With stock market volatility investment minded people should consider adding real property to their portfolio as the local market breaks records!
There is a 2 month supply of homes on the market! There are currently 2133 active single family listings on the market in the Pikes Peak region compared to 2599 last year at this time which is an 18% decrease. Fewer listings, creates more demand which should help to drive prices up and help homes sell faster. New listings on the market are up 14.2%. The average sales price was up 4.3% to $266,553 in December Sales are up 26.8%. 1105 homes sold in the Pikes Peak region in December, which is a new record going back 23 years (Data prior to 1993 not available).
The median single family sales price is also up 6.6% compared to December 2014 (same number of homes sold above as below).
There are 187 condo/townhomes on the market compared to 303 last year at this time. The median price for Condo/townhomes is up 6.3% to $159,430 and sales are up 26.4%.
Cumulative year to date sales for 2015 were up 18.3% and the average price was up 6.8%. Average Days on Market is 60.
Rates are incredibly low and prices are moving upward. This is a great time to sell and/or buy. It is also a great time to buy that investment property. Visit our website at www.lutherbenson.com to view all listings on the MLS
Luther Benson - Broker/Owner
25 Years of Experience
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