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.
First time home buyers who can’t afford district 20 may look at district 11, the Central district.
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:
510 properties sold
Median total square feet was 1,925
Median list price $210,000
Median sold price $209,875
Sales price to list price 99.28%
Median sales price per square foot $108
Cumulative days on market 32
Median year built 1971.
The oldest house sold was built in 1888.
For the most recent 3 months:
581 properties sold
Median total square feet was 1,852
Median list price $214,000
Median sold price $213,500
Sales price to list price 100.00%
Median sales price per square foot $113
Cumulative days on market 7
Median year built 1970.
The oldest house sold was built in 1888.
Transactions were up this Spring.
Median list prices and sale prices showed a slight increase but the median sales price per square foot is up $5 per square foot from $108 to $113.
On a 1,900 square foot that is an increase of $9,500 just since last Fall.
The drop in cumulative days on market is dramatic. Down a median of 25 days from 323 days last Fall to just 7 days this Spring. 199 of the Springs sales, 34%, were under contract in 3 days or less.
Compared to the median price in district 20 of about $250,000, the median price in district 11 of about $214,000 is much more affordable when every dollar counts for a first time buyer.
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.
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