Colorado Springs poised for another record-breaking year for home sales
Brisk home sales last month have put Colorado Springs and the Pikes Peak region on the verge of another record-breaking year for buying and selling.
In November, single-family home sales totaled 1,255, a nearly 5 percent jump over the same month last year, according to a report compiled by the Pikes Peak Association of Realtors.
Year-over-year sales have been on the rise every month this year except for one, and have increased regularly since a housing recovery took hold in the area in late 2014, Realtors Association figures show.
Through the first 11 months of 2017, home sales totaled 15,133 - or a little less than 200 shy of breaking last year's record of 15,318. With home sales averaging about 1,375 each month, a record year for sales is almost a certainty.
In general, the single-family house market remains strong because of low mortgage rates, a healthier economy and more jobs, local real estate experts have said.
Other highlights of the Realtors Association's November report - which includes home sales that take place mostly in El Paso County - include:
- Homes spent an average of 33 days on the market before selling. That's faster than a year ago, when homes averaged 39 days on the market in November 2016 before selling.
- With the demand for homes showing no signs of a slowdown, prices continue to climb. The median price of homes that sold in November climbed to $280,000 or 9.1 percent higher than the same month a year ago. The median price is the mid-point of all sale prices, with half in November being more than $280,000 and the other half less.
- The average price of homes rose 10.1 percent to $317,368 in November, based on a year-over-year comparison. Average prices are noteworthy, yet real estate experts consider them less reliable that median prices because averages can be skewed by a few very high or low sales.
- The supply of homes for sale dwindled in November. Listings totaled 1,643 or almost 15 percent below the same month last year. The tight inventory of homes on the market, combined with the strong demand, is one factor that continues to drive up prices.
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