Colorado Springs: A Seller's Market For Sure

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It's definitely a seller's market right now. Properties often receive multiple offers. Bidding wars are the norm, where the highest and best offer gets the house. Days on market have dwindled down so much that many homes sell the first day they are on market. 

I am working with a family right now who is super excited that we got their current home under contract so fast, and it went for above asking price. Yay!

But now the flip side of that is we are pressed to find another home for them to buy.  There isn't much inventory out there right now, and the good stuff is selling super fast. 

For example, this week we looked at a home which had just hit the market earlier that morning. We arrived mid afternoon to see it. While there, we ran into two other buyers who were seeing it. We were going to write an offer on it, but I learned from the seller's agent that he already had two offers on the table, both of which were thousands above asking price.  And he was expecting more by end of the day. 

My buyers were disappointed. They learned that in order to even be considered they would have to bid thousands over asking price and even with that, there were no guarantees their offer would be accepted.  It's tough out there. An appraiser recently told me that in Denver they are getting offers sight unseen, meaning buyers are not even going in the houses before writing an offer. Yes, the Colorado real estate market is that crazy right now.

Here are the latest Colorado Springs housing statistics, as of end of March:

INVENTORY OF SINGLE FAMILY HOMES FOR SALE...down 25% from last year

INVENTORY OF TOWNHOMES/CONDOS FOR SALE...down 2% from last year

AVERAGE SALES PRICE OF A SINGLE FAMILY HOME...up 11.5% from last year

AVERAGE SALES PRICE OF A TOWNHOME/CONDO...up 12.1% from last year

To summarize, homes are in demand and there is less inventory for sale right now.  Supply is down which is driving prices up.  It's a great time to be a seller.  It's a tough time to be a buyer.  At times like this, you really need a good Realtor in your corner! Give me a call, I would be happy to answer any questions you have.

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Real Estate Inventory in Colorado Springs: What is causing the shortage?

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Wondering why Colorado Springs is seeing a severe shortage of inventory this year?  Here are a couple of reasons: 

First, the median price of a home in Denver is currently $377,500, and the median price of a home in Colorado Springs is $246,800.  As a result, folks from South Denver are having so much trouble finding a home to purchase there locally, that they are willing to commute the 45 minutes or so to Colorado Springs to save over $100,000 when purchasing a new home.  
 
As a result, though, this migration is creating a large deficit in inventory for my own clients and customers who are here in Colorado Springs.The struggle really is real now, but for those of us practicing residential real estate, it is such a very, very good one! 
 
Another reason is a combination of economic ones....the potential for increased interest rates, something that has not been done since the financial crisis that lasted from late 2007 through early summer, 2009, increasing apartment rents, a two-bedroom apartment in Colorado Springs rents for, on average, close to $1,200/month, and inflation are all contributing to buyers getting off the fence and into a home purchase. 
 
This influx of would-be renters who are now want to be buyers is also contributing to keeping inventory at record lows. 
 
While it is always a wise decision, in any market, to interview your real estate professional before hiring them to work for you, it is especially important in a market as unique as this one. 
 
Find the right real estate professional who has the experience and longevity to successfully help you wade through all of the land mines that accompany a market that has not seen these kinds of shortages since mid-2001, and you are gold! 
 
 
It would be my pleasure to answer any questions you may have regarding the market itself, and/or to help you to formulate exactly what questions you should be asking your potential agent for hire!
 
Happy Hunting! 
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Things to Do This Weekend (Apr 22-Apr 23) in Colorado Springs

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Colorado Springs Things to Do

Great American Cleanup -  Sat Apr 22, 9:00am - 12:00pm, Bear Creek Nature Center 245 Bear Creek Road

Admission: Free, Registration required. Help clean up our parks, trails, creeks, and roadways this Earth Day. For more info, visit: Eventbrite

Colorado Springs Things to Do

Star Light-Star Bright Observatory Public Viewing Night, Sat Apr 22, 8:00pm - 9:45pm, Star Light-Star Bright Observatory 2015 Wickes Road

Admission: Free. If the night is clear, come view celestial objects from the observatory. For more information: NSSTI.

