We are closing out July 2021 w/an average closed price of $476K, an average of 7 days on the market and an average closed to list price of 104.03%. Conventional loans have dominated the market this month. Meridian Ranch continues to dominate as the top subarea for volume of sales.
Here’s a quick look at the average zip prices around the center of town.
Here are the top 10 subareas month to date. Meridian Ranch continues its reign at the top!
Here’s how to read this chart:
Meridian Ranch has 29 sales month to date at an average closed price of $515K, a median of $512K, an average closed to list price of 103.72% (selling for 3.72% above list price), an average of 6.17 days on the market, a median of 4 days on the market, an average seller’s concessions of $244 and a median seller’s concessions of $0.
Seller’s concessions are often referred to as closing costs. I dislike this reference because it lends itself to confusion; I like the more accurate description of “seller’s contribution (concession) to the buyer’s closing costs
Cash has the (significant) advantage of no appraisal but does it command the discount many feel it does? Let’s look at the data.
Below is a breakout of the purchase types of the sales YTD in the PPAR region. You can see there have been app 9,856 sales, 1646 of which have been cash. These on the average are paying 3.66% above list price. Contrast that with the 3.87% for conventional, 3.84% for FHA and 3.42% for VA and it’s immediately apparent that cash isn’t currently commanding the discount it has a reputation for.
Here’s the rundown on the market right now!
Good question! The short answer is: Yes, it is a tool you can use in your home search. But it has a limitation.
Zillow is a great platform for home searches and cannot/should not be discounted. However, there are a couple of things you should know when searching for homes in the Colorado Springs market.
Sites like this are fed from an IDX (Internet Data Exchange) via the MLS (Multiple Listing System).
In the case of Zillow, it’s also manually updated by homeowners, property managers and agents. However, Zillow is no longer automatically updated by the local MLS. The result is that it no longer represents the totality of the market.
If you’re looking to buy or sell a home in Colorado Springs, I’d be honored to earn your business.
Wow. Boulder is now one of the most expensive housing markets in the nation, according to the Denver Post.
By contrast there are 414 four bedroom homes on the market at the time of this post for $300,000 or under in Colorado Springs.
In the market? I’d be honored to help!
Looking to rent a home in Colorado Springs? Interestingly, there are 124 MLS listed Single Family Homes (SFH) w/3+ bedrooms on the market at $1500 and below. There are 87 on the market at $1501 and above.
This differs from July by a total of 4 homes, which makes for an interesting market.
If buying is an option, I’d be honored to earn your business!
DATA SOURCE: PPAR MLS derived statistics
I don’t think this is a good idea. This could have a lot of unintended consequences.
What say you?
Looking to buy or sell in the Springs? We’d be honored to earn your business! Call Rob at 719-440-6626!