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Northern El Paso County - How's the Market?

Tuesday, June 2, 2015

Northern El Paso County - How's the Market?


PikesPeak

Being up-to-date on the current conditions of the housing market is very important in buying or selling a home. Though it's true that the country in general has been through some trying times in the last several years, the outlook in the Northern El Paso County area for 2015 and beyond is incredibly positive for a number of distinct reasons.

Home sales in El Paso County were up 16 percent in January and February over the same period of time just last year. Not only is the number of buyers climbing, but prices are seeing an increase, as well. According to the Gazette, the median sale price of a single family home in February was $225,000. This represented an increase of 15 percent from the same period of time in 2014.

At Turner Associates, we watch these trends closely and are seeing a significant amount of momentum in the northern end of the county. Denver buyers have recently become tired of losing the types of intricate bidding wars that the area has become famous for and are instead choosing to head further south. This is beneficial to these buyers for a few different reasons. For starters, the value of a dollar goes a lot farther down south than it does up north. The current market conditions allow them to get a much higher return on their initial investment because the taxes are less and the cost of living is also much more manageable, it's creating an all around beneficial situation.

While this does mean that a large number of people are selling their homes up north and heading south, this also means a number of positive things for northern El Paso County in general. For starters, there has never been a better time to be a buyer in the north part of the county– if you're looking for a new home; you are definitely not without your options. Because the market is also seeing an influx of recently listed houses, prices are beginning to favor buyers ironically.

Another significant contributor to the Northern El Paso County housing market in 2015 is a general influx of infrastructure. Shopping centers, dining options and other types of businesses are routinely being constructed on the north end, as that is where the population seems to be headed based on trends. Colorado Springs in particular is moving north at a faster pace than ever before and the market in general is certainly benefiting from it.

Another significant boon to the housing market in Northern El Paso County over the last several years has been the up-tick in the number of companies that are moving here. After years of stagnation, businesses are beginning to call Northern El Paso their home once again. This is bringing in not only benefits to the economy, but also people who are new to the area who are also looking for places to live that are conveniently located to the new location of their company.

According to the United States Bureau of Labor Statistics, the Colorado Springs area alone added 4,900 jobs in 2014. This is almost three times as many jobs as experts initially thought based on monthly reports that were coming out of the area. This, coupled with the fact that fixed-rate mortgages are still below 4%, means big things for the El Paso County housing market for the remainder of 2015. At Turner Associates, we truly believe that there hasn't been a time as good as this to be both a buyer and a seller in the housing market in years.
 

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