The real estate market can’t get much hotter for the Pikes Peak Region with average sales prices up 11.1% compared to 2016. Homes are spending an average of only 26 days on the market before closing, and Colorado Springs inventory is down 23% this year. All-cash purchases make up for 12% of homes sales, while 42% are Conventional loans followed by VA loans at 32% and FHA loans at 13%. Following this incredible market pattern, the number of sold residential units is up by 4.5% and, we are happy to report, foreclosures in Colorado Springs are down by 61%.
Interest rates have increased by 3.88% this year, but in the Pikes Peak Region they are still at a record low—currently hovering at 4% for a 30-year fixed rate mortgage. Move-up buyers considering a jump to $400k+ from the $200-$300k price range should act fast despite the normal fear of selling before going under contract on a new home. Our agents at Woodleaf Realty are experienced, friendly, knowledgeable, and have the proven skills, creativity, and expertise to help move-up buyers move from their old homes to their new ones—all in one day!
To begin your house hunt in Colorado Springs or to speak to someone about selling your home in the current market, please contact us at Woodleaf Realty. And if you just want to chat with someone about market trends and statistics, we are more than happy to answer your questions!
Statistics provided by Empire Title