What do you need to know?
While single family home inventory nearly remained the same, sales jumped by about 200 transactions. This is tightening the market for home buyers even more.
If you are currently looking to buy a home, this means you’ll have to be fast, possibly bid above listing price and possibly expect a multiple offer situation.
I have spoken with several Realtors and all are agreeing that ‘selling’ season has begun much earlier this year than the previous years. Generally military [rotation] sales do not really begin until April , therefore it’s hard to say if that was a factor in sales increase. However, interest rates are still low and programs like El Paso County’s Down Payment Assistance Grant allow non VA borrowers to purchase a home with little or no money down almost like a VA borrower.
Unemployment is slightly down as well. It remains to be seen what effect the sequestration will have on our real estate market.
Average and Median Home Prices
Median (red) home prices have hovered around the $200,000 mark. Whereas the average sales prices (blue) seem hover around the 235K mark, with February to March taking the largest jump of $17K in the last 18 months.
It will be exciting to see the change over the next few months. Overall the market is expected to rise, however, Colorado Springs is its own little universe, because we do have such a large military and military connected community.
If you have any questions please feel free to call me any time. I would be happy to speak with you. 4719-321-0800
|Colorado Springs Average and Median Sales Prices March 2012-2013|
|Average SP||Median SP|
|Colorado Springs Statistics March 2012 2013|