As we launch into the summer season, it’s going to be easier to sell a home but tough as a buyer. The May 2018 numbers have been released, and we continue to have more home sales each month and fewer homes being listed. Although our days on market are down even from the previous month (April 2018), our average home price continues to increase.
Keep in mind, these stats are for the entire Pikes Peak MLS, which includes El Paso County as well as other surrounding counties including parts of Teller, Chaffee, Custer, Douglas, Elbert, Fremont, Lincoln, Park and Pueblo.
Average Home Price: $355,927 (Single family homes and patio homes – doesn’t include condos/townhomes)
This has increased from $348,527 only a month earlier in April 2018. As the average home price increases, we see more sales activity in the $300,000-$400,000 price range. Just a few months ago, almost half of the sales activity was in the $200,000-$300,000 price range. As of May 2018, each price range now make up about 30% of sales. That means over 60% of home sales between $200,000-$400,000. If you’re a buyer in this price range, you’re competing in an extremely competitive market, and homes on average are selling for 100.54% of list price (meaning, over the listed price).
Average Days on Market: Dropped to 22
If you’re just looking at El Paso County, the average days on market is 21. However, for our entire PPMLS area, it’s 22 days which is the average across all price ranges. This has decreased from April as well, so homes are selling quicker even in the past month. Also, if you’re in that “hot spot” price range of $200K-$400,000 the average days on market for the past 90 days = 6 days on market. Homes in that high demand bracket are selling in less than a week.
Sold Homes and New Listings Both Up
We saw an increase in the number of homes sold in May, jumping from 1,286 in April to 1,568 in May. So, nearly a 22% increase in sales of homes and as mentioned above, they’re selling for an average of $7,000 more than they sold in April.
Also, our total number of new listings in May was 2,080, just about 100 more new listings than we saw in April (1,972). It’s almost exactly what we saw in May 2017 as well, when we had 2,053 new listings so year-over-year there was no significant change.
What to Expect for Summer 2018
We have no reason to believe this market will slow down, even in the next few years. It will remain a seller’s market and prices will likely continue to increase with homeowners seeing drastic appreciation (probably averaging 13-18% per year). Whether you’re looking at statistics for single family homes, or condos and townhomes, all area appreciating very well and at a steady rate. It matters more on the area, rather than the style of home. Contact your favorite agent to find out stats on your specific neighborhood and how it’s appreciating in value.
Other Helpful Links:
Claim Your Home and Get 3 Instant Valuations
1st Quarter Real Estate Trends in Colorado Springs
Increasing Mortgage Rates: Time to Make Your Move!
