Colorado Springs Real Estate Gains Not For Everybody

The Colorado Springs real estate market is hot. April sales jumped 18.8% over last year, and the median price was up 11.6%. Here is a quick summary:

  • Sales – Up 18.8%
  • Median Price (1/2 of the sales are above this amount) – Up 11.6%
  • Average Price – Up 6.3%
  • # of Homes For Sale – Down .6%
  • New Building Permits – Up 58.1%

With interest rates in the mid 3’s, most of this is no surprise. But there are some segments of the market that are NOT completely sharing in these gains. Here are a few examples:

  • Condos and Townhomes – While some of these seem to be doing ok, there are some segments that are still languishing at 2004 prices. Year to date, townhome and condo sales are up, but not as much as single family.  The March figures show year to date townhome and condo sales up 4.2% vs 27.9% for single family.
  • Higher end homes – This is hard to measure sometimes. The 90th percentile of homes sold year to date was only $382,000. That means only 10% of all sales were above that. At this point in 2012, the 90th percentile was $362,000, an increase of only 5.5%.
  • Some neighborhoods – this is hard to pinpoint, but here are a couple of examples for the 1st quarter of 2013:
Briargate –  Sales up 86.2%, Med Price up 27%
Fountain Valley – Sales up 43.9%, Med Price 18.2%
Northeast – Sales Up 1.4%, Med Price up 12.8%
Southwest – Sales up 17.4%, Med Price up 4.6%
Powers – Sales up 31.7%, Med Price up 5.9%

The hardest thing to measure is ‘same home’ sales. Since virtually no home sells twice in 2 years, it gets very difficult to compare sometimes. Also, if a house is upgraded substantially, it gets very tough to measure how much has really changed due to appreciation and how much is from the improvements.

So if you own a home in Colorado Springs, give Rick Van Wieren a call at 719-331-7675 and let’s figure out how much your home is worth. And if you don’t yet own a home in Colorado Springs, call me anyway, and we’ll fix that! 🙂

“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/12 through 4/30/13 . 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.” Copyright © 2013 REALTOR® Services Corp.

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