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Another Record-Breaking Year in Progress

Monday, February 13, 2017

Another Record-Breaking Year in Progress

As we suspected, the Colorado Springs housing market is already breaking records one month into 2017. The Pikes Peak Association of Realtors report for January shows the average sale price for a single-family home hit a record high of $298,774. This is a 13.3 percent increase over January 2016, and nearly $3,000 more than the previous record high of $295,877 that we saw in August 2016. We expect this trend to continue throughout the year.

Fewer sellers, more buyers

January brought another record to our real estate market, but this one’s an all-time low. We saw only 1,331 listings in January— down nearly 31 percent from January 2016. Even more notable, this is the lowest amount of homes for sale since the Realtors Association began compiling such data over 20 years ago.

The super-robust Colorado Springs economy, low unemployment, strong job growth, and historically low mortgage rates are creating big demand for homes. Our very desirable region continues to garner national attention, and our population grows, driving up prices. It won’t be long before the average home price hits $300,000. As we noted recently, realtor.com’s economic team predicts that most of the nation’s hottest markets in the western U.S. “will continue to lead the nation in prices and sales.”

Speaking of sales, January’s total of 908 is a 7 percent increase over the same month last year, according to the Realtors Association report. This marks the 30th straight month of year-over-year home sale increases. Even more impressive? This 908 figure is the highest for any January in which the Realtors Association has been issuing reports. We’re betting that 2017 beats 2016’s record total sales of 15,318.

New accolades for The Springs

The recently released 2017 Best Places to Live list from U.S. News & World Report ranks Colorado Springs as the 11th-best place to live among America’s 100 most populous metro areas. The editors point to our “quieter, gentler way” and our low cost of living, low unemployment rate, and plethora of recreation and entertainment options.

In 2016, living costs in the Colorado Springs area were the lowest compared with the national average in five years, according to an annual survey by the Council for Community and Economic Research. Local costs were 94 percent of the national average in 2016. For comparison’s sake, Denver costs were 110.4 percent of the national average last year.

ValuePenguin awarded The Springs the No. 3 spot out of 98 for Most Health-Conscious Cities in America. In creating the rankings, the site “gave the greatest weight to per-capita access to the amenities that would help residents to be active.” Additional factors included:

  • The quality, access, and affordability of healthy-food options available to residents.

  • Environmental factors, including air and drinking water quality.

  • The current health and habits of the city’s residents.

Would you like to learn more about our wonderful region? Our dedicated and knowledgeable team at Turner Associates would love to help you achieve your 2017 real estate goals. With over two decades of experience in the greater Colorado Springs and Pikes Peak region, we have a rich history of service in the area. We’re a full-service agency, committed to your complete satisfaction from beginning to end.


http://gazette.com/colorado-springs-living-costs-lowest-in-five-years-compared-with-national-average/article/1596432, http://realestate.usnews.com/places, https://ppar.com/StatsAndFacts.html, https://www.valuepenguin.com/most-health-conscious-cities-in-america, http://gazette.com/average-colorado-springs-home-price-hits-record-high-in-january/article/1596158

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