The Colorado Springs MLS trends data for February 2021 is out. Comparing year over year (February 2020 to February 2021) is better than comparing the previous month, because we have defined seasonality trends.
- Listen to the podcast “#23: Colorado Springs Real Estate MLS Market Stats – February 2021” on the Colorado Springs Real Estate Investing Podcast
- Watch the YouTube video (at the bottom.)
- Read the blog post. Note, the blog is an executive summary. Get the in-depth breakdown from the podcast or video.
Here are the Colorado Springs market stats for February 2021
No surprise; it was a spectacular time for the sellers! Some high points…
Number of new listings in month (vs February 2020)
- +8% for homes
- -10% for condos
- +0% for homes
- +10% for condos
- I’m impressed how well the sales count held up!
- +18% for homes (!)
- +18% for condos
- Better than Denver’s performance
- Denver’s average price is being driven up by LOTS of luxury sales and not many entry level sales.
- I think Colorado Springs has the same trend to a somewhat lesser extent.
- I do think that this “mix of sales” issue that is artificially driving up the home price will reverse in 3Q
Total active inventory
- Homes, -58% (bigger decline than Denver, %-wise)
- Condos -37%
- No relief in site for buyers
- I don’t expect this to improve (e.g., more inventory) until 3Q at the earliest
- Even then, it’s not like there will suddenly be a tidal wave of inventory; we might just see it improve to, say, 2018 levels.
There is 12-14 days of inventory.
Source: The above executive summary is from Lon Welsh of Your Castle Real Estate.
Colorado Springs Housing Trends February 2021
Colorado Springs Home Prices Hit Another Record High
This Gazette article outlines concerns over Colorado Springs’s rapidly increasing median and average prices and its impact on affordability. With an 18.2% year over year increase between February 2020 and 2021, last month for the first time the city crossed $400,000 for the median price point.
The article points to low supply and high demand being the main driver for the increased median price points and dives into some of the reasons behind each of these components.