The strong sellers' market continues in Colorado Springs but home buyers are starting to see more relief compared to the first quarter of 2018. Mortgage rates are a key factor to the slight cool off, having gained 60 basis points (.6%) since the start of 2018 but they have also remained relatively flat for the past 5 weeks.
Colorado Springs Real Estate Market Update
Overall listings in Q2 were still nearly 6% lower than the total count from a year ago, but compared to the 14% deficit we saw in the first quarter of 2018, the "white hot" market could now be described as a "red hot" market.
Appreciation continues to be good to home sellers. The median sales price for residential property in El Paso County is now $303,000, up nearly $20,000 since Q1 of 2018.
Higher priced homes are also continuing to gain traction compared to last year, especially those priced between $500k and $1M.
Historic active listings by the month of June
Although July is typically the month that provides us with the most inventory, we are still seeing a shortage of active listings. In June of 2018, the market added 2398 new listings compared to the 5962 listings added during the same month in 2014.
Year at a glance for mortgage interest rates
The uptick with higher mortgage rates since January, 2018 has softened the red-hot sellers market just a tad, but rates receded in the last week of June and have remained flat for the past 5 weeks, allowing buyers to get off the fence and into home ownership this summer.