|Old Farm Real Estate Stats December 2021 show sales were up 50% with 6 homes sold last month compared to 4 homes sold last December. However, the average time on market is still measured in days, indicating the high demand for homes in our neighborhood. There were 82 homes sold this year, the highest since we’ve been tracking it. As of January 4th, there are no homes currently for sale but 3 homes are pending sale.|
Home prices continue to increase, with the average price up 26.4% at $442,750 (year-over-year). The median price rose 22.2% to $437,000. Looking at the graph below, you can see how the median price in Old Farm has increased substantially over the last few years. For example, in December 2018 the median price was $309,280. The median price is now $442,750 which is up over $133k in just 3 years!
|To see more detailed stats for Old Farm, including quarterly stats, click here|
In the Pikes Peak Region, real estate stats did not break any records last month, but the average price came in third place for all-time high at $505,853 which is up 15.7% from last December. We continue to see double-digit price appreciation in our area. The median price came in at $450,000 which is the record high (also tying with June, July, August & November).
As of January 4th, there are 634 homes for sale in the Pikes Peak Region and 1,477 homes pending sale. Luckily, this is the fourth month in a row where the inventory saw an increase (year-over-year). While we are seeing slightly more inventory (up 24.3% from last year), prices continue to rise. Home sales were up 4.9% from last December at 1,443 homes sold.
We sold a total of 18,172 homes in 2021, which broke the previous record from last year at 17,349.
The months-supply is sitting at 0.46 or roughly 14 days. So we still don’t have even a 1-month supply of homes. But, as we start to see a little more inventory come on market, buyers will start to have more options, easing the competition ever so slightly on home buyers.
Even though the inventory increased from last December, the numbers tend to be a bit misleading. For example, there are 634 single family homes for sale in the entire Pikes Peak Region. However, there are only 399 homes for sale in El Paso County and 302 homes for sale with an actual Colorado Springs mailing address. So of those 634 total homes, many are outliers or even new construction (homes not even built yet!). This exacerbates the competition for buyers looking for a specific area.
On a positive note, we are seeing a slow decrease of the selling price versus list price. Last month the average selling price was 1.05% over asking. During the summer, we were seeing people pay on average 4.6% over asking, so this means buyers are starting to pay closer and closer to list price than they have the last few months.
Highlights from the Real Estate Market in 2021
** 18,172 homes sold in the Pikes Peak Region (823 more homes than last year)
** Broke the record for the numbers of homes sold in a year!
** The average price crossed the $500k threshold
** Hit a new record median price of $450,000
** In June, homes sold for 4.65% over asking on average!
** In 2021, the average time on market was 21 days and the median was 4 days
** We saw double-digit home price appreciation every single month of 2021
If you are waiting for prices to drop, you will be waiting and waiting (and waiting!). December’s median price is up 18.4% in just one year, so each month you wait is going to cost you in the long run.
If you are hoping to sell this year, our buyers need your home! You don’t have to wait until summer to sell– if anything, there is less competition in the earlier part of the year.
If you would like help getting on the right path to homeownership, please contact us. We would love to offer some expert help, whether buying or selling (our team has over 30 years experience)! Plus we have an amazing network of reputable, local lenders who can help you along the way.
Check out 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