On the national stage, the number of homes in inventory sits well below the historical average of a 6 month supply. Right here in Colorado Springs, we’re even further below the norm at a 3.4 month supply as of February 28. What does it mean when inventory is so low? Economics 101 – there’s room in the market for new competition, and that makes new construction a new option for home buyers again.
The blog post below explains how new construction is entering the national scene. This explanation, though, can easily explain our local area as well. Our low inventory is giving some fuel to home developers who are releasing lots in new areas all around our city. In Colorado Springs, new developments on the north and east sides of the city are coming on line very soon, adding over 1,000 new home sites in just 2 new developments. And unlike some past new developments, these are going to be relatively affordable, with some homes in the upper 200’s and low 300’s.
Read the post: New Construction = New Competition
If you are considering selling your home, now is a great time to do so before this new competition becomes more of a force. Call me at 719-331-7675 and we can discuss your options!