March sales data was just released.  We are still seeing the same trends.  Home sales are up slightly.  Inventory is down a lot.  The average sales price is still lower than last year, but I suspect that prices will start going up by the end of the year.

Year-to-date in the Pikes Peak area, we have had 1,711 sales of single family homes.  Last year at this time we had 1,686 sales so far.   We have had 236 sales of condos/townhomes.  Last year at this time we had 225 sales so far.

Active inventory (meaning homes for sale) is way down.  Today there are 3,271 single family homes for sale.  Last year there were 4,470 for sale at this time...a 26% drop!

The average sales price for a single family home is currently $212,328 as compared to the average price of $217,720 last year at this time.

I keep talking about the bidding wars I am seeing, meaning today houses are getting multiple offers and the highest bidder gets the home.  If this trend continues, home prices will be up this year.  It's hard to predict how much they will go up overall, but I'd bet it will be somewhere between 2-4%.  It'll be fun to see if I'm right!