Colorado Springs has a number of first time home buyers on its own and then there are those who don’t want to live in a big city like Denver or can’t afford to live in Denver.
Some jobs, like nurses or other medical personnel, who work 12 hours shifts, can live in the Springs and drive in to Denver just 3 times a week.
Other people, especially technology employees, may be able to work from home and just go to the office a few times a month.
With the Colorado Springs market heating up let’s look at the last 3 months of 2015 and the most recent 3 months.
For this comparison I will focus on the most typical properties for first time buyers, those from $160,000 to $280,000 in district 20.
For the last 3 months of 2015:
129 properties sold
Median total square feet was 2,338
Median list price $250,000
Median sold price $250,000
Sales price to list price 98.80%
Median sales price per square foot $106
Cumulative days on market 43
Median year built 1987.
The oldest house sold was built in 1964.
For the most recent 3 months:
115 properties sold
Median total square feet was 2,138
Median list price $249,500
Median sold price $249,700
Sales price to list price 100.00%
Median sales price per square foot $115
Cumulative days on market 9
Median year built 1986.
The oldest house sold was built in 1963.
In a season where the number of properties should have risen, sales decreased a little.
Median list prices and sale prices are stable but the median sales price per square foot is up $9 per square foot from $106 to $1115.
On a 2,200 square foot that is an increase of $19,800 just since last Fall.
Cumulative days on market is an astounding change. Down a median of 34 days from 43 days last Fall to just 9 days this Spring. 36 of the 115 sales, 31%, went under contract in 3 days or less.
District 20 a very popular area for schools, shopping and proximity to Denver.
Not all houses at the same price level are of the same value. Buyers need to be working with a veteran broker who can educate them on the differences and help them with a strategy to get the house they want.