Colorado Springs: A Seller's Market For Sure

sellers-market

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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2017 Real Estate Market at a Glance

2017 Real Estate Market at a Glance

Our housing market is off to a great start this year. Sales are abounding. Many properties are receiving multiple offers, and the days on market are shorter than ever. For more detailed local stats, check out our Market Reports. Mortgage interest rates are still low, hovering in the 4%-4.25% range.

I just saw an article from Realtor.com which says that Colorado Springs is in the top ten hottest housing markets in the nation. Wow! Below is a snapshot from that article, as well as recent stats for this year, at the end of February:

SINGLE FAMILY HOME SALES                          : on pace with last year right now

CONDO/TOWNHOME SALES                              :   Up 7.6% over last year

AVERAGE PRICE OF A HOME                             :   Up 12.3% over last year

AVERAGE PRICE OF A TOWNHOME                :   Up 11.9% over last year

INVENTORY OF HOMES ON MARKET             : Down 23.8% from last year

INVENTORY OF TOWNHOMES ON MARKET            :   Down 15.9% from last year

Source: “These Are the Hottest Real Estate Markets in February 2017,” realtor.com® (2017)

 
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A Decade of Equity Briargate 2006-2016

The Briargate neighborhood is one of our market's most popular areas. This popularity is the result of good planning, good schools and convenient amenities. Briargate prices have always been a little higher because of on-going new construction. New construction is more expensive than comparable resale homes. Home buyers will often push their budget higher or sacrifice somewhere else to live in the area.

During the recession (2007-2010), Briargate saw a -12% decline in median sales price. This was better than the -18% hit The Black Forest Market took. 

The post recession gains in the Briargate market are impressive. The area has seen a 23% increase from 2011-2016. Almost as impressive as Black Forest (26.8%) for the same period. Commercial development and the reputation of Academy School District #20 are fueling this increase.

As of December, 2016 the median sales price in Briargate is $341,250. This is 37% higher than the Colorado Springs median sales price. We feel like this is good news for existing home owners in the area. The only concern we see is this. The Colorado Springs housing market is price sensitive. When prices veer too far from median, we see sales slow. Moving forward, we will keep a close eye on the Briargate market.

BRI MED

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Ringing in the New Year

fireworks

As we wrap up 2015, I want to thank you all for your business, referrals and friendship.

I am so grateful to do this work and for all of you, for making this a wonderful year!

Here is what our Colorado Springs real estate market saw in 2015 (as of November 30th) :

Single Family Home Sales Up 17.6% from last year
Condo/Townhome Sales Up 29.9% from last year
Average Price of a Single Family Home Up 7.1% from last year
Average Price of a Condo/Townhome Down .2% from last year
Number of Single Family Homes for Sale 2,627 total (down 10%)
Number of Condos/Townhomes for Sale 219 total (down 13.4%)

I wish you all a safe and happy 2016. Feel free to give me a call for any of your real estate needs. Happy New Year!!!

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2015 Home Sales at a Glance

2015 is very much a Seller's Market.  We have less inventory, meaning homes on the market, and sales are on the rise.  Home prices continue to go up.  Here are the latest statistics as of July 31, 2015:

 

        single family home sales               =up 18.9% from last year

        condo/townhome sales                 =up 40.7% from last year

        average price of a S/F home         =up 8% from last year

        average price of condo/townhome =up.5% from last year

        # of homes for sale                      =3,409 total, as compared to 4,226 last year at this time

        # of condos/townhomes for sale    =300 total, as compared to 401 last year at this time

 

We Realtors are pretty happy about this busy market.  I think the only complaint I have is not enough time off!   What a shame, huh?

 

 

 

      

 

 

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