Real Estate Stats Jan 2021 for Old Farm show that there were double digit price increases in Old Farm in January, with the average price up 13.6% at $368,050. The median price rose 14.1% to $368,050. Although sales were down slightly last month with only 2 homes sold, the average time on market was only 3 days and theaverage home sold for 5.5% more than asking price. There are currently 0 homes for sale and 8 pending sales, making this an ideal time for you to sell. Homes are selling fast, especially with such low inventory and few options for buyers. Plus many sellers are receiving multiple offers and some over asking price!
To see more detailed stats for Old Farm, including quarterly stats, click here
As for the region as a whole, prices once again hit record levels, with double digit increases in both the median and average price levels. Record home prices may sound like the movie Ground Hog’s Day at this point, but it just seems like every month is the same story: not enough to sell, and higher prices.
How tight is the inventory? As of this morning, there were only 160 homes for sale in our MLS with a Colorado Springs address that were existing, not new build homes. At any price. Of those, only 59 were under $400k. Compare that with 359 homes in the same category that sold during the month of January, and you can see the problem.
So what does all that mean for you as a seller? List your home with us now, and we’ll likely have it under contract in less than 4 days. (and possibly for more than the asking price).
What does all this mean for buyers? Plan on writing many offers over the course of several weeks before you win one. Unless of course you have plenty of cash, and are willing to pay well more than appraisal.
We do have a new program we would LOVE to talk to you about! It will allow equity rich (30% or so) homeowners to buy BEFORE you sell. Plus, you will never have to show your house while you are living in it. If this sounds interesting, we would love to visit with you and see if this great program is for you! Call, text or email, and let’s get the process rolling!
To see more detailed information, please visit our Market Conditions page.
Please give us a call whether you are thinking of buying or selling!
Rick Van Wieren (719) 331-7675
Mary Barkley (719) 421-9360