July Real Estate Stats for Forest Meadows in CO Springs show that prices are up! Despite all of the obstacles real estate has faced, prices have risen and homes are selling in an average of 10 days!
The median price was up 13.6% at $397,500 and the average price was up 12.3% at $399,925 (year over year).
There are 26 homes pending as of 8/3/2020 and 3 homes currently for sale.
While sales were down slightly in July, at 3 homes versus 9 in 2019, there are quite a few pending sale!
Additionally, homes sold in July ranged in price from $315,000 to $525,000.
The average size of homes sold in Forest Meadows was 2,751 sq ft, making the selling price per square foot $157.
As for the bigger picture, Real Estate Statistics in Colorado Springs July 2020 show that real estate saw fireworks last month with multiple records being SHATTERED!
We had record home sales for a single month at 1,978 homes sold! This is up 19% over last July. Even crazier, this record is up 13.5% over our previous record sales.
The average price hit a record high of $427,593 which is up 14.8% over last year and up 6.4% over last month even.
The median price hit a record high of $377,000, up 13.6% over last year. This is an increase of 4.7% just since last month.
The biggest issue we are facing is record low inventory! On August 1st, there were only 1,500 homes for sale, down 31.8% from last July! This equates to only a 0.76-month (or roughly 3 week) supply of homes, making it the lowest supply we have ever seen. As you can see, we don’t have enough homes to sell to keep up with buyer demand. On August 1st there were already 2,476 homes pending sale.
Because of the extremely low interest rates and severe lack of inventory, buyers are finding the competition to be fierce. Buyers are often seeing multiple offer situations. Buyers need to have the right team on their side and be pre-approved through a local, reputable lender to be competitive in this market.
If you are even thinking of selling, our buyers NEED your home! Please reach out to us so that you can take advantage of this high demand for homes!
To see more detailed information on the real estate market, check out our Market Conditions page
To see homes for sale in our neighborhood, visit our Real Estate page
Make sure to check back every month to see the real estate stats for Old Farm in Colorado Springs!
Please give us a call, we would love to help!
Rick Van Wieren (719) 331-7675
Mary Barkley (719) 421-9360