Colorado Springs Real Estate Market Surges in May

Colorado Springs real estate took a big leap in May of 2012, posting an increase of 18.6% over May of 2011. Prices were also up, with the average up 9.1% at $232,957 and the median (1/2 above, 1/2 below) up 13.5% at $210,000. Distressed property sales were down to only 13.5% of the market, and the inventory of unsold homes dropped 23.8% to only a 3.9 month supply, the lowest level in 12 years.
Low interest rates and pent up demand for housing are both contributing to the increase in sales. Colorado Springs unemployment has been over 9% for the last year, currently at 9.2%, but for buyers with jobs, this is a wonderful time to take advantage of record low interest rates. Rates are currently in the upper 3’s for most buyers.
For more details, please visit www.LivingColoradoSprings.com/market-conditions.
“Based on information from the Pikes Peak REALTOR Services Corp. (“RSC”), for the period 1/1/05 through 5/31/12 . 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 © 2012 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 719-590-4768 or email rick@ricksellscolorado.com