Colorado Springs Real Estate Market – Aug 2015
Today we will bring up about a dozen indicators in the Colorado Springs real estate market as of the end of August 2015. It’s pretty easy to analyze Year-over-Year figures from August 2014 to August 2015 for the real estate market in El Paso County. Prices continue to go up as inventory shrinks. Previously distressed homeowners are stabilizing as their home values improve.
The element of rising interest rates has been a mirage four years now. Recently, homebuyers and their real estate agents braced themselves for interest rate hikes this month. That increase has been long anticipated. Once again, after the recent drop in the stock market, the Federal Reserve decided not to raise rates at this time. The decision should continue to benefit both homebuyers and investors, at least on the surface.
Below are some of the highlights published by PPAR, the Pikes Peak Association of REALTORS.
Year-Over-Year August 2014 – August 2015
- Overall Sales: Up 24.5% (1383 units)
- Average Sales Prices: Up to $241,468 from $230,000
- Median Sales Prices: Up to $273,381 from $258,398
- Number of Unsold Homes in Inventory: Down 17.7% (3376 homes)
- Month Supply of Unsold Homes: Down 33.9% to 2.4 months
- New Listings YTD: Down to 3377 from 4085
- Average Days on Market: Down to 72 from 84
Annual Comparisons
- Under Contract/Pending Annually Year-To-Date
Patio homes/Single-family homes in Colorado Springs
a. 2011: 1365
b. 2012: 1635
c. 2013: 1565
d. 2014: 1933
e. 2015: 2214 - Total Sales Year-To-Date for Patio homes/Single-family homes
a. 2011: 5734
b. 2012: 6136
c. 2013: 7641
d. 2014: 7545
e. 2015: 9034
CoreLogic, a California-based property information company, released information about home prices nationwide. Year-over-Year, prices have increased 6.9% from July 2014 to July 2015. Colorado Springs saw a year-over year increase of 5.1%. This is below the national average.
But there have been record numbers of home sales in Colorado Springs this summer. The analysts are attributing increasing home sales to low mortgage rates and stronger consumer confidence. Rising rental costs have also pushed more people into the real estate market.
In addition, the CoreLogic July 2015 Home Price Index reveals that Colorado was the only state in double digit price increases during that time. Home prices in Colorado increased more than 10%. If distressed sales are included, the increase is 10.4%.
REMAX Real Estate Agent Colorado Springs
For more information about Colorado Springs real estate for sale, please call REMAX agent Ann Heiring at 719-440-1010. In appreciation for those who serve our nation, Ann offers rebates for active and retired military.