October Real Estate Conditions

Forest Meadows Real Estate

Prices for Colorado Springs real estate continued to jump in October, with the average price up 9% at $345,770 and the median up 8.7% at $305,000. The months supply of homes for sale is now 1.8. This is a very low level, well below what is typically termed a normal market. There is a growing disparity between the median price of listings in the inventory, vs the median price of the listings that are actually sold. This could point to a new affordability gap at the low end of the market. As more affordable homes become scarce, buyers may be finding it more difficult to purchase the homes that are actually for sale. As of November 1, there was under a 1 month supply of homes on the market below the median selling price of $305,000.