Colorado Springs Homes Selling at Fastest Rate in Years

If someone puts a home on the market today, chances are good it’ll sell within two months.

As of June 30, single-family homes in Colorado Springs spent an average of 62 days on the market, the lowest number since June 2006, when the Pikes Peak Association of Realtors started keeping records.

The total number of active listings is extremely low at 3,450 compared to around 6,000 active listings in June 2010. In other words, available homes for sale has decreased 40 percent from that of three years ago!

A total of 1,114 homes sold in May, an increase of 20.4 percent over the 925 homes sold in May 2012. The momentum continued in June as 1,104 homes sold, compared with 846 in June 2012, an increase of 30.5 percent.

From January through May of 2012, 3,420 homes sold, compared with 4,233 this year, an increase of 23.8 percent, according to figures from the PPAR.

Monthly inventory levels are at the lowest point since August 2005, which means one thing to Colorado Springs Realtors; It’s a healthy market, and it seems to be getting healthier.

Homes in the $400,000-to-$424,999 range sold at an average of 55 days on the market. Homes in the $250,000-to-$274,999 range sold at a quick clip of 65 days average on the market.

In northeast Colorado Springs, 93 homes were on the market only 34 days on average before being sold. In Old Colorado City, 22 homes, with a median price of $160,000, sold after an average of 36 days on the market.

In the northwest area of Colorado Springs, 29 homes were on the market for an average of 43 days before selling. Those homes had a median price of $319,680. In the Powers Boulevard area, 112 homes sold with a median price of $221,448, also on the market for an average of 43 days.

Many believe this is a reflection of what’s going on in the economy. The economy is consistently showing signs of improvement and people are more confident. They’re beginning to buy homes they’ve been putting off for years. Buyers recognize that the market is now in recovery and in order to take advantage of the prices, this is the time. They are also taking advantage of the low mortgage rates since these usually go up as the economy improves.