|Forest Meadows Real Estate December 2021 did not break records last month, but the average price came in second place at $487,350 which is up 17.1% from last year. cords last month in terms of price. The median price is up 18.1% at $490,000! The median and average prices are creeping closer and closer to that $500k threshold.|
Many buyers are still paying about asking price as the average home sold for 1.8% over asking last month. Homes are still in high demand in Forest Meadows with an average of 9 days on market!
Home sales decreased 9.1% at 10 homes sold last month compared to 11 last year. Prices of closed sales range from $425,000 to $560,000, with the selling price at $198 per square foot. As of January 3rd, there is 1 home for sale and 12 homes pending sale.
To see more detailed statistics for our neighborhood, including quarterly stats, click here.
The Pikes Peak Region did not break any records last month, but the average price came in third place for all-time high at $505,853 which is up 15.7% from last December. We continue to see double-digit price appreciation in our area. The median price came in at $450,000 which is the record high (also tying with June, July, August & November).
As of January 4th, there are 634 homes for sale in the Pikes Peak Region and 1,477 homes pending sale. Luckily, this is the fourth month in a row where the inventory saw an increase (year-over-year). While we are seeing slightly more inventory (up 24.3% from last year), prices continue to rise. Home sales were up 4.9% from last December at 1,443 homes sold.
We sold a total of 18,172 homes in 2021, which broke the previous record from last year at 17,349.
The months-supply is sitting at 0.46 or roughly 14 days. So we still don’t have even a 1-month supply of homes. But, as we start to see a little more inventory come on market, buyers will start to have more options, easing the competition ever so slightly on home buyers.
Even though the inventory increased from last December, the numbers tend to be a bit misleading. For example, there are 634 single family homes for sale in the entire Pikes Peak Region. However, there are only 399 homes for sale in El Paso County and 302 homes for sale with an actual Colorado Springs mailing address. So of those 634 total homes, many are outliers or even new construction (homes not even built yet!). This exacerbates the competition for buyers looking for a specific area.
In short, we still don’t have enough homes to sell. We are expecting more homes to come on the market in the spring, but there are buyers looking now. If you are waiting to sell until Spring, don’t! Sell sooner (if you can) and you’ll have less competition.
If you are hoping to buy, don’t be discouraged. This market may be tough, but we’ve got the expertise to help calm the waters for you.
|Homes for sale in Forest Meadows & The Trails, click HERE|
What has sold in Forest Meadows & The Trails this year, click HERE
To see more detailed information, please visit our Market Conditions page.
Give us a call whether you are thinking of buying or selling!
Rick Van Wieren (719) 331-7675
Mary Barkley (719) 421-9360