The Colorado Springs Real Estate Market for November, 2014
According to the new data released by the Pikes Peak Association of REALTORS®, the Colorado Springs real estate market is steadily selling inventory, while also gaining more home buyers, following the same trends from October. Even with an increased number of sales from 2013, the average days on the market numbers are still remarkably high, compared to this time last year. When local data shows conflicting information like this, it is usually a sign that the market will be shifting soon. It is still too early to determine whether the shift is for the better, or not, but the overall sales numbers are very strong. I'm expecting 2015 to continue in sales growth, as it has over the past year. Let's take a look at the November 2014 real estate market numbers for Colorado Springs:
November 2014 Colorado Springs Real Estate Statistics
- New Listings: 783 (Down -15.1% from last year)
- Sold Listings: 782 (Up +10.3% from last year)
- Total Active Listings: 3,134 (Down -14.8% from last year)
- Average Sales Price: $245,488 (Down -1.0% from last year)
- Total Under Contract: 1,629 (Up +22.9% from last year)
- List To Sold Price Ratio: 98.1% (Same as last year)
- Days on the Market: 96 Days (Up +18.6% from last year)
It's interesting to note that the "Days on the Market" stats are higher than average, but the overall "Sales Under Contract" for this November are way up. Usually, with depleting inventory and an increase in homebuyers, the days on the market will lower as the demand increases. This will be an important number to follow over the next few months as it will help to determine a shift in the market.
November is the first month that we have not seen a rise in the average sales price from the previous year in many months. This could be due to a lack of sales in the local luxury market. The Colorado Springs luxury real estate market is very slow and one large sale can change the outcome of the overall sales price for the whole city in a dramatic way.
These numbers cover all of Colorado Springs, CO and the surrounding areas, including Black Forest, Broadmoor, Briargate, Fountain, Falcon, Gleneagle, Larkspur, Manitou Springs, Monument, Northgate, Old Colorado City, Palmer Lake, Peyton, Powers, Rockrimmon, Security, Tri-Lakes, Widefield, Woodland Park, and Woodmoor areas.
As always, if you have any specific questions about the market or if you need help buying and/or selling real estate in the Colorado Springs area, let me know; I would love to hear from you.
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