Home sales in the Pikes Peak region hit a record high last month with 1,381 single family home sales, out of just 2,443 active listings: The shortage of available homes continues to push up prices, making this fall a very attractive season for selling. The last numbers from the Pikes Peak Association of REALTORS show that sales from August to September fell only slightly (4.9%), and so far, 2016 sales are outpacing last year by 16%: LINK TO STATS. Local home prices are up 8.9% compared to last September, so in many cases, even a homeowner who purchased a property as recently as 2015 may have enough equity to sell.
Colorado Springs-area sales are stronger than any other part of the state, according to the Colorado Association of REALTORS’s August summary : LINK TO CAR REPORT Home sales in the Denver area are down 1.5% from 2015. Surging prices are getting much of the blame for putting a damper on sales in the metro area. The average home price in Denver is now $500,000. That’s about $230,000 higher than Colorado Springs.
The mountain resort communities are also experiencing an increase in home sales and prices in 2016, but in many ski areas, prices are still down from pre-recession highs.
We do expect a slight slowdown going into late fall and winter, but many sellers take their homes off the market during the holidays. If you’ve been dreaming of a move and have to sell your home first, think about putting your home on the market now, when you’ll have less competition and the market is filled with buyers who want a new home for the new year.
