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Colorado Springs Residential Market Is Staying Hot!

Tuesday, June 28, 2016

Colorado Springs Residential Market Is Staying Hot!

hot sold sign Colorado Springs real estate market continues to remain active!

Since 2008, real estate markets across the country have been fighting to grow, but today, Colorado Springs is experiencing some of the best market conditions in the country. For more than a year, the numbers of active listings have grown each month, but the most surprising aspect of the market is how quickly the homes are selling. Let’s take a further look at the residential market in Colorado Springs and why the market is staying hot.

What’s Happening in Colorado Springs?

Most homeowners think putting a home for sale is a long, lengthy process. Nationally, the average length of a listing is 77 days, and many homes stay on the market for much longer. However, buyers are pouncing on homes in Colorado Springs within one week or less. In some cases, sellers are seeing inquiries, showing requests and offers within minutes of listing. Some of the more startling facts include the following:

  • Nearly half (46.7 percent) of all listing in Colorado Springs are sold within one month.

  • In May 2016, 1,497 out of 1,955 listings sold within 30 days.

  • The average cost of a home in Colorado Springs is $262,000, which is much less than Denver’s average of $330,000.

  • Almost all homes in Colorado Springs sold for the actual list price with only 0.03 percent selling for less.

Why Are Residents in Colorado Springs Interested in Buying, Not Renting?

Colorado Springs is a hotbed of economic productivity. In April 2015, unemployment rates in Colorado Springs were 0.04-percent less than the national average, and the decrease in unemployment did not stopping there, reports the U.S. Bureau of Labor Statistics. In fact, the unemployment rate in Colorado Springs between April 2015 and April 2016 decreased by 1-percent, making the market competitive with rates of El Paso and Teller counties.

The cost of living in Colorado Springs is also significantly lower than the national average. According to The Gazette, the cost of living has dropped to a 3-year low at 4.7-percent below national averages. The cost of energy utilities has dropped by 7.5-percent in the area.

Meanwhile, the average hourly wage of Colorado Springs has reached $22.89, and hourly wages of retail salespersons, fast food cooks, speech-language pathologists and many other occupations actually pay better than national averages per occupation. Of course, there are other incentives to purchasing a home in Colorado Springs, which include the following:

  • Rent in the area may be up to $200 more than the cost of a monthly mortgage payment.

  • Those who rent are spending 30-percent of more of their income on rent, so purchasing a home is a cost-reducing investment too.

  • The cost of living in Denver is 9.3-percent above the national average, making Colorado Springs among the most cost-effective places to live in the state.

The Midwest is an exciting place to live, and the benefits of living in Colorado Springs are financially extraordinary. The housing market is strong and bold, and homeowners are seeing unprecedented speed in home sales. If you’re looking to buy or sell a home in Colorado Springs, contact the professional real estate staff of Turner Associates LLC online or by calling 719-224-3645.

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