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Colorado Springs and Pikes Peak Area Market Conditions

A friend of ours asked us today how the Colorado Springs housing market was doing.  Is it getting better or taking a turn for the worse?  After taking a quick look at the numbers, local trends are primarily positive:

Home sales are continuing to stabilize.  The Pikes Peak Association of Realtors reports a 12% increase in single family home and patio home sales over last year, and an average home sales price increase of 3.9% over last year’s sales prices.  Our local housing market is still a buyers’ market, but competitively priced homes for sale are moving.

Local residential construction benefited from the first time and trade-up home buyer tax credit (which ended earlier this year), and show slow recovery in new residential construction.

The El Paso Public Trustee has reported a slow decline in the number of area foreclosures, with the 2010 year to date number of new foreclosures down 9% from the previous year.  Visit http://elpasopublictrustee.com/AllReports.aspx for more area foreclosure information.

Interest rates continue to be at all time lows, giving home buyers a great incentive to buy sooner rather than later.

Days on the market for area homes are improving, with the average days on market for all homes at 78 days.  Higher priced homes, however, continue to have longer days on market:  Homes priced between $500,000 – $849,900: average 206 days on the market before closing.  Homes priced above $850,000: average 329 days on the market before closing

We had hoped that our local real estate market would be helped along by the more than 2500 soldiers who have returned home in the past month.  Yet according to Colorado Springs Chamber of Commerce Military Affairs Council President Brian Binn, almost 10,000 of the 25,000 active-duty soldiers stationed at Fort Carson will be deployed by October of this year.  That’s one of the biggest deployments in the area’s history.

Employment numbers for the area are also looking up.  Colorado Springs Regional Economical Development Corporation reports that the latest employment numbers for April, 2010 indicate employment conditions began improving in January 2010.  Since January, employment numbers increased by 4545, while the number of unemployed decreased by 1341. 

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

Thanks!
Scott and Marni