The Colorado Springs Real Estate Market Report for March 2017
According to the new data released by the Pikes Peak Association of REALTORS® for March 2017, the Colorado Springs real estate market is ramping up and appears to be on track to set new records this year.
The Bottom line:
We had a 5.4% decrease in the amount of contracts written in comparison to the previous year. The competitive nature of our real estate market is making it harder for buyers to find homes right now, so some of them are giving up. This strong buyer demand is also pushing prices even higher, as we've seen an increase of 12% since this time last year.
Let's take a look at the March 2017 real estate market numbers for Colorado Springs:
March 2017 Colorado Springs Real Estate Statistics
- New Listings: 1,759 (Down +1.7% from last year)
- Sold Listings: 1,247 (Up -8.1% from last year)
- Total Active Listings: 1,454 (Down -25.1% from last year)
- Median Sales Price: $268,000 (Up +11.9% from last year)
- Total Under Contract: 2,533 (Down +5.4% from last year)
- List To Sold Price Ratio: 99.8% (Up +0.5% from last year)
- Days on the Market: 46 Days (Down 23.5% from last year)
The Colorado Spring's Spring Real Estate Market is Taking Off!
With the median home prices rising 12% since this time last year and interest rates a point higher than this time last year, it's likely some homebuyers are going to get pushed out of our market. In fact, this is the first time in many years that we have had fewer contracts written February than in the previous year. It's more important than ever to make sure you have a great Realtor who knows how to structure your offer to get accepted!
These numbers cover all of Colorado Springs, CO and the surrounding areas, including Black Forest, Broadmoor, Briargate, Divide, Florissant, Fountain, Falcon, Gleneagle, Larkspur, Lake George, Manitou Springs, Monument, Northgate, Old Colorado City, Palmer Lake, Peyton, Powers, Rockrimmon, Security, Tri-Lakes, Widefield, Woodland Park, and Woodmoor areas. If you need a local Realtor to help you better understand these number, please contact us. We'd love to hear from you!
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