Much like the Denver and Fort Collins areas, Colorado Springs and its neighboring towns are faring well in the current real estate climate in Colorado. Even with the typical seasonal shifts things are staying pretty consistent overall in the Springs.
Cumulative Days on the Market
We’ll address the elephant in the room first. Yes, the cumulative number of days on the market has been going up since the summer peak, but things are looking as though they may have peaked in January.
Remember that this metric includes all recent listings for a property. That means if a property was listed, taken off the market, and put back up for sale all of those days are included in this statistic.
Compare this to the average number of days to sell and the picture becomes clearer.
As you can see, there’s a pretty close relationship between CDOM and number of days to sell. That’s a good thing because it means that home inventory isn’t just sitting around. Like other regions in the Front Range, the Colorado Springs area is a seller’s market.
List Price vs Sale Price
If you’re in the Springs area and looking to sell you may want to take some extra time to ensure that you price your home correctly. Although average listing prices in the area surpassed $350,000 in October 2017 and in the first days of February 2018, the overall trend for the region shows that homes are listing for less than $350k.
Compare that to the average sale price over the same period and the numbers skew down much closer to $300,000. This suggests that sellers may be over-valuing their properties.
One metric to check when pricing your home is the list price by square footage ratio. August 2017 stands out as a clear outlier over the past year, but even if we remove it the general trend is a slow tick upwards, approaching $150 per square foot.
You may want to consider using this data to help you determine your initial listing price.
New Listings Remain Low
It’s not surprising that the number of new listings near Colorado Springs is low this time of year. Nevertheless, there was a big jump in January. Still, there’s plenty of breathing room in the market now. It may be better to take your time and make sure you get your listing right at this point, rather than trying to corner the market at its lower ebb.
Colorado Springs Real Estate Advice
As always, if you have questions about any of this data and how it relates to your home sale, contact us here at Blue Match for a free consultation. We’ll be happy to talk through your options and help you with your home sale.