Despite the curveball of COVID-19, the real estate market continues to thrive. We’re still experiencing a sellers market, often with multiple offers exceeding list price within a few weeks of listing a home. Prices are up and the number of homes sold is still ahead of where we were at this time last year. However, we’re still dealing with the low inventory challenge: simply not having enough homes on the market for the number of buyers that are ready to buy.
Some things have changed regarding getting qualified to buy a home, but typically if you’re back working again with a regular income, there are programs available. Plus, with the incredibly low interest rates, it’s a great time to take advantage of buying a primary residence or investment property. Now’s the time to make a move to take advantage of quickly increasing prices. Consider this: Five years ago in June 2015, the average sale price was just over $279,000. As of this June, we’ve exceeded $400,000.
The local housing market is not letting off any steam, with September home sales surging 9.3% over last year. But the overheated condo market is even hotter. With the strong demand for starter homes, condo sales jumped by 20% year over year in September, and the supply has shrunk by nearly 50%, according to sales reports just released by the Pikes Peak Association of REALTORS. The average price for a townhome or condo is close to $200,000, a 9.6% increase so far in 2017. Single family home prices are up 6.3% year over year.
