The first numbers back from the COVID-19 stay-at-home orders are in now. The stay-at-home restrictions seem to have affected the number of houses listed on the market, and how fast the homes that were already on the market sold. So far, things haven't changed that much. We'll just have to wait and see how the market is affected as we all get back to work.
Because of the current market conditions, rental homes are more in demand than ever in the PPAR MLS. Call All Seasons today to find out the steps you need to take to offer your Colorado Springs investment property as a rental. With All Seasons, it’s not as hard as you may think! (719) 632-3368
Single Family Home Sales Price
Median for April 2020: $360,000
Median for April 2019: $328,000
Result: Up 9.8% percent from last year. Home values still rising fast in our community. Good news if you already own a home, but the increasing prices make it harder for prospective buyers to afford home prices.
Total Active Listings
April 2020: 1,589 homes
April 2019: 1,572 homes
Result:This moved only 1.1% up from last year, which could reflect the slowdown due to stay-at-home orders.
Average Days on Market
April 2020: 20 days
April 2019: 31 days
Result: The days needed to sell your home in April down 35.5% from last year, a huge jump. This means it takes less time for sellers to sell their home, and buyers must get their bids in fast. Again, this could be because people made their decision to buy a home more quickly when the stay-at-home orders came out.
Year-to-Date (YTD) Total Homes Sold
April 2020: 4,386 homes sold
April 2019: 3,368 homes sold
Result: YTD total homes sold is about the same as last year.
Total Under Contract
April 2020: 1,954 homes
April 2019: 2,490 homes
Result:This was down 15.3%, more than I’ve ever seen. I believe his is a direct result of real estate agents being ordered to stay at home. This should rise after the crisis ends.
New Listings
April 2020: 1,458 homes
April 2019: 1,924 homes
Result: Down 24.2%, for the same reason the Total Under Contract dropped—real estate agents staying at home.
Sold Listings
April 2020: 1,219 homes
April 2019: 1,320 homes
Result: This number is down, which is unusual to see. So far, it's not down too much, only 7.7%.
The first numbers back from the COVID-19 stay-at-home orders are in now. The stay-at-home restrictions seem to have affected the number of houses listed on the market, and how fast the homes that were already on the market sold. So far, things haven't changed that much. We'll just have to wait and see how the market is affected as we all get back to work.
Because of the current market conditions, rental homes are more in demand than ever in the PPAR MLS. Call All Seasons today to find out the steps you need to take to offer your Colorado Springs investment property as a rental. With All Seasons, it’s not as hard as you may think! (719) 632-3368
