The Colorado Springs MLS trends data for October 2020 is out. Comparing year over year (October 2019 to October 2020) is better than comparing the previous month, because we have defined seasonality trends.
Key points for homes in the Springs in October ’20 vs. October ‘19
- Number of new listings +6% (whew! We needed it!)
- Sales count +20%
- Average price +16%
- Active inventory at month end -55% (no new news there)
- Months of Inventory ended at 0.6 for homes
- Number of new listings +20%
- Sales count +24%
- Average price +8%
- Active inventory at month end -46%
- Months of Inventory ended at 0.5 for condos
This market is being stimulated by the low rates. The mortgage rates are likely to drift up next year, perhaps as much as 0.5 to 1.0%. We’ll see the market slow down a lot when this occurs.
Source: The above executive summary is from Lon Welsh of Your Castle Real Estate.
Colorado Springs Housing Trends October 2020
Here are the showing per active listing trends for Colorado Springs. VERY strong activity; unbelievable for this late in the year (and especially with the election as a distraction).