March Single Family (SF) Home Sales in the Pikes Peak area were a welcome sight for home sellers looking to get a jump on the market and take advantage of an un-seasonably warm March. There were 1,406 Sales despite having 84 fewer homes on the market vs. LY. That demand drove the average price up to $340,594 which is a $44,766 jump vs LY. That demand also drove the average days on market down to 28 days vs 36 LY. These numbers had a huge impact on the price range of homes sold. For example, in March 2017 there were 238 sales in the $300K-$399K price range. This year there were 310 sales which is over a 30% jump compared to a significant drop in homes sold under $199K (74 in 2018 vs 200 in 2017). The Fountain area continues to lead the way in units (203) and volume ($54,685,037) sold. The average sold price for a home increased across the board with the biggest increases occurring in the West (+23%), SW (+22%), SE (+21%), Fountain (+16%), NW (+15%). What does all this mean? Well in simple terms it means we are paying significantly more for the same home in 2018 than we did in 2017.
With interest rates still at historically low numbers, shortage of housing inventory, and builders trying to keep up with demand, I anticipate that we will continue this trend well through the spring and into summer. Feel free to contact me at 719-599-8134 to discuss in more detail how the current market conditions impact you.