Hey Colorado Springs, did you catch the recent article in The Gazette about new home builds? According to statistics, homebuilding in the Pikes Peak region hit a 12-year high in 2017, and local builders expect the pace to stay steady in 2018.
According to the Pikes Peak Regional Building Department, 3,405 permits for construction of single-family homes in Greater Colorado Springs were issued in 2017—8.2 percent more than in 2016. And, if you think home construction slows down in the winter, think again: 251 of this permits were awarded in December.
The Gazette article goes on to quote local builders who explain that 2017 was the best year yet for new construction home sales. According to Challenger Homes Founder and Chairman Brian Bahr, new build homes are in extremely high demand.
None of this comes as a surprise though; 2017 was a hot year for the Colorado Springs real estate market (you can read more about this in our recent blog: Colorado Springs Market Stays Hot in the Final Quarter of 2017).
The growth of our city shows no signs of slowing down in 2018, either. While there are some challenges to be expected on the horizon—rising mortgage rates, shortage of home sites, labor shortage—residents can expect to continue seeing new homes go up around the city. A strong economy, a picturesque mountain setting, and proximity to Denver make Colorado Springs one of the most desirable places to live—and outsiders know it. And, as housing inventory continues to be hard to come by, buyers are turning to new construction.
A healthy homebuilding market, as explained in the article, is incredibly beneficial to the Colorado Springs economy.
“The construction industry employs thousands of people, while Colorado Springs and other local governments rely on tax revenue from the purchase of building materials to help fund their budgets,” states The Gazette.
If you are thinking about purchasing a new construction home in 2018, check out our post: New Home Builds: Do I Need a Real Estate Agent? And give a shout out to our Julie Wilson, our Customer Care Extraordinaire if you’d like a list of our favorite new build locations. Plus we can help answer your questions and prepare you for the journey of buying and building a new home in Colorado Springs!