Quarterly Residential Review Q1 2021
Welcome to the ERA Shields Stat Pack. The intent for providing information to you is to educate you on the current local real estate market so you can better make decisions for you and your family. Real estate markets vary from city to city as well as neighborhood to neighborhood. When the national media reports how the real estate market is doing, it is reporting on national numbers and it is likely very different from how your neighborhood is performing. You will find factual data within this document from which you may draw your own conclusions. We include a brief summary on the last page.
QUICK FACTS
- New Listings Input for the Quarter were down 300 units from 2020 <7.9%>
- Sales for the Quarter were flat, down just 4 units compared to last year
- Single Family Building Permits hit 1553 for the Quarter (up 34%)
- Median Price for the Quarter is up to $399,833 (16.0%)
- Average Price for the Quarter went up to $453,488 (17.4%)
- Just 12% of sales in the Quarter were under $300K
- 30-Year Fixed Rate Mortgages bumped up to 3.18%
This graph compares the number of homes on the market (Active) to the number of homes Sold. It determines how many months it would take to sell through the current listing inventory. Most economists consider 6.0 months to be a balanced market.
PRICING TOOLS
Determine how your price range is performing. Quarterly Area Comparisons for Single Family & Patio Homes
This chart is ideal for helping you determine how your neighborhood is doing. If you are considering selling your home, this information is just one tool you can reference to assist you with pricing your home strategically. Contact us if you need assistance utilizing this graph.
Based on 1st Quarter Sales and Current Number of Actives
This graph shows the total number of new listings entered into the MLS during the Quarter.
QUARTERLY DATA
Average Monthly Active Listings for the Quarter shows the approximate number of homes on the market on any given day during the Quarter.
This graph shows the total number of Solds for the period. Comparing this data over the past 10 years helps determine what trends are occurring.
The Average & Median Sales Prices for the same period over the past 10 years. This graph easily illustrates the current health of the local real estate market.
Summary
The 1st Quarter of 2021 continued the hot streak for the local residential real estate market. Prices skyrocketed—the average price increased 17.4% for the Quarter to $453,488. The list price/sales price ratio for El Paso County was 103.6%, which means if you listed your home for $100,000, the average home seller actually sold it for $103,600.
Activity remains incredibly strong with extremely high demand forcing inventory levels to all-time lows. The increase in demand is due to several factors:
- More and more locals are choosing to stay in the area
- The amount of people migrating here continues to be very strong
- Mortgage rates continue to make buying more attractive
- Natural population growth across the country
It has been reported by NAR and First Trust that builders across the nation have not been building enough homes. Over the past 20 years they have averaged 1.2 million per year rather than the 1.5 million needed to keep up with demand.
The data found within the ERA Shields Real Estate Stat Pack, Quarterly Residential Review, is based on information from the Pikes Peak REALTOR® Services Corporation (RSC) or its PPMLS. This content is deemed reliable; however RSC, PPMLS and ERA Shields Real Estate do not guarantee its accuracy. Data maintained by RSC does not reflect all real estate activity in the market. Additional sources include the Colorado Springs Business Alliance, El Paso County Assessor, El Paso County.
