|Forest Meadows Real Estate March 2022 set a new record for the median price. The median price increased 18.5% to $521,500. The average price increased 11.7% to 514,000. While the average price did not break the previous record, it did come in second place.|
Homes are selling in an average of just 3 days! Sold prices ranged from $465,000 to $545,000 last month. There are currently 2 homes for sale and 16 pending close as of April 1st. Homes sold for 3.96% over list price last month on average, indicating the high demand for homes which continues to push prices upwards. 29 homes have been sold year-to-date in our neighborhood.
To see more detailed statistics for our neighborhood, including quarterly stats, click here.
In the Pikes Peak Region, last month was another record-setter for real estate! We sold 1,361 homes– the most ever in a March month. There have been 3,433 homes sold year-to-date in our area.
The median and average prices broke their previous records last month. Double digit price appreciation continues– as it has been since June 2020. The average price increased 14.1% to $539,555. The median price increased 15.9% to $475,000. In just two years, the average has increased over $142,000! This is great news for homeowners, but a harsh reality for potential buyers.
Other big takeaways last month include:
— Homes sold for 3.5% over list price on average (highest since July of last year)
— The median time on market was only 4 days *only because sellers are often queuing offers. Offers are sometimes coming in within an hour of initial listing going live, but sellers usually want to give more time for buyers to see the house and generate multiple, competitive offers.
— 678 homes for sale as of 4/1
— Inventory is up, but we are still sitting at 0.50-month (or 15 day) supply of homes
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.
|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