May Market Snapshot with the MacGuire Team
We're well into the beautiful summer months, and definitely seeing a rise in buyer interest in the real estate market. With a new month means new local real estate market conditions in El Paso County, Colorado. Check out the market insights of what May 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 May, we saw an even lower average of inventory sitting only 25 days on the market, compared to the historically recorded 67 days. The continuing lack of inventory is still leaving buyers with little options, meaning they're jumping at the limited opportunities more quickly. This is leaving the market looking slimmer than last year. Historically, we've seen an average of 8.2 months of inventory, and in May, that number is drastically lower, at only 1.1 months.
Listing vs. Sales Prices
Sales prices as of May remain relatively steady at 99.8%. The historical average is 98.3% 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 May 2018 to May 2019, we've seen a 4.8% 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 were expected to rise through 2019, and that is showing to be true so far. This increase speaks volumes for the future market!
NOW is the Time to Sell and Buy!
The current market statistics reflect our usual seasonal activity. Inventory has crept up as has closed sales. It is still a great time to sell a home. However, it is important to be strategic with pricing and presentation. If you are considering buying or selling a home, give me a call. Let’s just start with a conversation! 719-660-6793. 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 May, we saw an even lower average of inventory sitting only 25 days on the market, compared to the historically recorded 67 days. The continuing lack of inventory is still leaving buyers with little options, meaning they're jumping at the limited opportunities more quickly. This is leaving the market looking slimmer than last year. Historically, we've seen an average of 8.2 months of inventory, and in May, that number is drastically lower, at only 1.1 months.
Listing vs. Sales Prices
Sales prices as of May remain relatively steady at 99.8%. The historical average is 98.3% 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 May 2018 to May 2019, we've seen a 4.8% 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 were expected to rise through 2019, and that is showing to be true so far. This increase speaks volumes for the future market!
NOW is the Time to Sell and Buy!
The current market statistics reflect our usual seasonal activity. Inventory has crept up as has closed sales. It is still a great time to sell a home. However, it is important to be strategic with pricing and presentation. If you are considering buying or selling a home, give me a call. Let’s just start with a conversation! 719-660-6793. 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
Comments