Colorado Real Estate Blog

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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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Home Sellers Have the Advantage

It can happen anywhere, at the grocery store, at parties or while I'm out showing homes to buyers. People always ask..."how's the market?" Well, here is my answer today: IT'S A SELLERS MARKET! Today, there are 25% less homes for sale than there were a year ago. Buyers have less to choose from, and sellers know it. As a result, homes are selling much faster and at higher prices. The average price for a single family home today is up 9.5% from last year at this time. I recently worked with some buyers looking for a new, bigger home for their growing family. They were looking slightly over the average price, in the $280,000-$290,000 range. I must have shown them over 20 houses total. What we kept finding was the cute stuff which was priced well would sell so fast, and would usually have multiple offers. The first house they loved was a cute remodel located in the Northeast area of town. It had all the bells and whistles, granite counters, hardwood floors, new paint and carpet, pretty light fixtures. After only 2 days on the market, they put an offer on that one. Their offer was full price but they did ask the seller to concede $5,000 for closing costs. The seller countered the offer and only agreed to pay $2,500 in closing costs. My buyers ended up losing that house to another buyer, one who was willing to pay a higher price. The next house they loved was another cute remodel located in the Northeast area of town. This one also had a remodeled kitchen, hardwood floors, new paint and carpet, and it had a wet bar in the basement. The house had only been on the market for 1 day and already had many showings (meaning other buyers looking at it). My buyers didn't mess around with this one. They put in an offer immediately. Again, they offered full price and asked the seller for $5,000 in closing costs. The seller countered their offer with ZERO concessions, full price, take it or leave it! By this time my buyers had learned their lesson. They were either going to accept this counter or lose the house to another able buyer. They accepted the counter and are now under contract, closing soon. The moral of the story is, it's a SELLERS MARKET right now! Cute houses which are priced well are selling fast and at top dollar. Sellers may not even agree to any concessions, knowing that if you don't buy the house there is another buyer in line who will!

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