The Springs is suddenly the real estate market to watch, moving in one month from 18th to 12th on REALTOR.com’s Hottest U.S. Real Estate markets. Sales are up 19% so far this year. Compare that to Denver, where sales are up by 2%. Homes are on the market an average of 32 days. That’s a mega- drop from 82 days last April. In areas where homes are more affordable, like the east side of town, the average is about 2 weeks.
There are 3 basic reasons for the torrid pace: pent-up demand, low mortgage rates, and strong economic conditions. Inventory is shrinking, so prices continue to rise. We have a 2.5 month supply of available homes right now. A more balanced market would be a 6 month supply. The average home in Fountain is selling for $22,000 more right now, compared to last April. Sellers in Stetson Hills are getting $18,000 more. In Monument, the average price of a home was $484,000 last month, compared to $405,000 last year.
Real estate experts, us included, think this is only the beginning. Higher paying jobs are being created, our population is growing, and so is the number of first time home buyers.
Based on information from the Pikes Peak REALTOR® Services Corp. (“RSC)
