|Old Farm Real Estate Stats May 2022 show that the median price smashed its previous record. The median price increased 19.0% to $507,500. This is up $27,500 from the previous record. While the average price did not break records, it did come in second place with an increase of 14.1% to $508,333.|
Sales were down last month with 6 homes sold. The average selling price was 5.5% over asking price and homes are selling in an average of 5 days. 27 homes have sold in Old Farm so far this year. There are currently 3 homes for sale and 3 pending close.
To see more detailed stats for Old Farm, including quarterly stats, click here
In the Pikes Peak Region, the summer market is already shaping up to be a good one, especially when analyzing some interesting statistics last month. Most notably, we have 1,355 homes for sale as of 6/1. This is an increase 132.4% over last May! We have not seen levels this high since July 2020! What an exciting thing for our buyers!
However, even with the increased inventory, prices and sales continue to rise. We still only have a 0.80 month supply of homes, which is roughly 24 days. It’s important to note that we are still considerably under pre-Covid inventory levels even with this increase. For example, in May 2020 we had 1,558 homes for sale and in May 2019 we had 1,849 homes for sale.
The median price broke the record last month and reached a new high of $487,000. The average price increased 13.1% to $554,013. Sales went up 8.9% last month at 1,689 homes sold.
Here are the key statistics last month:
* Inventory is up 132.4%
* Sales are up 8.9%
* New record median price!
* Homes are selling in a median of 4 days
* Homes sold for 3.1% over list price on average
As inventory increases, sellers will have more competition. If you are thinking of selling, don’t delay! For buyers, there will finally be some more options to choose from. However, prices are not going down and homes are still selling in less than a week. So waiting too long will still cost you.
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