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Colorado Springs and Pikes Peak Area Market Conditions

A quick note on market conditions in Colorado Springs and the Pikes Peak area as we move into 2010 – the new year is bringing more stabilization in the Pikes Peak area housing market, and encouraging economic news.

The number of single family homes for sale continues to decline, which has begun to stabilize home prices and decrease the housing glut. Total home sales in December of 2009 exceeded home sale in December of 2008, and the number of days that homes for sale are sitting on the market is declining.

Continued record low interest rates as well as extended federal tax-incentives for both first-time home buyers and move-up/move-down homebuyers have helped spark area home sales, especially in specific price ranges. It is an excellent time to buy.

Economic information presented on January 7th, 2010 at the annual Colorado Springs Economic Forecast shows projections of increased employment rates, average wages/salaries, and single family housing permits in 2010 compared to 2009.

As a side note, Colorado Springs has been ranked in the top 3 cities for Housing Recovery by Forbes.com, ranked 28th in the top Best Places To Live from CNN Money, and ranked 7th in the top places to Raise an Outdoor Kid by Backpacker Magazine.

Please feel free to contact us anytime if you would like market information on specific neighborhoods.

Thanks!
Scott and Marni