Old Farm Real Estate Stats July 2021 showed a decrease in sales with only 6 homes sold; however, there are 10 pending sales as of 8/5.
Prices were up substantially over last year! The average price rose 31.6% to $468,333. The median price rose 27.9% to $447,500. Looking back just 2 years ago, the average price in Old Farm was $323,380. To put it into perspective, in just 2 years the average price of a home in Old Farm has risen over $145,000!
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|
While real estate in the Pikes Peak region didn’t smash any records last month, we did have a few noteworthy things happen. In July 2020 we had an all-time record high for home sales, and even though sales were down slightly from last year, we come in a close second at 1,844 homes sold (partially resulting from closing delays due to Covid issues last year).
We are also still seeing rising homes prices. The average price remained just above the $500k threshold at $500,430, up 17% from last July. The median price tied last month at $450,000 which is up 19.4% from last year. We are still seeing double-digit price increases year-over-year.
Even with rising prices, there may finally be a glimmer of hope for buyers. As of August 4th, there are 924 homes for sale. While this is still down from last July, it is the first month since September 2020 that we have over 900 homes for sale! Make no mistake, this is still a very tight inventory with barely a 2-week supply of homes.
Demand has not waned with 1,844 homes sold last month. The average selling price was 4.5% over asking price, indicating that many buyers are still paying over list price to win a home. Most experts agree that home prices will continue to rise throughout the rest of the year, but at some point home appreciation will slowly moderate to a much more sustainable level as supply increases.
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