|Old Farm Real Estate Stats September 2021 show that home appreciation is scary good for homeowners as home prices rose substantially last month. In fact, the median and average prices increased nearly 30% from last year! The median price is up 29.6% at $460,000 making it the second-highest we’ve ever seen! The average price is up 29.0% at $453,656 (over $100k from last September!). Not to mention, buyers paid 5.6% over asking price on average last month in this neighborhood! Homes are in high demand in Old Farm with an average of only 3 days on market! |
Home sales were down 27.3% at 8 homes sold last month. Prices of closed sales range from $385,000 to $525,000, with the selling price at $228 per square foot. As of this morning, there are 4 homes for sale and 7 homes pending sale.
|To see more detailed stats for Old Farm, including quarterly stats, click here|
For the Pikes Peak Region, we have some good news for buyers, especially those that have gotten sidelined or discouraged with the intense competition and lack of home choices. For the first time since April 2020, we saw an increase in inventory (year-over-year) ! For the past 2 years the inventory has steadily dwindled, making the environment less than friendly for buyers. We still have a long way to go to get to pre-Covid inventory levels (In Sept 2019 we had 2,089 homes for sale). However, for any buyers who are ready to call it quits, now may be the time to saddle up and take advantage of the slightly increased inventory!
The inventory is up 15.1% since last year and as of October 4th, there are 1,154 homes for sale. To put this into perspective, in March we only had around 443 homes for sale! Even at the beginning of May, there were only 583 homes for sale. The inventory has nearly doubled– so buyers who thought they were out of the game might have a shot at their dream home!
Even with an increase in inventory, prices continue to rise. The average price is up 15.5% at $498,004. The median price is up 14.3% at $440,000.
Real estate does not seem to be slowing down, as there are currently 2,118 homes pending sale as of this morning. Year-to-date we’ve sold 13,622 homes, which is up nearly 1,000 compared to last year at 12,759 homes sold! In fact, this is a new record as it is the first time we’ve sold more than 13,000 homes in the Pikes Peak Region by October 1st!
For buyers, the longer you wait to buy a home, the more you will end up paying. Between double-digit price appreciation and forecasted higher interest rates, NOW would be the time to buy to maximize purchasing power.
For sellers, don’t wait until you have a ton of competition! Sell while there are fewer homes to compete with!
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