As mentioned in the first part of this series with Cherise and Bill McAfee of Empire Title in Colorado Springs discussing Colorado Springs real estate predictions for 2020, low interest rates continue to be a driving factor in this active Colorado Springs real estate market. We hope they’ll stay low, and believe they will. Also, the last 4 years saw an 8% average increase in home prices and we expect that to trend to continue as well — the Pikes Peak region just doesn’t have the supply to meet the high demand for housing here.
Recent developments in the Colorado Springs economy will only help to increase demand even higher than it already is currently. The new “Space Force,” announced by the Trump administration will be based primarily in Colorado Springs. Amazon has also announced a large new distribution facility near the Colorado Springs Airport. Both developments will bring jobs to the Pikes Peak Region, further driving housing demand and are indicative of larger trends—employers are moving here with relatively high-paying jobs, benefitting our economy.
An indicator of just how active the real estate market is right now is how long properties for sale will stay on the market. The average currently is 34 days, but that went down this past year and the year before to 21 days. This average is across the board — and when we look at individual market segments, the numbers can seem even more hyperbolic. Luxury homes (those priced above $1,000,000) still take longer to sell; they can be on the market for up to a year. But others, in certain neighborhoods, priced more toward the bottom and middle of the spectrum may only be on the market for a few days on average, or even less!
Buyers shouldn’t get discouraged though. This “seller’s market” may mean that you write multiple offers on different homes before yours is accepted, but you can do things to proactively improve your chances of success here (one absolutely successful strategy, obviously, is to work with an experienced agent). If you have any further questions about strategies to succeed in purchasing or selling a home in a market like this, or any of the stats or Colorado Springs real estate predictions talked about here, give us a shout!