Old Farm Real Estate Stats June 2021 show the largest price increases we have ever seen! The average price rose 35.5% to $481,333. The median price rose 34.6% to $471,000. Looking back just 2 years ago, the average price in Old Farm was $323,380. In just two years, the average has increased over $157,000! Homes continue to sell very fast with an average time on market of only 3 days!
Amazingly, homes in Old Farm sold for 10.1% above asking price on average last month. If you are thinking of selling, NOW is the time! As of 7/1, there is 1 home for sale and 10 homes pending.
|To see more detailed stats for Old Farm, including quarterly stats, click here|
As for the entire region, Real Estate in Colorado Springs June 2021 broke price records yet again!
The average sold price crossed the $500k threshold and hit a record high of $502,962 up 25.1% (or over $100,000!) from last June. The median sold price hit a record high of $450,000 which is up 25.0% (or $90,000!) from last year. Experts expect homes to continue to rise in price throughout the rest of the year.
The good news is that we saw the slightest increase in inventory. As of July 1st, there were 775 homes for sale. While this is down 51% from last year, it is up nearly 200 homes from last month. 200 homes may not be much, but anything helps our current inventory shortage. We are sitting at a 0.43-month supply of homes, or roughly 13 days. It will take a while for our inventory to catch up to buyer demand, however, at least this a small step in the right direction and there may be a light at the end of the tunnel for buyers struggling to find a home.
Anyone who waited to buy a home will now be paying substantially more, and prices will continue to rise as long as our inventory remains critically low. Interest rates are forecasted to rise, which will decrease purchasing power for buyers.
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 if you are thinking of buying or selling!
Rick Van Wieren (719) 331-7675
Mary Barkley (719) 421-9360