HOME FOR SALE FILE PHOTO

The median price of Colorado Springs-area homes that sold in November tied a record high of $450,000, jumping by 18.4% from the same month last year. Housing industry members say demand remains strong, though the supply of properties for sale continues to hover at historically low levels. THE GAZETTE FILE

Colorado Springs-area home prices rose again last month, as demand remained steady and the supply of houses on the market continued to hover at historically low levels.

The median price of Springs-area homes that were sold in November increased to $450,000, an 18.4% jump when compared with the same month last year, a new Pikes Peak Association of Realtors market trends report shows. November’s median price tied a record high set in June and repeated in July and August.

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Median prices now have risen on a year-over-year basis every month since December 2014, a nearly seven-year streak, according to the association's report and historical data compiled by The Gazette.

November home sales totaled 1,466, a 1.1% dip from the same month last year, the Realtors Association report showed. Homes spent an average of 14 days on the market before selling, down from 20 days during November 2020.

Through the first 11 months of the year, home sales totaled 16,716, a 4.7% increase over the same period last year. With one month to go in 2021, annual home sales are expected to break last year's record high of 17,337.

The inventory of homes for sale in November, however, totaled just 885. That's up 26.7% from the same month last year. Still, November listings often topped 3,000 and even 4,000 in pre-Great Recession years, and were as high as 2,153 three years ago. 

George Nehme, board chairman for the Pikes Peak Association of Realtors, said the market remains healthy. 

Low mortgage rates continue to fuel a demand for housing, Nehme said, and home sellers still field multiple offers and get dollar for their properties.

The shortage of homes for sale, however, remains a problem, he said. Buyers have far fewer choices than in past years and many who find themselves in bidding wars for the limited number of homes wind up frustrated when they lose out.

"We're still going strong, we're still seeing homes with multiple offers," Nehme said. "The inventory is still at a level that we don't' like to see. We'd like to see it come up a little bit to help some of the buyers that are out there.

"The demand is still high," he said. "And rates are still good ... And people are still moving here to Colorado Springs. Look at today's weather. It's beautiful. And we're in December."

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