2018 was a great year for our Colorado Springs real estate market. Many new developments and changes happened in 2018 with interest rates, inventory supply and home values.
The biggest change was our inventory levels (available home for sale). We held higher levels of inventory during the third and forth quarter of 2018. Typically, after the summer coming into the late 3rd quarter we have inventory levels dropping as we approach the fall and winter season. This year we did not have any major change in the level, but actually had a small increase in September. Not very typical to see. Since September we have had a big decrease in inventory, December 2018 ended at only 1,684 available single family homes for sale.
The next big change in our Colorado Springs real estate market is the average sales price of single family homes. Average sales price in 2017 $314,589 and average sales price in 2018 was $347,289. Making this a 10.4% gain in average sales price year over year!!
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