Colorado Springs: Hottest Market In Colorado

The Springs is suddenly the real estate market to watch, moving in one month from 18th to 12th on REALTOR.com's Hottest U.S. Real Estate markets.   Sales are up 19% so far this year.  Compare that to Denver, where sales are up by 2%.  Homes are on the market an average of 32 days. That's a mega-drop from 82 days last April.  In areas where homes are more affordable, like the east side of town, the average is about 2 weeks.

There are 3 basic reasons for the torrid pace: pent-up demand, low mortgage rates, and strong economic conditions. Inventory  is shrinking, so prices continue to rise. We have a 2.5 month supply of available homes right now.  A more balanced market would be a 6 month supply. The average home in Fountain is selling for $22,000 more right now, compared to last April. Sellers in Stetson Hills are getting $18,000 more.  In Monument, the average price of a home was $484,000 last month, compared to $405,000 last year.

                           Pikes Peak Sales Stats 

Real estate experts, us included, think this is only the beginning.   Higher paying jobs are being created, our population is growing, and so is the number of first time home buyers.

What is it like to be a seller in 2016?  Well, the timing is great but has its challenges.  The feeding frenzy in certain price ranges can create a mind-numbing variety of multiple offer scenarios. Is the highest offer the best one?  Not if the buyer gets cold feet and quits the deal at the last minute. This is the time to have skilled real estate professional at your side to keep a steady hand on the transaction. 

For buyers, it can be an all-consuming and stressful process to find the right property in the right price range, and be the successful bidder when there are competing offers.   A skilled buyer's agent has the tools to help buyers win, keep a cool head, and be smart about their biggest financial investment. 

Based on information from the Pikes Peak REALTOR® Services Corp. (“RSC)

We highlighted our new Facebook property search with a red circle to show you how easy it is to find a new home. Visit Facebook.com/BerkshireHathawayDowntown to see every home on the market and our fab Featured Listings.  Even if you're not moving, it's always fun to look, right? But Facebook is just one of the social media tools we use to market our listings.  You'll also find PeakDream listings on Twitter, LinkedIn, Pinterest, and Instagram.