Colorado Springs Homes for Sale Prices Reach Record Highs
What does this mean for Colorado Springs Real Estate?
With an increase in median sales price of 10.7% Colorado Springs real estate market is sitting pretty with average days on the market decreasing, sold price increasing and the highest average price.
Colorado Springs real estate values reached record highs last month. The housing market is hot in Colorado Springs. The median price of single-family homes sold in March rose to $300,000 nearly 12 percent higher than March of 2017. March 2018 showed the highest average home prices at $340,000 which is amazing that we’ve gone that high. Another positive sign for Colorado Springs homes for sale is that there are more sales in higher price ranges compared to last year at this time there are 224 more homes sold in the $300,000 to $399,000 price range and 81 more homes sold between $400,000 to $500,000 price range and 100 more homes in the $500,000 to $750,000 range.
As property values have increased many homeowners have been able to use the increased equity they’ve built up in their properties to afford the purchase of higher-priced, move-up homes. That’s kind of cool that we’re seeing this upward domino effect. Some of these folks are staying in town and buying up. It is a great time to both sell and purchase a home in Colorado Springs.
Overall, home sales remain strong in Colorado Springs. Q1 in 2018 sales totaled 3,114 or 5.4 percent more than the same period in 2017 which was a record year for home sales. The demand is still really strong with interest rates relatively low around 4.4 percent continues to help this strong demand. With listings totaling 1,371 in March which is down 5.7 percent when compared to last year. Nevertheless if you the inventory rose from record lows in January and February.
Some are saying that with all these high numbers soon there may be a possible slow down in the Colorado Springs real estate market. However, we believe as long as interest rates remain steady the market should hold strong and should thrive throughout the high season in the Summer and moving into the Fall. Colorado Springs has only experienced a few small down times in the past few years and we anticipate this to remain true for years to come.
Does purchasing or selling a home interest you? If so, be sure to contact Joe Clement to help you find the best Colorado Springs properties or sell your home!Posted by Joe Clement on