March 2018 Real Estate Market Update

Colorado Springs was recently ranked as the #7 real estate market in the country. March sales were up 6.4% from 2016, and would have been even higher if we had had more homes to sell. Prices are strong, with the average up 10.4% in March, and the median up 11.9%. Half of the homes sold in March were under contract in less than 9 days. The months supply of homes for sale is only 1.18, the lowest on record. Homes sales are undoubtedly now being held back by lack of inventory. With prices off to such a strong start, look for the inventory to improve as the Spring market develops. Also look for new construction, much of which is not reflected in these figures, to help bridge the gap.

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