Bucking a national and statewide trend, the Colorado Springs market saw record sales numbers for single-family homes in July, according to the latest monthly market data from the Colorado Association of Realtors.
Even with the lowest level of active listings, July recorded the highest number of monthly home sales, monthly sales volume, year-to-date sales volume, average sales price, and median sales price compared to any month of July on record, said Colorado Springs-area Realtor Jay Gupta.
Homes spent an average of 23 days on the market, with the sales price to list price ratio at 100 percent, Gupta said. The average sales price was $372,607, with a median sales price of $332,000 and a 1.3-month supply of inventory.
“Even in a record-setting real estate market, buyers generally purchase properties offering competitive values,” Gupta said. “Unsurprisingly, 41 percent of the El Paso County and 50 percent of the Teller County active listings in the Pikes Peak MLS had price reductions.”
In July, 86.2 percent of the single-family homes sold through Pikes Peak MLS were priced under $500,000, 11.2 percent between $500,000 and $800,000, and 2.6 percent were priced at more than $800,000.
A comparison with 2018 single-family/patio homes sales, from January through July, showed a 19 percent drop in the number of sales of properties priced under $300,000, a nice 21 percent increase in $300,000 to $400,000 price range, a modest 4 percent increase in $400,000 to $500,000 price range, a huge 26 percent increase in $500,000 to $600,000 price range, absolutely no change in $600,000 to $1 million price range, and a whopping 24 percent increase in home sales priced more than $1 million, Gupta said.
“The most restrictive aspect of the Colorado Springs area housing market remains the low inventory and affordability challenges due to ever-soaring prices,” he said.