Forest Meadows Real Estate Stats May 2021

Forest Meadows Real Estate Stats May 2021
Forest Meadows Real Estate Stats May 2021 show that prices continue to soar. The average price rose 19.4% to $456,568. The median price rose 20.8% to $465,000. Looking back just 2 years ago, the average price in Forest Meadows was $349,632. In just two years, the average has increased over $106,000! Homes continue to sell very fast in our neighborhood with an average time on market of only 2 days! Most astonishing is that homes in Forest Meadows & The Trails sold for 7.3% above asking price on average last month. So if you are thinking of selling in our neighborhood, NOW is the time! As of 6/4, there are 4 homes for sale and 22 homes pending. Real estate is crazy in Forest Meadows right now!
To see more detailed statistics for our neighborhood, including quarterly stats, click here.As for the region as a whole, home prices made a big splash last month, with new record highs. The average sold price hit a record of $489,377, up 24.4% (or over $95,000!) from last May. The median sold price hit a record of $432,095 which is up 23.5% (or $82,000!) from last year. 

Anyone who waited to buy a home will now be paying substantially more, and prices will continue to rise as long as our inventory remains critically low. As of June 3rd, there are only 598 homes for sale in the entire Pikes Peak Region. However, only 248 homes were exiting and had a Colorado Springs mailing address (excluding new construction). At any price point. Of those, only 67 were under $400k. Even still, sales were up 37% last month, so the lack of inventory is not scaring buyers away. If anything, it’s creating an environment of bidding wars and multiple offers. 

Homeowners may find themselves quite equity rich right now, and can take advantage of that added equity plus the low interest rates to upgrade into a home more fitting to their needs.

However, buyers may need to come mentally prepared for the intense competition. It may take a few tries to finally win a home, but we do have some tips (and a winning team!) to help you along the way.

Winning strategies for buyers:InspectionOnly ask for health & safety repairsAppraisal gapCome to closing with a cash amount to make up for an appraisal shortfallEscalation clausesEscalate your offer to a certain point if other offers are receivedOur advice: If you are planning to buy, DON’T wait! It may take multiple tries to find you a home, but the longer you wait, the higher the price and higher the interest rate.

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