Despite the onset of the coronavirus pandemic, the resale side of the Colorado Springs-area housing market saw an increase in sales and record high prices in March, a Pikes Peak Association of Realtors report shows.
HOME SALES: Single-family home sales totaled 1,270 last month, a 3.8% bump from the same time last year. Through the first quarter of 2020, sales totaled 3,167, a 3.9% increase over the same period in 2019.
DAYS ON MARKET: Homes sold briskly in March, averaging 29 days on the market before selling. A year ago, homes averaged 36 days on the market.
PRICES: The median price of area homes sold in March soared to $352,400, jumping nearly 12% from the same month last year and beating the previous record of $341,000 set in February. Median prices have risen every month on a year-over-year basis since December 2014.
SUPPLY: In March, 1,328 homes were listed for sale, a 9.1% decline from March 2019. March's listings equaled a 1-month supply, based on the inventory of homes for sale and the pace at which they've sold over the past few months. A shortage of homes has been problematic for the Colorado Springs-area market; sellers command top dollar and often choose from multiple offers, while disappointed buyers can't find the home they want, especially in lower price ranges.
MARKET SNAPSHOT: While March was another strong showing for the housing market, some real estate industry members say they expect a cooldown because of the pandemic; laid-off workers won't be able to qualify for mortgages and homeowners will pull their properties off the market, among other factors that will slow sales. How severe the slowdown will be, however, isn't known, they say.
RICH LADEN, THE GAZETTE