If you live here and own a home, you’re $70,000 richer than you were 24 months ago. That’s how much home values have risen since January of 2016. Ka-ching! In statistics just released by the Pikes Peak Association of REALTORS (PPAR), the average single family home is selling for $333,000, compared to $263,000 in January 2016. In 5 years, local home prices have soared by $100,000. Record demand, low supply and a strong economy have pushed local home prices up much faster here than the Denver metro area, making Colorado Springs one of the 10 hottest housing markets in the country: 2018 Top 10 Housing Markets. We’re predicting another record year for home sales with Millennials leading the stampede. Young people are getting better jobs and jumping into the housing market. And the other trend to watch is move-up buyers. We’ll see thousands of local homeowners cash in this year to use their growing equity as a down payment on the next home of their dreams. With some spiffing up, your home could potentially sell for $20,000 or $30,000 more. In many cases, it’s worthwhile to make major improvements in order to get top dollar. If you want to avoid a costly mistake, consult with your real estate agent first. We can tell you how much a project is worth, help you decide what to do, and refer you to a trustworthy pro to do the job if it’s beyond your expertise.
Southern Colorado’s housing market is firecracker hot this summer, even as home prices continue to rise at a much faster pace then the rest of the country. The average home price in El Paso County now tops $326,000, a 10.6% jump from average price last June. The National Association of REALTORS (NAR) reports the Springs leads the Rocky Mountain area for home sales, hitting the 6th spot for Hottest Housing Market, above Denver. A record 1,743 homes sold in Colorado Springs in June, up 5.6% from last June. Home buyers had more properties to choose from, as rose 16.8% from May. But homes in the most affordable price ranges are still selling within days, not weeks, and above asking price. The average home is on the market 24 days, with the average in some areas as low as 7 days. June 2017 Sales Charts
The inventory crunch is across the U.S. NAR says this is the first time that 1 in 3 homes is selling in under 30 days nationally. The demand for affordable homes is building among first-time home buyers and baby boomers. NAR economist Javier Vivas says millions of older and younger Americans are snapping up starter homes and urban dwellings like never before.
Denver’s lack of affordable homes has been pushing metro-area home buyers south to Colorado Springs for years, but the city’s job growth and surging economy are also bringing new residents here in droves. A majority of the 12,000 + available job openings are for high-paying positions in nursing, software engineering and systems engineering, with a median salary of over $67,000.