According to The Institute for Luxury Home Marketing, the national inventory of luxury homes continues to rise though home values within this price range are languishing. Regarding the Colorado Springs Real Estate market, as an Elite 25 Colorado Springs Realtor I personally deal with clientele of this price consideration. In fact, I represent a custom home builder who builds fabulous luxury homes with all of the imagined amenities.
Although this segment of the market has been significantly bruised, there are still pockets of new home sales activity. For instance, as seen with the builder I represent.
Not all Colorado Springs Realtors can jump on to the gravy train of old, thinking that they're immediate experts to properly handle the high-end housing market. It takes above average innovation and skilled marketing to really feature this quality of product to a select few who can afford this type of purchase.
Within the Colorado Springs Real Estate market, ranging from the mid-$700's and higher, I've seen a six-year inventory of luxury homes remaining unsold. Factors of stringent loan requirements, job losses and shrinking investments contribute significantly to the backlog of standing inventory.
The bad news has already been elaborated by me. The good news is that new home permits are slightly increased. And the luxury new home builders who have future vision are really doing a great job with combining skilled craftsmanship to meet tighter budget constrictions so the needs of the consumer can still be met appropriately.
While the lower-end listing inventory continues to shrink, conversely, the higher-end luxury home sales will eventually increase proportionally as well.
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