Old Farm Real Estate Stats August 2021 showed a massive increase in sales with 11 homes sold, up 120% compared to last August. There are also 9 pending sales as of 9/1.
Prices were up substantially over last year! The average price rose 24.8% to $426,218. The median price rose 26.9% to $425,000. Looking back just 2 years ago, the average price in Old Farm was $324,922. To put it into perspective, in just 2 years the average price of a home in Old Farm has risen over $101,000!
If you are thinking of selling, NOW is the time to take advantage of that increased equity! Homes are selling in less than a week on average, so you might be surprised at just how much your home is worth and how fast it will sell!
|To see more detailed stats for Old Farm, including quarterly stats, click here|
For the Pikes Peak Region as a whole, we are closing out the summer with a sizzling month of home sales! Last month came in second for our record high at 1,870 homes sold, up 5.6% from last year!
With continued high demand, we are still seeing double-digit price appreciation. The average price dipped just below the $500k threshold at $499,278, up 14.5% from last August. The median price remained the same as the last two months at $450,000 which is up 18.4% from last year.
As of September 2nd, there are 1,052 homes for sale. This is the first time in a year (since September 2020) that we’ve had over 1,000 homes for sale! To put it into perspective, we only had 568 homes for sale May 1st. We are still sitting at a 0.54-month supply of homes, or roughly 16 days.
As you can see, we are selling way more homes than are coming onto the market, thus contributing bidding wars. The average selling price was 2.7% over asking price, indicating that many buyers are still paying over list price to win a home. However, this is down almost 2% from the last four months, suggesting a small, but welcomed reprieve for buyers.
To see more detailed information, please visit our Market Conditions page.
Give us a call if you are thinking of buying or selling!
Rick Van Wieren (719) 331-7675
Mary Barkley (719) 421-9360