COLORADO SPRINGS, COLO. — For years the housing market has been a sore subject, but that’s all changing, at least locally.
According to the Pikes Peak Realtor Services Corporation 784 homes were sold in Colorado Springs last month.
That is a nearly five percent increase from last year.
“We talk to a lot of people who have what we call ‘the consumer confidence’ thing going on, where they’re feeling like their job is a little better, they may have got a pay increase for the first time in awhile, they’re just stepping out and purchasing a home,” Joe Clement, Broker/Owner of RE/MAX properties, said.
Sale prices have also gone up.
“The average prices went up to 223 which is a 3.9 increase over last month, so that’s good news,” Clement said.
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Hank Poburka, Broker with The Platinum Group Realtors, called the current market “neutral,” meaning it’s a good to time to buy or sell.
“Now is a great time to buy, you’ve got the high 3’s on the rate, you still have good prices,” Clement said. “The thing that’s happening though is the inventory is going down, so the selection is depleting, and what that means then is that the prices are gonna start going up,” he added.
Sellers last month were able to get closer to their asking price than they have in more than a year.
“In April the sale price versus the list price was 98 percent,” Clement said.
Clement and Poburka both said one driving factor for prices going up is that inventory in Colorado Springs has gone down.
The amount of homes for sale in Colorado Springs dropped more than 25 percent from last year to fewer than 4,000.
That is the lowest number of active listing on the market in April in 12 years.
“I think if there ever was a time, get out there now buyers because it’s gonna start going the other direction, and you may miss an opportunity,” Clement said.
People are also looking into buying brand new homes more than before.
According to the Pikes Peak Regional Building Department April was the best month for new commercial and residential permits in four years.