December Market Report with the MacGuire Team
The real estate industry is ever changing, especially in the Colorado Springs area. That's why we feel it's essential to share with you a monthly market report to provide a general understanding of the local real estate market conditions in El Paso County, Colorado. We’re sharing with you a market insight of what December looked like and how it may affect you if you are planning on buying a Colorado Springs home.
Lower Average Days On Market
As of December, we saw a lower average of inventory sitting just 40 days on the market, compared to the historically recorded 69 days. This means homes are selling more quickly. Low inventory tells us this quicker sell time could continue until the market sees a surge in available properties for sale. This is great news for the seller who's hoping to move their property quickly.
Listing vs. Sales Prices
Sales prices as of December have been just a hair under listing prices, holding steady at 99.9%. The historical average is 98.2% for the El Paso County area. Inventory being so low is playing a huge factor in the listing vs sales prices being so close in numbers. Sellers are able to entertain multiple offers from motivated buyers to determine which one will meet their financial needs most closely. However, multiple offers are definitely more prevalent in certain price points.
Average Sales Prices
Comparing December 2017 to December 2018, we've seen a 5.5% increase in average sales price this year. While we saw a slight seasonal decrease from November to December, home prices are expected to rise through 2019.
It's a Race for the Buyers
If you’re wanting to buy a home, NOW is the time to start looking. It may take some time to find what you’re looking for, so you’ll want to have your finger on the pulse early. With inventory being significantly low, you’ll want to have your financing in order so you can act fast and secure the right home. Remember, you're likely not the only buyer out there looking for properties offering great features. So, time really is of the essence when making a decision. Qualified buyers won't waste time on getting their offers in!
It’s Still a Seller’s Market
2018 was a great year for sellers. Inventory is significantly lower than past years, but it will surge in 2019. In 2015-2018, we saw a trend of earlier surges in our local market. So now is a perfect time to get your home listed for sale to stay ahead of the competition. Depending on price and presentation, homes have been selling quickly, buyers are looking high and low for nice homes in great areas, and Colorado Springs fits the bill perfectly. The Colorado Springs real estate market is going to be booming this year.
Colorado Springs Real Estate Agents
Just because single-family homes are hard to come by doesn’t mean that there aren’t any out there. In fact, with a little bit of searching, and some flexibility on your needs and wants, you may just be able to find the home of your dreams. Let’s start browsing! It’s the first step to buying your home. If you’re interested in selling a Colorado Springs home, you’re in luck. This is a great time to sell, and our team wants to help you sell it as soon as possible for as much as possible. Visit our website to learn more about all of our services and how we can help you through the coming year to achieve all of your real estate goals.
Lower Average Days On Market
As of December, we saw a lower average of inventory sitting just 40 days on the market, compared to the historically recorded 69 days. This means homes are selling more quickly. Low inventory tells us this quicker sell time could continue until the market sees a surge in available properties for sale. This is great news for the seller who's hoping to move their property quickly.
Listing vs. Sales Prices
Sales prices as of December have been just a hair under listing prices, holding steady at 99.9%. The historical average is 98.2% for the El Paso County area. Inventory being so low is playing a huge factor in the listing vs sales prices being so close in numbers. Sellers are able to entertain multiple offers from motivated buyers to determine which one will meet their financial needs most closely. However, multiple offers are definitely more prevalent in certain price points.
Average Sales Prices
Comparing December 2017 to December 2018, we've seen a 5.5% increase in average sales price this year. While we saw a slight seasonal decrease from November to December, home prices are expected to rise through 2019.
It's a Race for the Buyers
If you’re wanting to buy a home, NOW is the time to start looking. It may take some time to find what you’re looking for, so you’ll want to have your finger on the pulse early. With inventory being significantly low, you’ll want to have your financing in order so you can act fast and secure the right home. Remember, you're likely not the only buyer out there looking for properties offering great features. So, time really is of the essence when making a decision. Qualified buyers won't waste time on getting their offers in! It’s Still a Seller’s Market
2018 was a great year for sellers. Inventory is significantly lower than past years, but it will surge in 2019. In 2015-2018, we saw a trend of earlier surges in our local market. So now is a perfect time to get your home listed for sale to stay ahead of the competition. Depending on price and presentation, homes have been selling quickly, buyers are looking high and low for nice homes in great areas, and Colorado Springs fits the bill perfectly. The Colorado Springs real estate market is going to be booming this year.
Colorado Springs Real Estate Agents
Just because single-family homes are hard to come by doesn’t mean that there aren’t any out there. In fact, with a little bit of searching, and some flexibility on your needs and wants, you may just be able to find the home of your dreams. Let’s start browsing! It’s the first step to buying your home. If you’re interested in selling a Colorado Springs home, you’re in luck. This is a great time to sell, and our team wants to help you sell it as soon as possible for as much as possible. Visit our website to learn more about all of our services and how we can help you through the coming year to achieve all of your real estate goals.
Mike MacGuire
Colorado Springs Real Estate Agent
The MacGuire Team
6760 Corporate Dr
Ste 300
Colorado Springs, CO 80919
719-536-4324 or 719-660-6793
Mike@BuyWithMike.com
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