Record Breaking Sales Continue
The Pikes Peak Area real estate market continues to break records. All price points are up in year-to-date sales, with the exception of $0-$299,999. You may wonder why that is so. We have been experiencing severe inventory shortages in those price-points which have kept the numbers down. Part of that is the increasing prices in general and increased prices through multiple offers on homes.
As you can see there is only about a 2 week supply of homes available, up to $300,000, if home sales continue at the pace they have been going. When you get to the $300,000-$500,000 range it stretches out to about 5 weeks.
What does this mean for you?
If you are thinking about selling your home; it's obviously a great time to consider selling. We are heading into what are traditionally the "selling months" of real estate in the Pikes Peak Area real estate market, so inventory may increase and along with the increase of inventory, the competition for buyers may increase. There are some reasons that now can be ideal:
- If you go under contract now - you will probably close in 30-45 days. Sellers are in the drivers seat right now and if you need 60 days, that can often times be arranged.
- If you go under contract now - you may hit the buying end of the market when there is more inventory coming on, which consequently may provide more choices and less multiple offer situations.
- If you go under contract now - the comps that an appraiser uses are beginning to catch up with the market activity, so your home may be more likely to appraise easily.
- If you have thought about moving from the $300,000 and under market to the next tier of pricing, you potentially could be in an incredible position with the sale of yours, as well as purchasing at a price point that is less competitive.
If you are interested in finding out more:
If you are wondering what your home might bring, we are more than happy to offer you a complimentary market analysis for your home, as well as set up a search for you on what your ideal would be for a new home. Click here for your home evaluation.