Updated as of 6/1/2013.
The Colorado Springs real estate market has recovered nicely. May home sales were up 20.4% from last year, and the median price (1/2 above, 1/2 below) was up 2.6%. This is the 15th consecutive month where prices have risen compared to the prior year. The average price (mean) rose 7.2%, and the 90th percentile rose to $423,000, indicating some renewed strength at the upper end of the market. The inventory of unsold homes continues to be very low, and while the inventory actually rose by 1.1% over last year. With the rate of sales increasing, we now have only a 3.3 month supply at the May 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 16.9%, or 188 homes.
Colorado Springs home buyers are continuing to take advantage of low interest rates. At the beginning of May, those rates were in the low 3′s, but by month end had risen to the upper 3′s. It remains to be seen what direction rates will head, and what impact that may have on future sales. Rents continue to be high relative to the price to buy the same home, which further fuels purchase demand, but higher interest rates have the potential to change that some.
The unemployment rate in Colorado Springs for April 2013 was 8.1%, a significant improvement from March, but still well above the state average of 6.8%
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 5/31/13 . 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 rick@ricksellscolorado.com
