Updated as of 5/1/2013.
The Colorado Springs real estate market is starting to really rev up. April home sales were up 18.8% from last year, and the median price (1/2 above, 1/2 below) was up 11.6%! This is the 14th consecutive month where prices have risen compared to the prior year. The inventory of unsold homes continues to be very low, down .6%, a 3.6 month supply at the April sales rate. April building permits for detached single family homes were up 58.1%, as more buyers choose new construction to compensate for fewer homes on the market.
The percentage of homes disclosed as distressed was 17.7%, or 165 homes.
Colorado Springs home buyers are continuing to take advantage of low interest rates, which have been consistently in the low to mid 3′s. Low long term mortgage rates and higher rent prices are making the decision to buy rather than rent MUCH more attractive at this time.
The unemployment rate in Colorado Springs for March 2013 was 8.6%, which is an improvement from it’s peak of 9.8% in July of 2012, but is still largely attributed to a reduction in job seekers rather than an increase in employment opportunities. It remains to be seen whether this high a level of unemployment will allow the housing market to continue to recover, although there have been some recent employment announcements that may cause this number to drop soon. Summer unemployment in the tourist industry in particular was also affected by the Waldo Canyon fire. This effect should not persist going forward.
For more details, see the Colorado Springs Homes Sales Trend Data
“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/05 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. Questions about this data analysis should be directed to Rick Van Wieren, RE/MAX Properties, Inc, 1740 Chapel Hills Dr, Colorado Springs, CO 80920 ph 719-331-7675 or email firstname.lastname@example.org