Full Speed Ahead for Colorado Springs Home Market
After adapting to coronavirus precautions and rebounding from related restrictions, real estate activity is charging forward in our area.
Even April was a nice surprise. While new listings and sales dropped some, as expected, when in-person home showings were prohibited, more than 1200 home sales closed in El Paso county last month and the median home price of those sales rose 10 percent from April 2019, according to the Pikes Peak Association of Realtors. In fact, there were more million-dollar home sales this April than last.
Now in May, restrictions are easing and safeguarded showings are underway, people appear eager to move forward with their real estate plans, particularly shopping and buying as demand still exceeds supply in the Springs. The local Multiple Listing Service reports 925 homes under contract and over 1000 closings so far in May since Colorado’s new “Safer-at-home” guidelines.
We are seeing much interest on the city’s westside with many buyers wanting options and at least a dozen owners planning the right time to put their homes on the market. There’s a sense of urgency and houses aren’t staying for sale long as our vibrant, foothills community continues to appeal. Interest rates are also attractive with Freddie Mac reporting stabilization of mortgage rates at historically low levels.
If you are considering a move, we can explain the market dynamics and our new safeguards as well as show you the latest listings. This pandemic does not mean you have to delay selling or buying. Call Michael or Tim at 719-471-6200 to figure out a plan that works for you.