Colorado Springs Real Estate
Personalized Real Estate Services to Home Buyers and Sellers
Laura's Colorado Springs Market Update Video
Not only is a home a place to live it can also be a great investment. Knowing that you often make a wise investment on your home not when you sell it but when you purchase it. Having the knowledge regarding the current market conditions can help you make a more informed decision on your next Colorado Springs home purchase or sale and can turn your home into an outstanding investment. In changing real estate markets it is critical to ensure that you are informed and stay ahead of the curve and not chase it. We work hard to not only keep up with the latest Colorado Springs real estate market trends along with the national housing market trends but to also stay ahead of the market to keep our clients informed so that they can make informed decisions on the purchase or sale of their Colorado Springs homes. If you are in a market that is experiencing trouble or if you listen to the media you may be under a false sense that real estate markets everywhere is in trouble. One key point to remember is that all real estate is local and the market information on this page will help show you how the Colorado Springs real estate market is doing. The market data below represents Colorado Springs housing market statistics and information about the sales of Colorado Springs area Single Family Homes and Patio Homes. The data below paint a broad picture of the health of our overall housing market. The Colorado Springs real estate market has many sub-markets and price points each of which have their own unique characteristics.
The graph above shows us the average Colorado Springs homes sales price since the year 2002. Colorado Springs has experienced a steady and healthy increase in our average sales price from 2002 - 2007 and a slight decline in 2008 and 2009 with an increase in 2010. The main source of the decline in sales price in 2008 and 2009 is largely a result of the difficulties the higher end markets have experienced over the past two years. Homes in Colorado Springs during the nation wide "boom" years 2003-2005 experienced normal and healthy appreciation rates of approx. 5-6%. Compared to the markets with over 20% appreciation rates, we leveled at about 5.8%. Coupled with continued growth and healthy local economy this is one of the main reasons why our market remains healthy. Colorado Springs homes are affordable and because we didn’t go through the roof in appreciation our market has not struggled to the extent that many real estate markets have a cross the nation.
This chart above displays the number of total new listings by year. The main point to get from this is that we are seeing a large decline in new listings and total inventory when compared to the prior five years. In an environment where inventory levels are high this is a promising chart as it shows that our inventory levels are recovering quickly to more "normal" levels.
This chart above displays the total number of Colorado Springs home sales by year. As you will notice the number of home sales in Colorado Springs was at its peak during the "boom" years of 2004 & 2005. We have experienced a decrease in home sales over the past three years. We believe that the decrease in the total number of home sales is a result of a combination of a correction from the "boom" years, a more stringent mortgage market, and consumer confidence.
This shows the average days that a home for sale was on the market before it sold. You will notice a slight but steady increase of days on the market of the past four years. This is a result of higher inventory. Over the past year we have seen a year over year increase in sales in decrease in inventory which will slowly bring this number back down to normal levels.
This is the average sales price in comparison to the listing price. What is important to note here is that we are seeing a high sales to list price even when compared to our best years of 2004 and 2005. Some markets are experiencing sales to list prices well below what we are seeing. Although there are deals to be had in Colorado Springs, when a home is priced at market value it sells at a reasonable rate. This gives a feel for overall sentiment compared to other real estate markets. It is a buyers market but home sellers are also receive fair sales prices.
The chart above shows our total active for sale inventory against the number of total sales year over year.
The chart above shows our average sales to list price percentage and average days on the market for sales year over yea. 2010 experienced a slight increase in the average sales price to list price as well as an increase in the average days on the market when compared to the previous year. These are also strong indicators that our market remains healthy and continues to show signs of strength.
Most of the real estate markets that we hear about in the media who are experiencing declining housing prices also experienced over 15%, 20%, and even 30% appreciation. Obviously these levels of increased housing priced were completely unsustainable and have resulted in their decline in prices. In Colorado Springs we are in a buyers market that still remains healthy. Colorado Springs remains a highly desirable city to live, our economy is healthy, we conitue to grow, and we never experienced outrageous appreciation we remain extremely positive for the near term and future of the Colorado Springs real estate market.
Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period January 2002 through year to date . RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market."