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Colorado Springs is a highly desirable place to live.

Monday, August 1, 2016



Sales of homes are at an all-time high, with two record-breaking months in a row. Lower mortgage rates combined with a growing local economy has made it much more attractive to buy a single-family house in the area. Indeed, it's even a great market in which to sell one—houses selling for less than $300,000 are extremely popular, and the low "supply" of these types of houses makes them go quickly (usually within a week, according to a real estate source).





Then again, being a buyer is a bit tougher. A lot of homebuyers can't find what they want in their price range, due to the houses being sold off so quickly. At the same time, rentals are also being quickly snatched up.



2016 has also been Colorado Springs' best employment year since 2000. The local economy added 7400 jobs last year, for a growth rate of 3.2 percent - higher than the state's overall rate. This means that there are more jobs and more income for people who may be moving to Colorado Springs from out of town.



In June, there was an 18 percent increase of home sales from the same month last year, which alone is surprising—but that's not all. June turned out to be the most record-breaking month of all time when it comes to home sales; 1,691 were sold, exceeding May's numbers (1,497 sales).

Interestingly enough, this means that housing prices may increase. Supply and demand affect the prices of everything, including homes, and such a low "supply" of available properties in this price range means that median prices may actually rise—as they have over the past two decades. Ultimately, a high demand for housing has proven to be one of the surest signs that rents and purchase prices will increase. The same thing occurred in Southern California throughout the second half of the 20th century, and Northern California (namely San Francisco) in the last 20 years, which led to historically high rents and a continuously-soaring cost of living.



The popularity of the Springs makes sense; after all, Colorado Springs has just been rated the fifth most desirable city to live in the United States by a U.S. News and World Report survey. Denver, nary 50 miles away, topped the list, further emboldening claims that Colorado is one of the best states, if not the best, to live, work, and play.



Colorado Springs, uniquely, has a high concentration of city parks and outdoor attractions. The city is also consistently lauded for its low cost of goods and services relative to other urban areas (even Denver), mild traffic, high-paying jobs, clean air, mild climate, and much, much more.



With so many reasons to live here, Colorado Springs, and El Paso County will probably get even more popular for homebuyers as time goes on.


 

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