Pikes Peak Continues to be a Seller’s Market

Selling

Residential sales data for June 2016 has been released by The Colorado Association of Realtors® (CAR). According to the report, across the state and the southeastern region, of which Pikes Peak is a part, we are continuing to see a strong seller’s market. Prices of single-family homes, townhomes and condominiums are still on the rise. Listed inventory also saw an increase, reflecting seller’s response to an in-demand market. The overall inventory, however, is still below average, and with more buyers still seeking property here, this is an ideal time to put your home on the market.

According to the CAR report for June, there was a rise in the number of newly listed properties across the state. With 12,526 single-family homes newly listed for the month, this was a 5.5% increase compared to a year ago, but still down year-to-date by 0.3%. Active inventory supply is down by 18.9% compared to June 2015, representing a supply of 2.9 months. For condos and townhomes, the supply was down by 0.4% with 3,331 units listed for sale, providing 2.1 months’ supply of inventory. This current inventory is down 30% less than the same time a year ago. Statewide prices continued to rise as well. Median sale prices were at $325,00 for the month, up by 10.2%. Single-family homes reported a median price of $345,00, up 8.8% with townhomes and condos showing a median of $246,000, up by 11.8%.

The Southeast region saw an increase in new listings of 3.4%, 2,653 properties put on the market in June. Single-Family home listings went up by 1.3% while townhomes and condos saw a significant rise in listings, up by 26.5%. Active inventory for the month in the region was down by 33.9%, providing 2.8 months' supply. Median sale prices were up for the region as a whole as well, reporting $237,500 as the median, an increase of 7.4%. Single-family home median prices went up by 7%, to $246,000 while townhomes and condos rose by 12.4% with a median price of $170,000.

Buyers are continuing to find homes in the Pikes Peak area, with another rise in the number of closings being reported for June. The Pikes Peak Association of Realtors® has reported 1,651 single-family homes were sold for the month, compared to 1,401 sold in June 2015, an increase of 17.8%. Townhomes and condos saw a slight decrease 3.8% in sales, with 201 units sold last month compared to 212 the year prior. Median sale prices continue to rise for these types of properties as well, with single-family homes increasing by 5% compared to a year ago, at $262,500. Townhomes and condos around Pikes Peak saw a 12.4% increase in median sale prices going up to $170,000.

We will continue to watch this ongoing trend to see just where it goes in the coming months. If you are thinking of selling your property in the Pikes Peak region, this is an ideal time to list your property. When you are ready to sell or buy your home, we at Springs LifeStyles Real Estate are here to help you with all of your real estate needs! As your buyer agent, we will strive to give you the best support we can. Call Kathy Stenberg at (719) 963-4867 or you can email her at springslifestyles@gmail.com You can also visit us at our website for available listings and additional information.