May was a record breaking month for home sales in Colorado Springs. Prices and sales both set all time records, and the inventory of unsold homes is at a record low level for the time of year. Interest rates are still fluctuating between the high 3’s the low 4’s. Pending sales also look very strong. The inventory is now at a 20 year low, which has tipped the scales to a sellers advantage in at least the more affordable price ranges (under $300k). May sales in the higher end are beginning to recover a bit, the 90th percentile was $432,700. May sales of 1,397 homes exceeds topped the previous record of 1,374 set in August of 2005. The previous price record of $276,148 set in June of 2007 also fell.
We continue to hear positive job news, with some employers relocating jobs from other states, and longer term employers also adding to their operations.
Here is a brief summary of some of the May data:
- Sales up 24.3% at 1,397 units
- Average price up 13.9% at $276,947
- Median price up 12.4% at $243,000
- Inventory of unsold homes down 27.9% at 2,889 homes
- Months supply of homes for sale 2.1 (6 is considered ‘normal’)
- Pending Sales 2,324 (up 19.5% over last year at this time)
For all your real estate questions answered call/text Terry Naber, Remax Properties Inc at 719-491-8966
