Just like the USA dominated in Rio, Colorado Springs is on top when it comes to Colorado real estate, and in a big way.
The facts speak to themselves, so we’ll share a few numbers and then lay out the reasons why our corner of Colorado is outperforming the rest of the state, including Denver, Boulder, Fort Collins, Aspen, and Durango.
Somewhere between 50,000 and 60,000 people people have moved to Colorado so far this year, and apparently quite a few are getting jobs here. Our local 3.2% job growth rate is the best in the state, and helping to sustain a housing boom like we haven’t seen in years.
For starters, June and July sales and prices were off the charts. The average sale price for a single family home has risen about $50,000 in the past 3 years to reach $295,000 in July. June’s home sales hit an all-time record of 1,651. July’s spiked 8.5% from a year ago. So far this year, 2016 sales are up 14.9% over last year, and 2015 was a record breaker.
By contrast, sales for the Denver metro area are down 2.6%, the mountain resort communities are seeing a 1.3% drop, and Boulder-Ft Collins is down 4%, according to the Colorado Association of Realtors (CAR). It reports sales in NW and SW Colorado are up by 9% and 11%,, but still trail our southeast Colorado region, which includes Pueblo and Canon City.
Our hot streak is not likely to end soon, even if interest rates start to creep up. Colorado Springs iscool now, as witnessed by the scores of Denver-area home seekers snapping up local properties as soon as they hit the market. For example, home prices in Monument are up 10%, where the average is over $450,000. In the northeast Colorado Springs, homes are selling in 12 days, on average, and above list. Local employers will probably add another 7,000 or more jobs this year. Rents keep going up. So we predict more of the same, barring a natural disaster or unexpected post-election economc jolt. And just like Denver’s market is impacting Colorado Springs, we expect the smaller communities surrounding Colorado Springs to benefit, giving a boost to home sales in Canon City and Pueblo.
