This fall season may be a great time to sell your home at top dollar. Throughout southern Colorado, there’s a new surge of home buying activity as 2017 sets new records for home sales. The PeakDream agents are as busy now as we were in the summer. A large percentage of the activity is with buyers under the age of 35, who are moving here from all over the country with well-paying jobs.
The Pikes Peak Association of REALTORS reports the average home price is just shy of $320,000 – almost $25,000 higher than last year (see PPAR market trends). The median sale price increased just as much, from $255,625 to $280,538. Local single family home sales totaled 1,431 in October, a 13% increase over 2016, outpacing the number sold in June of 2015, which was also a record year.
There are 1,938 homes available for sale and over 1,700 pending sales. We have a 1.4 month supply, according to the PPAR, meaning that in many neighborhoods, most homes are selling in a few weeks. As we’ve indicated for the past few years, buyers need to be ready to move quickly on an attractive home when it hits the market, and be prepared to pay full list price, or more.
The condo and townhome market is off the charts, a trend we’ve been following all year, mostly due to the lack of starter homes at affordable prices.
And the market momentum is pushing further south into Pueblo and Fremont Counties, where home prices are comparatively lower but have also been rising fast. You can find Canon City homes and Pueblo homes for sale on our website search tool, where we feature listings throughout southern Colorado.
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