This market data was featured on a live episode of Drinks and Deep Dives. You can find the podcast for this blog post within the episode #298: “Out of State” Investing an Hour Away From Denver & Market Trends in Denver and Colorado Springs.
Tune in Wednesdays at noon MT to join us live for the next Drinks and Deep Dives show.
- Listen to the podcast “#40: DDD: “Out of State” Investing an Hour Away From Denver & Market Trends in Denver and Colorado Springs” on the Colorado Springs Real Estate Investing Podcast
- Watch the YouTube video (at the bottom.)
- Read the blog post. Note, the blog is an executive summary. Get the in-depth breakdown from the podcast or video.
Key Takeaways from June 2021 vs. June 2020
Here are some high level comments for the June market.
- The number of new listings, 2080, was up +3% from last year.
- This is consistent with national trends and what we’d historically expect
- Also consistent with Denver
- Sales count +8% from last year
- Impressive performance!
- Average price
- Up 25%, about the same as Denver
- Similar to other west coast cities
- Median sales price also up about the same amount
- Active inventory
- 777 units, down from 1,450.
- In Denver the inventory went up a bit, so Colorado Springs didn’t follow this trend (unfortunately)
- Down a bit from the last few months
- But still above the historical average for this time of year
Source: The above executive summary is from Lon Welsh of Your Castle Real Estate.
Evidence Denver Market is Slowing
You can see that the new applications by buyers to get a mortgage continues to decline. That would be a normal seasonality trend, but there is more decline even than that. We can expect the buyer queue in later 3Q and earlier 4Q will definitely be less than 2020 and likely less than 2019 levels. Traffic is flirting with levels slightly lower than that.
We’re seeing further evidence of slow down in that the showings / active listings (which were very high in 1Q 2021 and first part of 2Q 2021) have come down a lot.
I’m hearing antidotally that listing agents are still getting multiple offers, but not as many, and the probability of selling above ask is also declining. “The market is slower” is a common (not universal) comment. The increase of inventory from May to June sure helped a lot.
(Comments above by Lon Welsh of Your Castle Real Estate)
Colorado Springs Housing Trends June 2021
How to Get Started Building Your Own Colorado Springs Rental Portfolio
For information on how to get started investing in Colorado Springs, check out our free 2021 Colorado Springs Real Estate Investing Guide.