Part 1
Colorado Springs’ 2017 housing market was hot—like really hot. With a steady growth of folks moving to the Pikes Peak region, we consistently had more buyers than we did houses to sell, but this didn’t stop our team at Woodleaf Realty from helping people find homes. While challenging at times, a hot market just requires us to be extra creative and savvy!
In 2018 though, MarketWatch is predicting a few changes to housing markets across the country, including Colorado Springs. Here is what buyers and sellers need to know:
1. More Inventory
Experts are anticipating a growth in inventory in 2018 based on the U.S. housing market deceleration that began this past fall. Do you remember when home prices in Denver hit a low in October? That happened in other areas of the country too. This didn’t change the fact that median house prices were still up 5.5 percent year-over-year, but experts are predicting this slow decline will continue into 2018, meaning buyers can expect to see more inventory.
Across the country, Boston, Detroit, Kansas City, Nashville, and Philadelphia will experience this first, especially for homes priced above $350,000. For Colorado Springs, we are not expecting to see a drastic change, although buyers may notice more homes on the market as the new year progresses.
2. Price Growth Will Slow Down
Good news for buyers (not so much for current homeowners), but experts are predicting that price appreciation will slow down come 2018. This last year, homes appreciated 5.5 percent. While homeowners will still see increased equity, it will be at 3.2 percent growth year-over-year nationally.
In Colorado Springs, residents can expect entry-level homes, and anything under $350,000, for the most noticeable price-gains — as this will be the bracket for the majority of buyers. This will also affect inventory as many folks will be searching for homes in this price range.
Stay tuned for Part 2 of Housing Trends for 2018 (and How They Will Impact the Colorado Springs Market)!