|Old Farm Real Estate Stats November 2021 show that home appreciation remains in the double digits. In fact, we have seen double-digit price appreciation every month so far in 2021! The median price is up 18.7% at $426,377. The average price is up 21.4% at $425,000 (up $75k from last November!). Although prices may be increasing, buyers are starting to pay closer to asking price on average. In November, the average home sold for 0.43% over asking, where as buyers paid nearly 10% over on average in June.|
Home sales were up significantly at 13 homes sold last month. Prices of closed sales range from $379,900 to $485,000, with the selling price at $212 per square foot. As of December 3rd, there are no homes for sale and 5 homes pending sale. Homes are still in high demand in Old Farm with only an average of 8 days on market.
|To see more detailed stats for Old Farm, including quarterly stats, click here|
In the Pikes Peak Region, as of December 2nd, there are 882 homes for sale in the entire region. Even though this is a 27.1% increase over last year, it is only a 0.59 month or 18 day supply of homes. Looking back in 2019, we had nearly 1700 homes for sale during this same time. The inventory, while recuperating slightly, still has a long way to go to reach “normal” levels or even just keep up with buyer demand.
Looking a little deeper into the inventory, there are only 509 homes for sale in El Paso County and 448 homes for sale with an actual Colorado Springs mailing address. Plus 264 of the total inventory are new construction homes. So of those 882 total homes, many are outliers or not even built yet!
Prices did not set records in November, but the average price came in second place at $507,508 which is up 18.3% over last year. The median price tied the previous records at $450,000 which is an increase of 18.4% from last November. The Pikes Peak Region has seen double-digit price increases every month so far in 2021, with the smallest increase at 14.5% in August and the largest at a whopping 25.1% in June!
In short, we still don’t have enough homes to sell. We are expecting more homes to come on the market in the spring, but there are buyers looking now. If you are waiting to sell until Spring, don’t! Sell sooner (if you can) and you’ll have less competition.
If you are hoping to buy, don’t be discouraged. This market may be tough, but we’ve got the expertise to help calm the waters for you.
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