Old Farm Real Estate Stats March 2021 show that prices increased yet again in Old Farm in March, with the average price up 11.9% at $412,000. The median price rose 14.6% to $416,000. Sales were down 33.3% with 4 homes sold last month. Homes continue to sell very fast in this neighborhood with an average time on market of only 2 days! There are currently 5 homes for sale and 4 pending sales, making this an ideal time for you to sell. Most homeowners are seeing above asking offers on their homes! With such fast appreciation, you may have more equity than you think!
To see more detailed statistics for your neighborhood, including quarterly stats, click here.
As for the Pikes Peak Region, several records were broken last month! The average sold price hit a record high of $472,931, up 21% from last March. The median sold price hit a record high of $410,000 which is up 16.4% from last year. The Pikes Peak Region continues to see double-digit price increases and buyers are feeling the pressure from the competitive environment.
The inventory reached a new record low of 443 homes for sale in the region. This equates to only a 0.33-month supply of homes, or roughly 10 days. How tight is the inventory? As of this morning, there were only 173 homes for sale in our MLS with a Colorado Springs address that were existing (excluding new construction). At any price. Of those, only 48 were under $400k. Last year on April 1st we had 1,571 homes for sale compared to the 443 homes for sale today. Therefore, it’s not hard to see why the competition is so fierce amongst buyers.
More than ever, this is a GREAT time to sell. Sellers truly have an advantage right now with the high demand and lack of competition. Plus, we even have a program where we can help you buy your next home BEFORE selling your current one to make the transition even easier!
Buyers truly need an expert on their side to navigate this crazy environment. Our team has over 29 years experience to help you find your dream home in a time of no inventory. Interest rates remain extremely low, increasing affordability for buyers.
To see more detailed information, please visit our Market Conditions page.
Give us a call whether you are thinking of buying or selling!
Rick Van Wieren (719) 331-7675
Mary Barkley (719) 421-9360