Colorado Springs market up 11% fourth quarter 2019 from 2018

[Robin Searle]

Our market is trending hotter but we have fewer than 600 resale properties on the market right now!  A recent flip received 25 offers.  Here's a clip from the article in the Gazette:  

Colorado Springs continues to be one of the country’s hottest housing markets, a federal report released this week shows.

Local home prices spiked 11% in the fourth quarter of 2019 when compared with the same period a year earlier, an increase that ranked No. 2 among the nation’s 100 largest metro areas, according to the Federal Housing Finance Agency.

Only Boise City, Idaho, with a 12.7% gain in home prices, had a larger increase on a year-over-year basis, the agency’s report showed. Colorado Springs’ strong local economy and population growth, combined with low mortgage rates, have fueled the demand for housing and driven up prices, local real estate agents have said.

Of other Colorado metro areas in the report, Denver-Aurora-Lakewood saw a fourth-quarter increase of 5.7% compared with the same quarter in 2018. Across Colorado, prices were up 6.4%, which ranked 11th in the U.S.; nationwide, prices rose 5.1%.


In December, a National Association of Realtors study listed the Springs as one of the 10 housing markets that will outperform the rest of the nation over the next three to five years.


Also that month, a forecast by Realtor.com, the California-based online real estate service, ranked the city as No. 7 among the nation’s Top 10 housing markets for 2020.

That shortage of homes for sale — an issue many cities face — has combined with the furious demand to help propel housing costs. The Pikes Peak Association of Realtors said the median price of Springs-area homes sold last month hit a record high of $336,795.

[Erin Spradlin]

@Robin Searle - we are seeing the same thing. I just had a client put in $25K above asking and waive all inspection items below $3K less than 24 hours after the property posted, and they still didn't get it. (Luckily, they found something else right at $425K a few days later.) As a homeowner here, I'm happy to see how competitive it's gotten, but it does make it rough for buyers in the $350-$450K range. What we saw in Denver before is now showing up in Colorado Springs.