In August, only 1,079 homes were up for sale in the Pikes Peak Region, which is 311 fewer homes than the previous month. We also saw 350 fewer listings hit the market.
In terms of sales, 1,771 homes actually sold in August, which is 200 fewer than in July. A decrease in sales is pretty typical for the month, however; people were probably trying to get into their new homes before the school year started back up again. There was a rush in July and the very beginning of August before things began to slow down. This year, the trend was even more exaggerated because of people’s access to virtual home tours.
We do believe we’ll see an uptick in sales in the coming months, though. Demand tends to become pent-up in August and breaks loose in September.
The median sales price in our market rose from $377,000 up to $380,000, which has been a consistent trend in recent months. The average number of days homes spend on the market has stayed steady in the last few months, hovering between 19 and 21 days. That shows us that homes are still flying off the market in record time.
All in all, we have an extremely healthy real estate market in El Paso County.
If you have any questions about the market or buying and selling real estate, don’t hesitate to reach out to us.