Colorado Springs~ What's Going on in This Market?

Colorado Springs~What's Going on in This Market?

I get asked almost daily, "How is the market?" Everything is local. and here in Colorado Springs we have a great market, an average market and a not so great market. What do I mean? Well, it all depends on what price point you are talking about.

Let me explain...

If you are looking to buy or sell in the price range below $250,000 we have less than 4 months (3.7) of inventory. That leans towards a seller's market. Now, if the home is in a desirable location and is in fantastic shape- it won't last long at all. I have had 2 sets of buyers "think about it" a littel too long lately in this market and miss out on different homes.

In this price point- Below $250K,  sellers are getting 97.9% of asking price. The average seller concessions paid is about $4,000.

If you bump up to the $250,000-$350,000 price point, we have 6.1 months of inventory. Sellers are getting 97.5%. Seller concessions are about the same. These homes that are priced well and in great conditions as well as good locations, are also moving.

When you move up to $350,000-$500,000 the months of inventory goes up to 8 months with sellers getting about 95% of asking price.

The homes from $500,000-$750,000 have an 18 month supply of inventory. That is quite a bit different from our below $250K market. When you continue to go up in price, the months of inventory only gets longer.

Experts think that we will have appreciation in the market below $250K this year. We  haven't seen that in ahwile. We also have less foreclosures on the market than last year. Things are moving slowly into the right direction.

Overall, we have 25% less inventory on the market than this time last year. That is good news!