The number of Colorado Springs homes sold above list price took a dip in 2019, tracking with a national pattern as the share of U.S. homes that sold for more than their asking price hit a three-year low.
In the Colorado Springs metro area, 31.7 percent of homes sold above list in 2019, down from 33.6 percent a year earlier, according to a Zillow analysis released last week.
The typical amount above asking price that those Colorado Springs homes sold for was $5,100, according to Zillow.
The share of U.S. homes that sold for more than their list price in 2019 fell to 19.9 percent, down from 21.5 percent in 2018 and the lowest annually since 2016, the study found.
This drop breaks a streak of four consecutive years in which a greater share of homes sold above list price as the market picked up steam, according to the study.
Many sellers were caught off-guard by the changing conditions and ended up accepting offers at or below list prices that were “dreamed up during the height of the frenzy,” Zillow economist Jeff Tucker said.
“But the cloudy outlook for sellers began to clear late in the year after inventory buildups in several cities were whittled back down to record lows, suggesting a hot spring sellers’ market is around the corner,” Tucker said in the news release.
“Sellers hoping to cash in and upgrade should proceed with care, however, as the same tight conditions that may drive up their sale price will be facing them on the other side when they look to buy their next home.”