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Friday, May 26, 2017

Where Is the Market Headed for 2017?


Where is the Colorado Springs real estate market headed in the next 12 to 18 months? We’ve got your market update. 

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Where is the real estate market headed in Colorado Springs?

Currently, the market is red hot. Year to date, from 2016 to 2017 the average sales price for the first quarter is up 11.7%. The median sales price is up 10% to $275,000, and the sale of residential units is up 2.2%.

Inventory levels are down 34.9% and the number of listings is down 26.6%. The number of foreclosures is also down 31.9%.

The average number of days that homes are staying on the market is around 36 days, and interest rates are up to 4.1%. With all of this in mind, the $400,000 or lower price range is a seller’s market. We should see that continue to be a trend for the next 12 to 18 months, so if you’re looking to sell, now is a good time.
Prices will most likely continue to rise for the next 12 to 18 months, and we’re going to see 6% to 7% appreciation per year.
In the $500,000 price range, we’re experiencing more of a balanced market, and it’s still a buyer’s market in the $1 million price range.

Prices will most likely continue to rise for the next 12 to 18 months, and we’re going to see 6% to 7% appreciation per year. In fact, in the last 12 months we’ve seen homes appreciate at about 1% per month, so we’re most likely going to see appreciation follow the same trend.

If you have any other questions, want to know what your home is worth, or are looking at buying a home, please don’t hesitate to give us a call. We’d love to help you!