Colorado Springs Real Estate Market Summary - 2016
I hope that you are having a fantastic start to 2017. The 2016 real estate market proved to be one for the record books and I wanted to share with you a summary of the Colorado Springs Real Estate Market. A combination of historic low mortgage rates, historic low inventory, and record demand generated a wave of home buying and selling activity that we have not seen in over a decade.
Colorado Springs Real Estate
2016 was a great year, but we have even higher hopes for 2017. Take a look at these numbers to learn about the 2016 real estate market, and see our predictions for 2017. You can click on the photo below to hear a few of my thoughts about the upcoming year on this short video.
Homes sold – The total number of residential properties sold were 17,510. Total sales were up 11.9% from 2015.
2016 was a great year, but we have even higher hopes for 2017. Take a look at these numbers to learn about the 2016 real estate market, and see our predictions for 2017. You can click on the photo below to hear a few of my thoughts about the upcoming year on this short video.
Homes sold – The total number of residential properties sold were 17,510. Total sales were up 11.9% from 2015.
Sales price - In the Pikes Peak region, the average sales price was up 6.5% over 2015. The average price was $267,050.
Inventory - The inventory of residential properties for sale is at a historic 25 year low – down a massive 33.9% from 2015.
Days on Market - Average days on market for the area is 40 – down from 74 days in 2015.
Colorado Springs remains a very price driven market with 67% of all homes selling for less than $300,000. These homes are selling fast, and when properly prepared and marketed often receive multiple offers. Homes above the $350,000 take longer to sell. As we approach the luxury home market of $750,000 or more, average days on market approach 6 months or more.
2017 Predictions – With 26 years as a Real Estate Broker in Colorado Springs, I recognize the nuances of our current market present incredible opportunities. Although interest rates are beginning to increase from historic lows, considering our current low inventory of homes for sale, property values will continue to rise. Our steadily improving local job market and population growth will fuel the need for more housing. We are seeing homes that are priced and marketed appropriately sell for 98% of asking price. If you are on the fence, 2017 will be a great year to sell.
If you are curious about the current real estate market in Colorado Springs value of your home, please let me know. I am happy to sit down with you and discuss how the current market impacts your home.
My Best,
Mike
Inventory - The inventory of residential properties for sale is at a historic 25 year low – down a massive 33.9% from 2015.
Days on Market - Average days on market for the area is 40 – down from 74 days in 2015.
Colorado Springs remains a very price driven market with 67% of all homes selling for less than $300,000. These homes are selling fast, and when properly prepared and marketed often receive multiple offers. Homes above the $350,000 take longer to sell. As we approach the luxury home market of $750,000 or more, average days on market approach 6 months or more.
2017 Predictions – With 26 years as a Real Estate Broker in Colorado Springs, I recognize the nuances of our current market present incredible opportunities. Although interest rates are beginning to increase from historic lows, considering our current low inventory of homes for sale, property values will continue to rise. Our steadily improving local job market and population growth will fuel the need for more housing. We are seeing homes that are priced and marketed appropriately sell for 98% of asking price. If you are on the fence, 2017 will be a great year to sell.
If you are curious about the current real estate market in Colorado Springs value of your home, please let me know. I am happy to sit down with you and discuss how the current market impacts your home.
My Best,
Mike
Mike MacGuire
Colorado Springs Real Estate Agent
The MacGuire Team
6760 Corporate Dr
Ste 300
Colorado Springs, CO 80919
719-536-4324 or 719-660-6793
Mike@BuyWithMike.com
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