|Old Farm Real Estate Stats June 2022 the 2nd quarter stats show the most accurate picture of what’s happening in terms of real estate. 14 homes were sold in the 2nd quarter (April – June).
The average price for that time period was $502,500 and the median price was $502,936. The median is up over $63k from last year and up over $147k from 2020!
As of this morning, there are 8 homes for sale and 5 pending sale. Homes continue to sell very quickly, with the median time on market at only 3 days last month.
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! Our inventory has increased substantially! As of this morning, we have 2,126 homes for sale. This is the first time we have had over 2,000 homes for sale since September 2019! We now have over a 1 month supply of homes —we have a 1.24 months-supply or roughly 37 days.
However, don’t freak out too much– these levels of inventory are consistent with the pre-pandemic levels we saw in 2019 & 2018. This means it’s still a very hot market, but we finally have a few more homes for our buyers.
We set a new record median price last month at $495,000 which is up 10.0% from last June. The average price came in 3rd place for all time highs at $551,305 which is up 9.6% from last year. Homes sold for 1.9% over asking on average in June, so even though prices may be slowing in appreciation, but they are not “depreciating” by any means.
Interest rates have increased quite a bit recently. This will certainly impact a buyer’s purchasing power. There are some programs available to help buyers get into a home despite the increase in rates. Also, it’s important to note that these rates may seem high compared to what we’ve been used to the last 2 years, but they are historically pretty good rates when looking at the big picture.
* Inventory increase of 174.3%
* 1,872 homes pending sale
* Sales down 5.7% last month at 1,712 homes sold
* Median time on market was 4 days
Buyers who have been discouraged by the market during the last 2 years, there is hope! Sellers, don’t wait too much longer. As inventory increases, so does your level of competition. If you are looking to buy or sell in the next 6 months, or know someone who is, please contact us!
As a former resident of Old Farm and local realtor of 30 years, we would be honored to use our expertise to help you sell your home or find the home of your dreams.
To see The Van Wieren Team’s Featured Listings, click HERE
To see homes currently for sale in Old Farm, click HERE
To see what has sold this year in Old Farm, click HERE