Old Farm Real Estate Stats May 2021

Old Farm Real Estate Stats May 2021

Old Farm Real Estate Stats May 2021 show double digit price increases in May. The average price rose 25.5% to $445,670. The median price rose 20.1% to $426,350. Looking back just 2 years ago, the average price in Old Farm was $328,267. In just two years, the average has increased over $117,000! Homes continue to sell very fast with an average time on market of only 4 days! Astonishingly, homes in Old Farm sold for 7.6% above asking price on average last month. If you are thinking of selling, NOW is the time! As of 6/4, there are 4 homes for sale and 7 homes pending.

To see more detailed stats for Old Farm, including quarterly stats, click here

 As for the entire region, home prices made a big splash last month, with new record highs. The average sold price hit a record of $489,377, up 24.4% (or over $95,000!) from last May. The median sold price hit a record of $432,095 which is up 23.5% (or $82,000!) from last year. 

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. As of June 3rd, there are only 598 homes for sale in the entire Pikes Peak Region. However, only 248 homes were exiting and had a Colorado Springs mailing address (excluding new construction). At any price point. Of those, only 67 were under $400k. Even still, sales were up 37% last month, so the lack of inventory is not scaring buyers away. If anything, it’s creating an environment of bidding wars and multiple offers. 

Homeowners may find themselves quite equity rich right now, and can take advantage of that added equity plus the low interest rates to upgrade into a home more fitting to their needs.

However, buyers may need to come mentally prepared for the intense competition. It may take a few tries to finally win a home, but we do have some tips (and a winning team!) to help you along the way.

Winning strategies for buyers:
Only ask for health & safety repairs
Appraisal gap
Come to closing with a cash amount to make up for an appraisal shortfall
Escalation clauses
Escalate your offer to a certain point if other offers are received

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.

Homes currently for sale in Old Farm, click HERE
What has sold this year in Old Farm, click HERE

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

Leave a Reply

Your email address will not be published. Required fields are marked *