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Real Estate in Colorado Springs is Hot to Sell

Tuesday, October 25, 2016

Crown Hill Mesa, Colorado Springs Real Estate, Colorado Springs Homes for SaleReal estate in Colorado Springs just won't stop selling. Being a seller of a home in Colorado Springs is easier than it's ever been, as each month breaks through the previous year's precedent. Sales in September were 16% higher than September 2015, meaning that home sales have continuously increased for twenty-six months in a row.

On top of high demand, the median sales prices are steadily increasing as well. Prices are 10% higher than last September. The median currently rests at $264,000, which is considered very affordable in the middle-class housing market.

The disadvantage of this kind of market is the supply of homes. Last September, the supply of homes was 24% higher. Since mid-2014, the number of homes for sale, on average, has steadily declined. Low mortgage rates and better economic conditions have ensured that foreclosures stay down and demand stays very high. Thus prices have risen, as competition for individual homes increases and buyers attempt to out-offer one another.

Ninety-Nee point three percent (99.3%) of homes are selling for asking price, a strikingly high percentage, and the average amount of time spent on the market is only 35 days, compared to 70 last year. That's a 100% increase.

Overall, it's an amazing time to be a home seller in Colorado Springs. If you have been considering selling your home, now may be the time—before the winter sets in and, as it does every year, the market turns down until the Spring.

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