August 2020 | Colorado Springs Real Estate Market INSIDER

August 2020 Colorado Springs Real Estate Market

The Colorado Springs Real Estate Market Insider Report:
August 2020

According to the new data released by the Pikes Peak Association of REALTORS® for August 2020, the Colorado Springs real estate market is closing out the 3rd quarter with record sales numbers.

The Bottom Line:

The Colorado Springs housing market is being squeezed by a severe lack of inventory. We currently have 50% fewer homes available for sale than at this same time last year. 😲

Let's take a look at the August 2020 real estate market stats for Colorado Springs:

August 2020 Colorado Springs Real Estate Statistics

  • New Listings: 1,689 (Down -8.3% from last year)
  • Sold Listings: 1,771 (Up +14.9% from last year)
  • Total Active Listings: 1,077 (Down -50.9% from last year)
  • Median Sales Price: $380,000 (Up +15.2% from last year)
  • List To Sold Price Ratio: 100.6% (Up +1.0% from last year)
  • Days on the Market: 19 Days (Down -14.6% from last year)

For the past few months, we've had more homes sold than homes being listed for sale. Every month, our available inventory of homes for sale keeps dropping, due to these percentages. In August, we had that largest year-over-year drop in inventory since we've been keeping records here at Great Colorado Homes. The problem is causing home prices to spike in Colorado Springs at a greater percentage than the national economy. If you're planning to sell your home, it's an excellent market. If you're looking to buy a home at or below the median price point, you're going to struggle to find a deal.

August 2020 Colorado Springs Real Estate Market Statistics Infographic

Based on information from the Pikes Peak REALTOR® Services Corp. ("RSC"), for the period August 1, 2020, through August 31, 2020. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.

Andrew Fortune

Hi! I'm Andrew Fortune, the founder of Great Colorado Homes and the creator of much of the content on this website. Thanks for taking the time to read this article. Please feel free to share this article with someone who might benefit from it. I appreciate your time here on this site and am always open to suggestions and ideas from our readers.

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