Today, Deborah is joined by Bill McAfee of Empire Title to discuss some of the statistics of the Colorado Springs area. These statistics help provide an overall picture of the local real estate market.
Overall, the area is seeing some great improvement, as evidenced by many increases:
Average price of homes is up 6.5%
Median price of homes is up 7.0% (year over year, for the last 15-20 years, we usually see about 2.9%)
Residential units sold up by 12%
Available listings are down by 22.6%
Inventory listing levels are down by 34%
Job market unemployment is at 3.5%
What does this information tell us? It’s telling us that the current supply is at its lowest in 20 years! In Colorado Springs, across the state, and even in most of the country, home inventory is low and there are few listings. This will drive the new build housing, creating more homes available for purchase.
There is a bit of a wild card factor in play right now. Interest rates are poised to go up. For business borrowers and short term interest rates (eg. PayDay loans, etc) there is some movement up. But for long-term mortgage loan rates, keep an eye on 10 yr treasury notes and bonds. However, it’s impossible to know when the interest rates will be raised. In pre-recession years, the average interest rate was 8%. So, if you want to be locked into today’s interest rate, now’s the time to contact your mortgage broker.
Planning to sell? You’ll want to consider the condition of your home and the area you live in to determine price. Planning to buy? Better to do it sooner rather than later if you want to lock in current interest rates. You’ll also want a realtor like Deborah because a great realtor is also a great negotiator. Come listen as Deborah and Bill discuss all the different factors involved in todays Colorado Springs Real Estate Market. If you have any questions or would like more information, visit etcos.com or call (719) 884-5300.