Colorado Springs Homes: Market is Picking Up

Its good to see that the positive real estate market is expanding beyond the Denver metro area and picking up for . The latest numbers from the Pikes Peak Association of Realtors is incredibly encouraging.

As with Denver, the pent up demand from buyers and sellers "waiting it out" for the past few years is turning into a surge of people entering the market. "Move up buyers" are willing to take a small loss on their current home with the expectation that the potential value on their next home will significantly outweigh any loss.

From the Colorado Springs Business Journal:

After years of limp sales and drooping home prices, Colorado Springs residential Realtors say they’re looking forward to a bullish 2013.

The Pikes Peak Association of Realtors reported almost 9 percent more home sales in the last quarter of 2012 than in 2011. On top of that, the average sales price climbed nearly 10 percent year-over-year from $216,817 in the last three months of 2011 to $238,337 in 2012.

Home inventory is also the lowest it has been since 2001. There were only 2,954 homes listed for sale in Colorado Springs in December, 10 percent fewer than at the same time in 2011, according to a report from the Peak Dream team with RE/MAX Properties Inc.

With inventory in short supply, homes are selling quickly. Properties spent an average of 82 days on the market before they sold in December, 76 in November and 78 in October. Those are the shortest average days on market in the fourth quarter since 2006.

We will continue to watch the market and report on it here. As always, markets for each neighborhood are different, so give us a call to see what your specific area is doing.

You can reach our Colorado Springs team at 719-641-4209. Give us a call and we'll be happy to run numbers for Colorado Springs homes, foreclosures or answer any of your questions.