 

Colorado Springs Things to Do

UCCS Music Program Presents: University Choir - 'A Disney Extravaganza', Sat Apr 22, 7:30pm, UCCS - Centennial Hall 1420 Austin Bluffs Parkway

Admission: Free. The University Choir will be performing favorites from "The Lion King," "The Little Mermaid," and more. For more information: UCCS.

 

Colorado Springs Things to Do

Kids Ninja Warrior Competition, Sun Apr 23, 4:00pm - 7:00pm, Springs Trampoline Park 2512 Airport Road

Admission: $35. Kids can be ninjas for an evening competing against their peers for prizes. Registration includes practice run and competition run. For more information: Springs Trampoline park.

 

Colorado Springs Things to Do

Housing & Building Association Home Show, Sun Apr 23, 11:00am - 4:00pm, Mortgage Solutions Financial Expo Center 3650 N. Nevada Avenue

Admission: $5/adult, $4/senior & military, children 17 and under are free. Determined to work on your home remodel wishlist? Attend the HBA Home Show to get a head start on your upgrades. For more information: HBA

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Things to Do This Weekend (Apr 15-Apr 16) in Colorado Springs

Things to Do This Weekend (Apr 15-Apr 16) in Colorado Springs

Colorado Springs Things to Do

Water: Rain Barrels, Your Watershed, and More -  Sat Apr 15, 10:30am - 11:30am, PPLD - Cheyenne Mountain Library 1785 South 8th Street, Suite 100

Admission: Free. If you subscribe to our newsletter then you already know about this interactive class. You'll learn about our water system and how to use rain barrels. For more info, visit: Cheyenne Mountain Library. To get our next newsletter, sign up at the bottom of our homepage

Colorado Springs Things to Do

Chocolate Bunny Hike & Egg Hunt, Sat Apr 15, 9:00am - 2:00pm, Fountain Creek Nature Center 320 Peppergrass Lane

Admission: $4/member child, $5/non-member child. Reservations required. Happy Easter weekend! Various egg hunts are happening around town including this one in Fountain.  For more information: El Paso County Colorado.

 

Colorado Springs Things to Do

Switchbacks FC vs. Real Monarchs SLC, Sat Apr 15, 6:00pm - 8:00pm, Weidner Field 6303 Barnes Road

Admission: $15+. Take advantage of the nice weather this weekend watching our local Switchbacks and Monarchs in a rival game. For more information: Swtichbacks FC.

 

Colorado Springs Things to Do

Public Skating, Sun Apr 16, 2:00pm - 4:00pm, The Broadmoor World Arena 3185 Venetucci Blvd.

Admission: $4 admission, $3 skate rental. Get active this weekend skating at The Broadmoor World Arena. For more information: Broadmoor World Arena.

 

Colorado Springs Things to Do

Traditional Irish Session Music, Sun Apr 15, 3:00pm - 6:00pm, Jack Quinn's Irish Pub & Restaurant 21 S Tejon St

Admission: Free. Enjoy traditional Irish session music this Sunday at Jack Quinn's. Arrive early for brunch served between 11:00am - 3:00pm. For more information: Jack Quinn's Irish Pub & Restaurant

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15642 Coquina Drive Monument CO 80132

15642 Coquina Drive Monument CO 80132

I'm so excited about this new listing!  Built in 2001, this beautiful stucco home has 4 bedrooms, an office, great room, formal dining room, upper-level loft, finished basement and professionally landscaped yard!  The main level features wood floors, spacious kitchen with island, pantry and counter bar, master bedroom with his/her closets and attached 5 piece master bathroom!  The upper level loft is perfect for kids, with 2 good sized bedrooms, a full bath and loft area!  The basement includes a huge rec room with gas fireplace, dry bar, 2 more bedrooms, private bath and plenty of storage.  Great Jackson Creek location...walk to nearby parks and shopping! View on the MLS at: https://www.springshomes.com/mls/3550097-15642-Coquina-DR-Monument-CO-80132, or the single property website at: www.CoquinaDrive.com

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