Old Farm Real Estate Stats April 2021 show double digit price increases in April. The average price went up 17.4% at $422,892. The median price rose 16.3% to $425,000. Sales were down 50% with 3 homes sold last month. Homes continue to sell very fast in this neighborhood with an average time on market of only 2 days! There are currently 2 homes for sale and 11 pending sales, making this an ideal time for you to sell. Homes are in Old Farm are selling for nearly 4% over asking price on average!
To see more detailed statistics for your neighborhood, including quarterly stats, click here.
In addition to the craziness, home prices continue to soar throughout the Pikes Peak Region. The average home price has reached a new high of $481,858! This is up over $88k (22.3%) in just one year! The median home price is up $75k (18.1%) at $425,000! This is great news for homeowners with all of that added equity, but tough news for buyers. Any buyer that waited a year to buy a home will now be paying substantially more. Not to mention, this will likely be the case for a while with the current inventory shortage.
As of May 3rd, there were only 568 homes for sale in the entire Pikes Peak Region. This morning, there were only 175 homes for sale in our MLS with a Colorado Springs address that were existing (excluding new construction). At any price point. Of those, only 41 were under $400k. Last year on May 1st we had 1,558 homes for sale compared to the 568 homes for sale today– that’s nearly 1,000 less homes for sale!
However, the demand for homes has not decreased and sales are actually increasing. Sales were up roughly 22% compared to last April. There’s been 4,758 homes sold so far this year, with another 2,258 pending.
So, it’s not hard to see why the competition is so fierce amongst buyers. It’s so fierce, that the average home is selling for about 4% over asking price, compared to 1.4% last year and 0.7% in 2019.
Our 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.
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