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Colorado Springs and Pikes Peak Area Market Conditions

As we head into warmer months, the Pikes Peak area is seeing continued growth in the number of homes coming on the market. Spring and summer months generally bring increases in listed homes, and currently some home sellers are trying to get their homes on the market before the current tax credit expires.

As we have seen in previous years, the majority of home sales are occurring in homes priced under $200,000. Homes priced over $300,000 are not moving as quickly. The Pikes Peak Association of Realtors reported the following home sales statistics for March, 2010:

Total Homes Sold in El Paso County: 651

Homes Sold by Price:

$0 – $199,999: 358 Homes Sold (55% of Total)
$200,000 – $299,999: 174 Homes Sold (27% of Total)
$300,000 – $399,999: 72 Homes Sold (11% of Total)
$400,000 – $499,999: 26 Homes Sold (4% of Total)
$500,000 and up: 21 Homes Sold (3% of Total)

Historically, spring and summer months have brought increases in sales in all home price ranges, as well as overall decreases in days that a home is on the market.

There has been a slight increase in mortgage interest rates, although rates are still at extremely low levels. VA and FHA loans continue to be popular loan choices for home buyers. In El Paso County, FHA loan amounts are limited to $325,000 and VA loan amounts are limited to $417,000.

It continues to be an excellent time to buy a home in the Colorado Springs and Pikes Peak area. Please feel free to contact us anytime if you would like market information on specific neighborhoods.

Thanks!
Scott and Marni