08/30/2016
LATEST HOUSING DATA FOR COLORADO SPRINGS JULY 2016
Colorado Springs / PPAR
July 31, 2015 Total Listings: 4903
July 31, 2016 Total Listings: 3016 (38.5% decrease year over year)
July 2015/2016 Median Sales Price for Condos/Townhouses: $155,000 (2016 - $165,000) 6.5% increase
July 2015/2016 Median Sales Price for Single-Family Homes: $245,000 (2016 - $257,500) 5.1% increase
July 2015 Average Days on Market (Single-Family Homes): 70
July 2016 Average Days on Market (Single-Family Homes): 25 (64.3% decrease year over year)
July 2015 Average Days on Market (Condos/Townhouses): 62
July 2016 Average Days on Market (Condos/Townhouses): 19 (69.4% decrease year over year)
We have seen starting in early 2016, especially in the market below $200,000, a massive tightening in Colorado Springs. For example, the number of single-family homes between $100,000 and $199,999 has dropped 70.6% in the last year! Usually the lowest priced homes are the first to experience this, and it may certainly be accelerating with metro Denver simply not having hardly any housing under $200,000. The corresponding median increases in year over year condo/townhouse prices and subsequent massive drop in the days on the market is showing that especially on the lower end, we have shifted into a Denver type of seller's market. This change in Colorado Springs has been rather swift and will be interesting to see if the momentum continues into the slower fall and winter season.
