|Forest Meadows Real Estate November 2021 shattered records last month in terms of price. The average price increased 16.5% to $489,450. This is up over $12k from last month and nearly $70k from last November. The median price is up 14.5% at $490,000! This is an increase of $20,000 from last month! The median and average prices are creeping closer and closer to that $500k threshold.
However, buyers are starting to pay closer to list price as the average home sold for 0.43% over asking last month compared to 7.3% back in May. Homes are still in high demand in Forest Meadows with an average of 6 days on market!
Home sales remained the same as last November at 11 homes sold last month. Prices of closed sales range from $445,000 to $541,000, with the selling price at $179 per square foot. As of December 3rd, there is 1 home for sale and 11 homes pending sale.
To see more detailed statistics for our neighborhood, including quarterly stats, click here.
For the Pikes Peak Region, even though winter is officially around the corner, the real estate market has not showed any signs of cooling off. In fact, our market will likely stay strong throughout the winter as long as we have enough homes to sell!
As of December 2nd, there are 882 homes for sale in the entire region. Even though this is a 27.1% increase over last year, it is only a 0.59 month or 18 day supply of homes. Looking back in 2019, we had nearly 1700 homes for sale during this same time. The inventory, while recuperating slightly, still has a long way to go to reach “normal” levels or even just keep up with buyer demand.
Looking a little deeper into the inventory, there are only 509 homes for sale in El Paso County and 448 homes for sale with an actual Colorado Springs mailing address. Plus 264 of the total inventory are new construction homes. So of those 882 total homes, many are outliers or not even built yet!
Prices did not set records in November, but the average price came in second place at $507,508 which is up 18.3% over last year. The median price tied the previous records at $450,000 which is an increase of 18.4% from last November. The Pikes Peak Region has seen double-digit price increases every month so far in 2021, with the smallest increase at 14.5% in August and the largest at a whopping 25.1% in June!
Homes continue to sell quickly with the time on market an average of 14 days and a median of 5 days. Homes sold over list price by an average of 1.41% last month. However, this percentage is slowly decreasing, indicating that buyers may not be paying quite so much over asking like we saw this summer when the average was 4% over list price.
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