The Colorado Springs market is heating up

It hasn’t been a secret that the Colorado Springs market has been heating up with more and more competition for houses.

Analyzing the market:

# 1 There are currently 1,172 houses in the MLS that are under contract but haven’t closed yet. 30% of those, 360 houses, were on the market 5 days or less when they went under contract.

# 2 192 of the houses, 16%, went under contract in 2 days or less.

# 3 The median number of days on market for all pending houses is just 15 days.

# 4 We used to quote a “benchmark” median price per square foot of about $100 per square foot. For the 1,102 houses pending, with an asking price between $200,000 and $400,000, the median asking price per square foot is $106.

# 5 Currently, demand is out pacing supply.

Over the last 7 days:

There were 301 new listings

There were 452 houses that went under contract.

That is a shift of -151 houses in available inventory over just 7 days.

We are back in  multiple offer situations for many houses. Often even offering a little above asking price is not competitive.

The key to winning in this environment is fourfold:

# 1 Work with a veteran broker who absolutely has your best interest at heart and who will put in the extra time it takes to get you the best possible house.

# 2 You may get a little discouraged but don’t stay there. That is what the other buyers will do. It is 100% counter-productive. You will get a good house but may need to be a little more focused.

# 2 Be prepared to pay full price or higher and pay all your own closing costs.

# 3 You need a well-defined strategy. The right broker can help you create the best strategy for you.

Time is your ally. The sooner you can determine your strategy and go to work on it the better off you will be.

BTW, in fast moving markets, using sites like Zillow, Trulia and similar sites, who often have delayed or outdated information, puts you at a huge disadvantage. A good broker will put you on a data “fast track” so you are getting updates throughout each day.

Whether you are ready to buy or maybe looking in the future, there is more information I would like to share with you. Please contact me by phone, 719-304-4684, or email broker719@gmail.com.