The March numbers and information from our Pikes Peak real estate market.
How did our Pikes Peak region real estate market do in March 2022? Today I’m sharing that information and providing some perspective on it.
Our median sales price increased by $10,000 to $475,000 in February, which is $30,000 more than we saw in January; that’s a massive climb. We had 1,361 home sales and a little over 1,800 new houses hit the market. Those numbers rose from February, but it’s common for us to see that when spring arrives.
The average home sat on the market for 14 days before being sold, and that number has been consistent for about a year now. That figure includes the time from when a home first hits the market until an offer is accepted. Remember that’s just the median number because we have new-build homes that will sit for a bit before an offer comes in, so if we removed those homes, we’d see much fewer days on market, somewhere around three or four days.
The average seller is getting about 103.5% of their asking price, which is significantly higher than we’ve seen in a long time. That said, many listing agents use the strategy of listing right at market value or a little below to try to get competing buyers to escalate their prices.
The thing we need to keep an eye on is interest rates; they grew by almost a full point. In March, plenty of people who purchased were already locked into a lower rate, but in April, buyers may start falling out of the market because they won’t qualify for as much home. Although, that might slow down some of the frenzied energy in our market. Feel free to watch our previous video about how interest rates impact purchasing power.
If you have any questions or are curious about how much you could sell your home for right now, please reach out via phone or email. We would love to help you.