In 2018, the real estate industry generated $200 billion in revenue. Needless to say, buying and selling homes is still incredibly lucrative.
But those are the statistics for 2018, and it’s for the entire country. So what about 2019, and more specifically, Colorado Springs? It’s ranked as one of the best places to live, but are people actually interested in moving to this city?
In this article, we discuss what you need to know about the Colorado Springs real estate market for 2019.
New, Sold, and Active Listings
In May 2018, there were 2,080 new listings. This year, we’ve had 2,114 in May, which means there’s a 1.6% increase.
For sold listings, there were 1,568 last May and 1,564 this May, so there’s not much of a difference.
For active listings, there were 1,885 in 2018 and 1,849 this year (for the month of May). This amounts to a 1.9% decrease.
What does this mean for you? It means the real estate market is alive and well! Since the differences in numbers are negligible, it means there will definitely be people interested in your property if you decide to list it.
In May of last year, the median sales price was $317,250. This May, the median sales price was $329,250, meaning it’s slightly increased by 3.8%.
Over the last 10 years, the median sales have steadily increased, with the exception of 2011, where it decreased minimally. Back in 2010, it was around $200,000. Today, it’s increased by over 50%.
Also, the list to sold price last May was 100.5%, while this May, it was 100.1%. There’s a very small decrease of 0.4%, but that’s negligible in the grand scheme of things.
Should you decide on selling your property in 2019, not only will you get a fair price for it, but you’ll also get close to asking.
Competition for Homes Below Median Sales Prices
Housing is becoming more and more expensive not just in Colorado Springs, but n the whole country. Because of that, you can expect your house to sell in a flash if you list it below the median sales prices.
If your home is located next to good schools, is in good condition, or is a convenient commute to any military bases, that also increases buyers’ desires for your home. There’s a good chance you’ll get above asking price, especially during PCS cycles.
Days on Market
For May 2018, the days on market for houses in Colorado Springs was 22. This May, it’s increased by 11.9% to 25 days.
However, this shouldn’t be cause for alarm. Although the days on market has slightly risen, it’s still well below the national average, which is 65 days.
Because of this, we predict that in 2019, your property should sell quickly. Combined with the good statistics for lost to sold prices, you should feel fairly confident if you want to make a fast sale.
Buyer’s Market vs Seller’s Market
Every year, the scales tip in either one’s favor, depending on how the overall market is doing. For 2019, it’s projected to be a seller’s market.
As we said above, there were around 1,000 active listings in May. This is about 1.3 months of inventory, which skews it in the seller’s favor. Whenever the inventory is about 5 to 6 months, then it’s a buyer’s market.
There are many military families that move in spring and summer, which means it’ll be competitive to find housing, especially since there aren’t many properties up for sale currently.
As a result, bidding wars are not uncommon. In fact, these have been happening regularly since the last two years, especially during permanent change of station (PCS) cycles.
If you’re thinking of moving to Colorado Springs yourself, or moving within the city, you might have a better chance in the fall and winter months. There should be less competition to buy houses then since it’s off-cycle for PCS.
Very Little New Construction
As you know, there’s little inventory available. This is compounded by the fact that there’s also not very much new construction going on.
While some buyers may want to wait for a new build, that can take up to 4 months. Since some people want to move in a shorter span of time, they’ll be willing to bid higher on your home so they can settle down faster. This gives you a great chance of selling your house fast.
Fewer Incentives for Renters
Since the real estate market is so hot and houses are in demand, there’s less room for buyers to negotiate some incentives. For instance, previously, they could negotiate a few months free of rent or free parking space.
However, those things are of the past. In the past few years, the market’s been doing so well that landlords don’t need to offer incentives to attract renters. The renters flock to the available housing all on their own.
What About Reselling?
Again, the real estate market is very hot in Colorado Springs. If you’re thinking about buying and moving again in a few years, it’ll be easy to do so.
Since there are always PCS seasons every year, all you have to do is wait until for those cycles and there will be plenty of military families willing to take the home off of your hands. For this reason, you shouldn’t be afraid to buy a home that you feel you might outgrow in the future.
Colorado Springs Real Estate Is Doing Well
As you can see from our forecast, it’s not a bad year to sell your property if you’ve been thinking of doing so. Since interest rates are staying pretty low for 2019, the conditions are more favorable, meaning more people will be willing to buy your home. Colorado Springs real estate is very strong, so don’t be afraid to dive in!
If you’re thinking about selling your house, then get in touch with us today!