Real Estate Market Bouncing Back
April showers might bring May flowers, but what does an April stay-at-home order bring for the Colorado Springs real estate market? Well, that depends on if you’re looking to buy or sell. April saw the median sales price jump up 10% year over year, to an average of $360K, while the average sales price jumped up 7% year over year, to a whopping average of $395,554. Sellers in April also benefited from low days on market (17 days compared to 30 year over year) and, on average, receiving 101.9% of their list price (also an increase of 1.7% year over year growth.)
For buyers, those April showers may have felt a little more like a tsunami. New listings to the market decreased 26.12% year over year to 1,250, the lowest in the month of April for the last 5 years. Active listings also decreased 11.49% year over year, putting a further squeeze on available inventory. Coupled with the increases in home pricing, last month was a more advantageous time to sell rather than buy.
If you'd like to know more about home prices in Colorado Springs and surrounding areas, give us a call. We'd love to help you out!