February Market Snapshot with the MacGuire Team
Spring has finally sprung! The first portion of the year proved to be a bit on the slow side in real estate due to the historically low inventory available. But with a new month means new local real estate market conditions in El Paso County, Colorado. Check out the market insights of what February looked like and how it may affect you if you are planning on buying a Colorado Springs home.
Average Days On Market
As of February, we saw a lower average of inventory sitting just 43 days on the market, compared to the historically recorded 67 days. This means because there is a lack of inventory, homes are selling more quickly, leaving the market looking pretty bare. 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 February have been just a hair under listing prices, averaging at 99.4%. The historical average is 96.3% for the El Paso County area within this time of year. 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 February 2018 to February 2019, we've seen a 5.9% 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.
Buyers: Low Inventory May Have You Thinking of Building
With the low inventory of existing homes for sale, it can be very enticing to walk through new home models. However, I would caution you not to fill out and provide personal information to the builder’s sales representative.
There is so much to consider when building a home – lot selection, upgrades that add value, future roads and commercial buildings, longevity of the development, etc.
Buyer representation is free and it does not increase the price of the home. However, if you complete the builder’s registration, it may prohibit you from having a Realtor represent YOUR BEST INTEREST.
NOW is the Time to Sell!
A common sentiment in our market is that, “I would like to sell, but with so few homes on the market, I don’t know where I would go!” If you are considering a move, but worry about finding the right home to purchase, rest assured, we are constantly in communication with our large network of associates and often have information about homes that are preparing for the market. We may know of the perfect home for you that is not yet for sale.
Now is the 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
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. Stay tuned to our blog and be sure to follow us on our social media platforms to stay up to date on the real estate market and other important information we share weekly!
Average Days On Market
As of February, we saw a lower average of inventory sitting just 43 days on the market, compared to the historically recorded 67 days. This means because there is a lack of inventory, homes are selling more quickly, leaving the market looking pretty bare. 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 February have been just a hair under listing prices, averaging at 99.4%. The historical average is 96.3% for the El Paso County area within this time of year. 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 February 2018 to February 2019, we've seen a 5.9% 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.
Buyers: Low Inventory May Have You Thinking of Building
There is so much to consider when building a home – lot selection, upgrades that add value, future roads and commercial buildings, longevity of the development, etc.
Buyer representation is free and it does not increase the price of the home. However, if you complete the builder’s registration, it may prohibit you from having a Realtor represent YOUR BEST INTEREST.
NOW is the Time to Sell!
A common sentiment in our market is that, “I would like to sell, but with so few homes on the market, I don’t know where I would go!” If you are considering a move, but worry about finding the right home to purchase, rest assured, we are constantly in communication with our large network of associates and often have information about homes that are preparing for the market. We may know of the perfect home for you that is not yet for sale.
Now is the 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
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. Stay tuned to our blog and be sure to follow us on our social media platforms to stay up to date on the real estate market and other important information we share weekly!
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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