Old Farm Real Estate Stats July 2022 show that real estate has relaxed just slightly, with sales remaining the same as last July with 6 homes sold. Home prices are still increasing, however! The average price increased 6.7% to $499,750. The median price is up 11.5% to $499,000 which comes in second place for all time median price.
|Most interestingly, the selling price vs list price is narrowing. In July, homes sold for 1.5% over asking on average, compared to 5.6% over asking in July of 2021. This means sellers are starting to see less and less bidding wars and overpayment for homes. |
As of 8/2, there are 5 homes for sale and 4 pending sale. Homes are staying on the market only slightly longer, with an average time on market of 7 days.
To see more detailed stats for Old Farm, including quarterly stats, click here
In The Pikes Peak Region
|We have some good news for buyers in the Pikes Peak Region! We have the most inventory we’ve seen since August 2016! As of this morning, we have 2,605 homes for sale! This is a 160.8% increase in supply compared to last year (with only 999 homes for sale) . |
Even with the increased inventory, prices continue to rise. The average price is up 11.2% to $557,250 and the median price is up 7.2% to $482,500. Prices are expected to continue to rise this year, just at a more moderate pace. Additionally, sales are down 23.9% with 1,403 homes sold last month.
** Inventory increase of 160.8%
** 1,774 homes pending sale
** Sales down 23.9% last month at 1,403 homes sold
** Median time on market was 7 days
Buyers– this is your time to shine! This is the best buying environment we’ve seen the onset of the pandemic! There are more homes to choose from and less bidding wars. We have been seeing some seller concessions and agreements to inspection item repairs (unheard of at the height of the frenzy).
Sellers– we’ve seen a sharp increase in listings but also a decline in buyer activity. Don’t wait too long or you’ll have even more competition!
Worried about rates? We have some programs that may have options to lower your rates! Historically speaking, these are still great rates! If you give us a call, we can help find the best strategy for your particular situation.