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Nancy Murray, Realtor®
with Keller Williams Clients' Choice
Direct: 719-964-4810
Office: 719-357-6320
Fax: 866-748-9878
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Ten year review of Colorado Springs Real Estate Market

Posted By Nancy Murray @ Jan 9th 2016 3:15pm In: Market Report for Colorado Springs

Ten year review of Colorado Springs Real Estate Market

If you receive my newsletter, you know that I am a fanatic about tracking the stats for our MLS. Every month I pull the numbers from our MLS, upload them into my spreadsheet, generate the charts, and post to a blog called Market Report for Colorado Springs. This month marks my ten year anniversary in the business as well as my ten year anniversary for tracking the Colorado Springs Real Estate Home Sales.  This month I noticed some record breaking numbers and decided to post a ten year summary of what has happened in our market.

Colorado Springs Homes for Sale

Active Listings

December 2015 marks the lowest number of active listings in all the previous ten Decembers, 2,133 active listings.  This is down 61% from the highest number of 5385 in December 2007 and down 18% from one year ago, December 2014. The low number of available listings means that buyers have fewer homes to choose from. Not a big deal if the number of buyers declined as well, but that isn't the case.

Number of Sales

December 2015 we saw 1105 homes sold.  This is up 55.2% from the lowest number of 495 in December 2008 and up 21% from December 2014.  So, this means that there continues to be many buyers looking for homes in Colorado Springs.

The combination of fewer listings and more buyers is a classic example of supply and demand, supply being low and demand being high, so we are seeing higher prices and competing bids.

Average Sales Price

The average sales price in December 2015 is the highest we have seen in the previous nine years, $266,553.  This is up 21% from the lowest December sales of 2011 and up 6% from December 2014.

Months of Inventory

Months of Inventory is the real test, how many months will it take to sell off all the active listings currently on the market at the current rate of sale if no new listings were added to the market.  For December, this number was 1.9 months. So it would take less than 2 months to sell of the entire Colorado Springs inventory of homes for sale. In December 2008, at the worst point in our market, this number was 10.0 months.  For December 2014 we had 3.0 months of inventory. So as you can see, we have the buyers but a very low inventory.

Total Annual Number of Sales

Ok, so all those numbers represent the figures for one month, December, which traditionally is one of the slowest months for the real estate industry.  But if you look at the total number of annual sales, we had our best year in 2015, we sold 13,250 homes. This is an increase of 38% from our the slowest year, 2010, where we had only 8,185 homes sold, and an increase of 16% over 2014 where 11,197 homes sold.  At our peak in 2006 we sold 11,911 homes. So it is safe to say that we are definitely in a sellers market.

If you are considering selling your home, now is the time to get your home on the market while inventory is still low. Feel free to checkout the information below on listing your home with Murray & Associates. 

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