Local Market Snapshot
A brief update on market conditions in Colorado Springs and the Pikes Peak area: the first quarter of 2010 has brought more stabilization to the Pikes Peak area housing market, and encouraging economic news for El Paso County. (Regardless of what the media portrays) J
The inventory of single family homes for sale continues to decline, which has begun to stabilize home prices and decrease the housing surplus. The average Days on Market has decreased by 9% over the past 30 days. There were 313 more homes under contract in March 2010 compared to March 2009.
Continued record-low interest rates as well as extended federal tax-incentives for both first-time home buyers and move-up/move-down homebuyers have helped spark area home sales, especially in specific price ranges. It is an excellent time to buy, with rates currently as low as 5% for Conventional Financing and as low as 4.875 % for both FHA and VA loans.
Economic information presented on January 7th, 2010 at the annual Colorado Springs Economic Forecast shows projections of increased employment rates, average wages/salaries, and single family housing permits in 2010 compared to 2009.
For the first quarter of 2010, sales in El Paso County have increased by more than 16%, compared to the first quarter of 2009. We foresee this trend continuing throughout 2010 for the Pikes Peak region.
As a side note, Colorado Springs was ranked 3rd in the nation among cities for Housing Recovery by Forbes.com, ranked 28th in the top Best Places to Live from CNN Money, and ranked 7th in the top places to raise an Outdoor Kid by Backpacker Magazine.
Please contact us if you would like market information on specific neighborhoods, or a Complimentary Market Analysis on your home.
Park Avenue Properties
Tanya Stevenson-Becht & Sandy Daniels
www.ColoradoSpringsEhomes.com
office@parkavehomes.net