While federal budget problems seem to dominate the news, in Colorado Springs, real estate seems to be on peoples minds. Home sales for February were up 29.2% over last year, and the median price was up 12.6%. Permits for new construction jumped 100% over last year, as buyers resort to building new when they can’t find a resale home that fits their needs. The inventory of unsold homes stood only 3,025 homes, record low levels, down 6.2% from last year and only a 4.6 month supply at the February sales rate. For more details please visit www.LivingColoradoSprings.com/market-conditions/
With interest rates in the 3’s, down payment assistance programs in place virtually eliminating the need for down payment for many buyers, and pent up demand after years of recession, it is no wonder the buyers are finally making decisions. In addition, while some buyers may be affected by sequestration issues, most will not, and the now that the pink slips are finally out, those who are not affected will likely feel more secure about their jobs and the ability to move forward.
Questions about the Colorado Springs real estate market? Need to find out whether the time is right for you to buy or sell? Call Rick Van Wieren at 719-331-7675 and lets talk about your situation!