April Market Snapshot with the MacGuire Team

We're beginning to see a rise in the real estate market, which compared to the previous quarter is wonderful news! With a new month means new local real estate market conditions in El Paso County, Colorado. Check out the market insights of what April looked like and how it may affect you if you are planning on selling or buying a Colorado Springs home.

Average Days On Market
As of April, we still saw a lower average of inventory sitting just 31 days on the market, compared to the historically recorded 67 days. Because of a lack of inventory, homes are still selling more quickly, leaving the market looking slimmer than last year. We are seeing an increase in inventory as we gain traction into the 2nd quarter. However, the 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 March have been just a hair under listing prices, averaging at 99.7%. 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 April 2018 to April 2019, we've seen a 6.5% increase in average sales price this year. While we saw a slight seasonal decrease over 4th quarter last year and 1st quarter this year, home prices are expected to rise through 2019. This increase speaks volumes for the future market!

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 and Buy!
Our Spring Market is full swing. Now is a great time to buy or sell a home! If you have questions about the current market conditions or are considering buying or selling a home, give me a call. Let’s just start with a conversation. 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


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