For about a year now, I've been reporting that home sales are increasing, and home prices are going up, too. And that holds true for last month's activity as well. According to the Pikes Peak Association of Realtors, here is what we saw in April:
SINGLE FAMILY HOMES:
Sales = UP 18.9%, compared to same time last year
Average Sales Price = UP 6.3%, compared to same time last year
Sales = UP 55%, compared to same time last year
Average Sales Price = UP 8.4%, compared to same time last year
One thing I find interesting, though, is inventory numbers have changed a lot this month. Our active inventory (meaning homes currently for sale) is only down by 0.2%. And for condos/townhomes it's only down by 6%. That means more homes are for sale now than in recent months. It could be that many sellers were waiting for that "optimal time" to put their home on the market, and that time has come. Maybe they heard that homes are selling faster and for more money than in years past. Maybe they heard that many properties are getting multiple offers, and some are even selling ABOVE listing price. Or maybe they were just smart enough to wait until our "busy season" marked by warmer weather and kids out of school.
Whatever the reason, it will be interesting to see if this surge in inventory will have an impact on the time it takes to sell. Until recently, less inventory meant less days on market. I wonder if more inventory will mean more days on market. Time will tell!