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Home Market Booms in Colorado Springs

Monday, September 26, 2016

Home Market Booms in Colorado Springs

colorado-springs-new-homeNot since 2007 have Colorado Springs new home sales been a point of pride in the Colorado Springs real estate market. Nine years ago, the housing market was doing well, with new and used homes alike selling well across the board. Low mortgage rates and a still-strong job market in Colorado Springs means that new home sales are stronger than ever.

Another jump by 12.4% means Colorado Springs home sales have reached an annual level of 654,000 sales, according to the Commerce Department. In July, the pace of homes actually matched the previously steady rate of 650,000 new home sales per year. These strong numbers, however, mean that the supply of new homes is dwindling.

However, that has proven to be good for construction. Home construction has ramped up in the Springs, in stark contrast to the drop-off it experienced in 2008. Even though the nationwide con-struction industry has slowed (and in some areas, completely stagnated), Colorado Springs con-tinues to have new growth in the home-building sector.

Existing home sales have also been very strong in the area. Two record-setting months in a row, May and June 2016, proved that the housing market in Colorado Springs is doing very well, to a fault, even—the supply of single-family pre-owned homes has dwindled to the point of exhaus-tion. Mortgage rates have reached new lows, which may partially explain the surge across the board.

Ultimately, the improvement in Colorado Springs home sales and construction is having an on-going positive impact on the construction industry, real estate, the local economy, and the job market. Mortgages are at their lowest rates ever, and the unwavering popularity of Colorado Springs together point to a long-lasting boom in home sales across the board.


It looks like the housing market is holding its pace.

Thursday, September 01, 2016

It looks like the housing market is holding its pace.

Though both May and June saw record-breaking highs in home-buying, July did not set any records. That said, it was still a great month for sellers—July 2016, sales were 9% higher than July 2015. July's numbers were still the 3rd highest ever, beaten only by those previous two months.

The popularity of Colorado Springs remains constant, and nearly all its existing homes are being sold very quickly, and at rising prices; selling is profitable and easy right now.

But being a buyer is getting even tougher. Those homes in the $200,000-300,000 price range are closing sales in just a few days, and the supply of homes is low. Many people can't find homes in the areas they want, and prices are not high, but rising.

The story is different for higher-priced homes. Those above $400,000 are having average sales, but nothing extraordinary is happening there. Sellers in this market are still seeing competition, just not at a boom, like the middle bracket is.

Higher prices and more sales are expected to continue throughout the year, with a predicted slump right around the holidays. Overall prices are rising by about 8 percent a year, which matches trends seen in other cities across America that experience urban sprawl, like Colorado Springs.

Colorado Springs home prices may be increasing, but their rates of appreciation are exceeded by nearby Denver—which makes the Springs even more appealing. That, and the Springs' growing economy, means that there are now even fewer reasons not to live in the shadow of America's Mountain.

Population is not remaining constant in the Springs by any estimation. The area continues to explode, as Colorado Springs climbs up the list of most populous US cities. It is, after all, one of the most desirable US cities to settle, placing 5th on a list of the 100 best cities in the country to live in. Combined with its affordability and convenient location nestled against the Colorado Rockies and less than 100 miles from Denver, it is no wonder that Colorado Springs is such a desirable destination.

Ultimately, Colorado Springs remains one of the best markets for under-$400,000 home sales in the entire country. If you've been looking to sell your home, this may be the perfect time.

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