
May 2016 Colorado Springs Real Estate Statistics
- New Listings: 1,955 (Up +6.0% from last year)
- Sold Listings: 1,497 (Up +6.7% from last year)
- Total Active Listings: 2,296 (Down -20.6% from last year)
- Median Sales Price: $262,000 (Up +7.3% from last year)
- Total Under Contract: 3,108 (Up +15.4% from last year)
- List To Sold Price Ratio: 99.7% (Up +0.7% from last year)
- Days on the Market: 35 Days (Down 48% from last year)
The Colorado Springs Real Estate Market is Still Strong!
May and June are usually our busiest months, but this year's trends are showing that last April will most likely be the height of our market for 2016. The buzz about our market has caused home prices to reach the highest that we've seen yet. We predict that this will slow down towards the end of Summer and balance out after that. So, if you're a homebuyer who feels that our market is too crazy right now, you may start to feel less pressure as things balance out later this year.
These numbers cover all of Colorado Springs, CO and the surrounding areas, including Black Forest, Broadmoor, Briargate, Divide, Florissant, Fountain, Falcon, Gleneagle, Larkspur, Lake George, Manitou Springs, Monument, Northgate, Old Colorado City, Palmer Lake, Peyton, Powers, Rockrimmon, Security, Tri-Lakes, Widefield, Woodland Park, and Woodmoor areas.
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