|Old Farm Real Estate Stats October 2021 show that home appreciation remains in the double digits. In fact, the median and average prices increased nearly 20% from last year! The median price is up 18.4% at $435,000. The average price is up 20.0% at $446,500 (over $74k from last October!). Buyers are still paying over asking price on average in this neighborhood. In October, the average home sold for 0.17% over asking. |
Home sales were down 25.0% at 6 homes sold last month. Prices of closed sales range from $380,000 to $555,000, with the selling price at $199 per square foot. As of November 1st, there is 1 home for sale and 15 homes pending sale.
|To see more detailed stats for Old Farm, including quarterly stats, click here|
For the Pikes Peak Region, we set a new record high for the average price at $510,811 which is up 18.0% from last October. This new record is up nearly $7,000 from the previous record. The median price increased 16.3% from last year to $446,000. We continue to see double-digit price appreciation for homes, meaning that buyers who waited a year will pay substantially more for a home now.
Sales are down around 5.3% from last year at 1,641 homes sold. Homes sold for 1.8% over asking on average, indicating that many buyers are still paying above asking price.
We do have a slight increase in inventory with 1,057 homes for sale as of November 1st. This is the second month in a row that we an increase; however, we still only have a 0.64-month supply of homes, or roughly 19 days.
Even though the inventory increased, the numbers tend to be a bit misleading. For example, there are 1057 single family homes for sale in the entire Pikes Peak Region. However, there are only 809 homes for sale in El Paso County and 367 homes for sale with an actual Colorado Springs mailing address. So of those 1,057 total homes, many are outliers or even new construction (homes not even built yet!). This exacerbates the competition for buyers looking for a specific area.
In short, we don’t have enough homes to sell and prices continue to set records. If you are thinking about selling, don’t just think it, DO IT! (And give us a call!)
If you are hoping to buy, don’t be fooled by the increased inventory. The market is still very swift and competitive. Let us help you navigate this brisk market to help you find your dream home!
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