Colorado Springs Real Estate Trends – January 2021

The Colorado Springs MLS trends data for January 2021 is out. Comparing year over year (January 2020 to January 2021) is better than comparing the previous month, because we have defined seasonality trends.

Executive Summary

Here are the high level Colorado Springs results for January 2021

New listings

• Homes down 17% in January 2021 from January 2020
• Some of the drop was driven by less new home inventory to market
• My guess is the builders are selling their inventory early in the construction cycle so they don’t need to list.
• Re-sale inventory new listings was “only” down 10%
• Condo new listings off a little more, -20%

Sales count

• Up 6% in January 2021 vs January 2020 for homes and +14% for condos (on a small base; e.g., from 136 to 155)

Sales price

• Average: +16% year over year for homes and +6% for condos
• Similar to what we saw in the Denver market
• Median for homes and condos up about 14-15%
• A lot of this “increase” is a mix issue of selling much larger (and more expensive homes), since there is relatively more inventory there.  We’re really short of inventory of smaller, entry level product

Active inventory at month end

• Horrifying.  Down 60% for homes, from 1190 to just 460 to choose from.
• Down 49% for condos, from 126 to 64.
• It’s hard to comprehend how low this is.  Seasonality wise end of December and end of January tend to be the lowest inventory levels of the year.  It should build a little from here.
• Overall, I don’t expect any meaningful relief/built-in inventory until 3Q or 4Q at the earliest.
• We’ll really be in trouble if Washington gives out a $15,000 to first time buyers. The last thing we need now is more demand in a market segment where inventory is super low.

Source: The above executive summary is from Lon Welsh of Your Castle Real Estate.

Colorado Springs Housing Trends January 2021

Here are some charts reflecting the crazy level of activity in the Colorado Springs market.  As with Denver, it’s very much in the favor of the seller.

Home Shortage Continues to Frustrate Colorado Springs Buyers

Here’s an article from the Gazette that speaks to the frustration of Colorado Springs homebuyers facing extreme inventory shortage.

It is definitely a seller’s market right now.  If you are interested in walking through an equity analysis to see if selling your Colorado Springs property is the best way to reposition your equity, please send us an email jenny@envisionrea.com or chris@envisionrea.com.

YouTube Video: Colorado Springs Real Estate Trends – January 2021