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Local Market Report for February 2020

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I suspect it will not be a surprise to local REALTOR®’s to learn that the Pikes Peak regional statistics for February indicate a strong seller’s market. The number of new listing was down 5.9% compared to January, while sales were up 7.5%, meaning that more homes are exiting the market than are entering.

This is excellent news for sellers…

This is excellent news for sellers, who will likely enjoy multiple offer scenarios, but bad news for buyers, who will likely experience intense competition from other buyers. Additionally, the economic law of supply and demand dictate that the discrepancy between houses entering and exiting the market should be pushing prices up over time until the market reaches equilibrium.

The assumption that prices will continue to rise in the Pikes Peak region is supported by the ongoing statistical trends. The average February sale price increased by $36,013, or 10.2%, compared to the average for February of 2019. Needless to say, this is a massive increase, especially when compared to year over year increases for February 2018 to February 2019, which clocked in at 5.9%.

Statistical data has reflected a strong national and local economy…

In general, the statistical data has reflected a strong national and local economy over the past 6 years, and the Pikes Peak housing market has enjoyed exceptional appreciation in home equity during that time. Again, this is fantastic news for homeowners, but not so great news for home buyers.

Unfortunately, due to the national and international economic instability caused by the COVID-19 virus, in addition to the fact that 2020 is a presidential election year, we are unable to predict with any certainty how the market will progress as the year moves forward.

If you would like further insight…

If you would like further insight into the state of the market, need the advice of an experienced REALTOR®, or have any other questions please feel free to reach out to the staff of Sellstate Alliance Realty and we will gladly assist you.

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