|Old Farm Real Estate Stats March 2022 show that we set a new record for the median price. The median price increased 15.4% to $480,000. The average price rose 11.4% from last March to $459,000. Last month homes sold for roughly 3.2% above list price on average. The lack of inventory continues to put upward pressure on home prices. The average selling price was $198 per square foot! |
Homes are still selling extremely fast– in an average of 3 days! In reality, homes could be selling even faster, but sellers are often queuing offers. Offers are sometimes coming in within an hour of initial listing going live, but sellers usually want to give more time for buyers to see the house and generate multiple, competitive offers.
As of April 1st, there is 1 home for sale and 6 homes pending closing.
|To see more detailed stats for Old Farm, including quarterly stats, click here|
In the Pikes Peak Region, it was another record-setter for real estate in the Pikes Peak Region! We sold 1,361 homes– the most ever in a March month. There have been 3,433 homes sold year-to-date in our area.
The median and average prices broke their previous records last month. Double digit price appreciation continues– as it has been since June 2020. The average price increased 14.1% to $539,555. The median price increased 15.9% to $475,000. In just two years, the average has increased over $142,000! This is great news for homeowners, but a harsh reality for potential buyers.
Other big takeaways last month include:
* Homes sold for 3.5% over list price on average (highest since July of last year)
* The median time on market is only 4 days (likely only that long to accommodate a few days of showings)
* 678 homes for sale as of 4/1
* Inventory is up, but we are still sitting at 0.50-month (or 15 day) supply of homes
Check out 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