9 Factors at Play in the 2014 Colorado Springs Real Estate Market
One expert may say the 2014 Colorado Springs real estate market is on fire, another describes sales as hesitant. The following 9 factors are presently intermixing in a way hard to predict.
- Low interest rates
- Low inventory
- Limited numbers of new and affordable homes
- Increasing Median and Average sales prices
- Faster home sales
- Fewer distressed properties, more underwater homes
- Regional popularity
- Better jobs numbers and homeownership stability
- Fewer helpful government programs
Whether you’re buying or selling a home, do any of these conditions present in the Colorado Springs real estate market give you a nudge or slow you down? Let’s examine the trends a little closer. While interest rates have been at historic low levels, they have been increasing. But recently went down some. Many economists predict oncoming inflation but the multidimensional and complex international economy has us guessing.
In 2013, overall sales were moderate. Many say this is because of the low inventory at more affordable price points. In 2014 the inventory is a little higher and sales did not peak during summer 2014. Other factors such as sellers increasing prices, credit approval, and the effect of higher interest rates all certainly play a part. The median and average sales prices continue to increase. Although we’ve had only about 3.5 months of inventory, even the rate of sales for high-end homes has picked up.
Builders are opening up developments and putting in new homes throughout the Colorado Springs real estate market. Home buyers are looking for modern and reasonably priced homes with energy efficiency and high-tech capabilities. Many are high-end properties. Consequently, buyers that may want new homes make offers on older homes with better prices.
Colorado is one of the top states for foreclosures. While the Colorado Springs foreclosure rate has decreased in the last couple of years, foreclosures are still available. Approximately 7 percent of local sales are disclosed as distressed properties. Nationally, Realty Trac reports 17 percent of all properties with mortgages are underwater. If underwater, the owner owes the lender at least 25 percent more than the value of the home on today’s market.
Not to worry. At 28 percent, Colorado Springs is one of the top Metropolitan areas in the United States with the highest percentage of resurfacing equity. That is very good news for homeowners Colorado Springs.
Colorado continues to be a very popular place to live, especially in areas along the Front Range of the Colorado Rocky Mountains. Colorado Springs has been selected as one of the Best Big Cities and our jobs market is strengthened by the diversifying economic sectors. Despite fewer government programs available to assist homeowners, Colorado Springs continues to thrive and grow.
Find out about Colorado Springs Homes for Sale
Contact top RE/MAX Colorado Springs agent Ann Heiring at (719) 440-1010 or Toll Free at (800) 246-8978 to find out more about the Colorado Springs real estate market. In appreciation for their service to our nation, Ann offers rebates to active and retired military. Free MLS Access to Colorado Springs Real Estate and Homes – Top Area REMAX Agent – Military Rebate