Spring Market Shows Signs of Life
After a very quiet, sometimes long, and sometimes scary winter of 2023, the Colorado Springs housing market is showing some real signs of life. While there is more than a week left in the month of March, it appears sales and prices will both increase over the prior month, and inventory will decrease. Combined with a downward tick in interest rates (VA and FHA in the mid 5’s, Conventional in the mid 6’s), we could be in for a wild ride as the spring progresses.
The trends all appear in our sellers favor. Just as Colorado’s unemployment hits all time lows, Colorado Springs new employment opportunities continue to bring prospective employees to town. The challenge will be to find homes for them all, as the inventory of unsold, existing homes with a Colorado Springs address, dropped below 500 for a while this week. We’ll see how things progress, look for more details in the first week of April.