Colorado Springs Real Estate Market Trends
Not only is a home a place to live, but it can also be a great investment. Knowing that you often make a wise investment on your home not when you sell it but when you purchase it. Having the knowledge regarding the current market conditions can help you make a more informed decision on your next Colorado Springs home purchase or sale and can turn your home into an outstanding investment. In changing real estate markets it is critical to ensure that you are informed and stay ahead of the curve and not chase it. We work hard to not only keep up with the latest Colorado Springs real estate market trends along with the national housing market trends but to also stay ahead of the market to keep our clients informed so that they can make informed decisions on the purchase or sale of their Colorado Springs homes. If you rely on the media for your real estate market information you may be under a false sense that real estate markets everywhere are experiencing the same conditions and dynamics. One key point to remember is that all real estate is local and the market information on this page will help show you some very basic information on how the Colorado Springs real estate market as a whole is doing. The market data below represents Colorado Springs housing market statistics and information about the sales of Colorado Springs and Monument area Single Family Homes. The data below paint a broad picture of the health of our overall housing market. The Colorado Springs real estate market has many sub-markets and price points each of which have their own unique characteristics.
Average Sales Price
The Colorado Springs average sales price graph shows us the average Colorado Springs homes sales price since the year 2007. Colorado Springs has experienced a steady and healthy increase in our average sales price from 2002 - 2007 followed by a decline in 2008 and 2009 with an increase in 2010. The main source of the decline in sales price in 2008 and 2009 is largely a result of the difficulties with nationwide conditions along with the struggling higher end markets in Colorado Springs experienced during this period. The average sales price in Colorado Springs has been steadily increasing since 2011. Homes in Colorado Springs during the nation wide "boom" years 2003-2005 experienced normal and healthy appreciation rates of approx. 5-6%. Compared to the markets with over 20% appreciation rates, we leveled at about 5.8%. Coupled with continued growth and healthy local economy this is one of the main reasons why our market remains healthy. Colorado Springs homes are affordable and because we didn’t go through the roof in appreciation our market has not struggled to the extent that many real estate markets have a cross the nation.
Number of Home Sales
This chart displays the total number of Colorado Springs home sales by year. As you will notice the number of home sales in Colorado Springs was at its peak during the "boom" years of 2004 & 2005. We experienced a decrease in home sales from 2008-2010 but have been steadily increasing since that time. The decrease in the total number of home sales between 2008-2010 was a result of a combination of a correction from the "boom" years, a more stringent mortgage market, and consumer confidence. As consumer confidence increased and mortgage rates continued to decline, home sales have continued to rise. The past few years has shown a very strong increase in the number of sales and total demand for homes.
Average Sales Price to Listing Price
This is the average sales price in comparison to the last listing price of homes that sold. What is important to note here is that we are seeing a high sales to list price even when comparedto previous years. A high list price to sales price occurs when we have low inventory in a sellers market. This gives a feel for overall sentiment compared to other real estate markets.
Total New Listings
This chart displays the number of total new listings by year. The main point to get from this is that we are seeing more home hit the market when compared to 2005 & 2006 levels, yet our inventory levels are extremely low. Even with more homes hitting the market, with higher number of sales our inventory levels have remained very low over the past few years, making it much more of a sellers market.
Average Days on the Market Before Selling
This shows the average days that a home for sale was on the market before it sold. You will notice that from 2008-2011 the average days on the market were much longer than what we have experienced over the past 5 years. Higher average days on the market are a result of higher inventory. Over the past two years we have seen extremely low inventory and much fewer days on the market as homes price appropriately and that are in good condition are selling very quickly.
Based on information from the Pikes Peak REALTOR Services Corp. ("RSC"), for the period January 2007 through year to date. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market."