There were 108 sales in the "East" MLS area of Colorado Springs for August of 2017. This is up 64% from the Feb low of just 66 home sales but off 10% from its high in June of 120 sales. We feel like the 10% decrease has more to do with normal seasonal slowing in conjunction with lack of inventory.
Year-over-year August home sales in East Colorado Springs have stayed consistent for the past three years. We think this a lot to do with the rapidly escalating prices in Downtown Colorado Springs. East Colorado Springs features homes that were built primarily in the 70’, these homes sit on larger lots with mature landscaping. This gives the area a distinctive charm and it’s close to downtown Colorado Springs yet more affordable.
The biggest concern for East Colorado Springs is becoming affordability. Much like neighboring downtown, this part of town is seeing significant appreciation. for example, the median sales price for East Colorado Springs has risen by 55% since 2011.
In conclusion, August was another strong month for home sales in East Colorado Springs. The numbers would likely be even stronger if there was more inventory available. We will continue to monitor this area and are anxious to see how it fares through the fall and winter months.
SpringsHomes keeps a close watch on the Colorado Springs real estate market. We produce a quarterly market report that digs deep into the residential real estate market here in the Pikes Peak region. If you'd like to receive a copy of this report please visit our website to sign up.
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