Colorado Springs Home prices (days on market, best city, apartment complexes)

[DrDog]

Originally Posted by YoYoSpin

I believe that builder's new homes are not included in these figures. If that is correct, all of these numbers are suspect and misrepresent the true situation. There are over 500 new $400k+ homes currently under construction/for sale in the Wolf Ranch/Cordera neighborhoods alone. Preowned homes priced over $350k, that have to compete with all these new builder homes, are not selling...period.

But with new, you have to be willing to wait for 7 months for build out.

[abcdefg567]

Originally Posted by DrDog

Some builders are requiring you actually sell current home before you can sign contract.

Wow! And to think we didn't even want to do it the other way. I guess it's NBD if you can qualify for both amounts or one is paid off. Personally, we lived in an apartment between the last two houses, and finding a rental for 3-4 months again sounds like a hassle with children, moving, packing, etc. Not to mention that 3-4 or m2m rentals are harder to find and more expensive.

One builder required that you listed your current home within 60 days of estimated closing. That sounded very reasonable to us.

[Vision67]

https://gazette.com/business/housing...0c8eee578.html

"Colorado Springs-area home prices soared to record highs again last month as demand for housing remained strong, says the latest report from the Pikes Peak Association of Realtors.

The median price — or midpoint — of homes sold in June climbed to $324,750, a nearly 14 percent rise year over year and the fourth consecutive month in which prices set a record, the report showed.

Average prices climbed to $361,499 in June, up 10.8 percent from a year earlier and also a record high for a fourth straight month. "

I've given up trying to predict this crazy housing market. I'm now getting unsolicited calls from Realtors looking for new listings. But we're not moving.

[amattaro]

I left the Springs in 2013 and am researching a move back. From what I can tell, although average prices are increasing, the higher end of the market (I'm saying $700K+) has stalled. There seems to be a lot of resistance at about $180/sq ft. I've seen several houses listed at $200+/sq ft. I think they are living in a dream world.

[DrDog]

Originally Posted by amattaro

I left the Springs in 2013 and am researching a move back. From what I can tell, although average prices are increasing, the higher end of the market (I'm saying $700K+) has stalled. There seems to be a lot of resistance at about $180/sq ft. I've seen several houses listed at $200+/sq ft. I think they are living in a dream world.

Real estate has moved from local to national to international. These prices aren’t bad compared to Seattle, San Francisco, Honolulu, London etc.

[TCHP]

True, and for some career fields, the pay scale is national or even international. However, for many others, pay scales are local or regional at best.

[Vision67]

https://gazette.com/business/colorad...124d39c66.html

"Local home sales fell for the fifth straight month in July, but some real estate experts say the declines might be the result of too few homes listed for sale, not a market slowdown.

Home sales totaled 1,592 in July, a 3.3 percent drop from the same month last year, says the latest report by the Pikes Peak Association of Realtors. Monthly home sales haven’t increased on a year-over-year basis since February.

Through the first seven months of 2018, home sales totaled 9,296, a slight, 0.1 percent gain over the same period last year, the Realtors Association report showed."

"Even as sales were down, prices continued to rise. No records were set, but the median price — or midpoint — of homes sold in July was $310,000 or 8.9 percent higher than a year ago. Prices have increased each month on a year-over-year basis for most of the past 3½ years.

Another sign local housing remains strong: homes averaged about three weeks — 22 days — on the market in July before selling. Three years ago, homes spent an average of 72 days on the market before selling, about 2½ months, according to Realtors Association figures."

[DrDog]

I’m no in real estate but my guess is that Zillow isn’t a big factor. Real estate agents set prices based on comps, housing market, Home quality etc.
you are still right about values getting out of control. We’ll see if the market has topped again or if this is the new norm.

[abcdefg567]

Originally Posted by DrDog

I’m no in real estate but my guess is that Zillow isn’t a big factor. Real estate agents set prices based on comps, housing market, Home quality etc.
you are still right about values getting out of control. We’ll see if the market has topped again or if this is the new norm.

I think we'll still see considerable growth in the sub $350k market for at least another year.

Especially anything under $300k.

[TCHP]

Attractive and desirable places to live will always have prices that increase. Some times the prices go up a little, some times a lot. Sometimes they simply flatten out, but, they always go up. I think the biggest beef with this latest round of increases in simply the abbreviated time frame that they are rising in.

My Grandparents bought a home in San Diego during WW2 for $8,000. That same place would sell for $600k now. When they moved back to COS after the war, they bought a place for $5000 that is now worth $200k. When they later built their first new house for $15,000, they were freaked out by the price and the mortgage requirements it took to get it built. It sold for $350k in its last sale. These increases are due to inflationary pressure that impacts all of us and will continue to do so until we eliminate the Federal Reserve and the central banking system. Speculators, Zillow and what not are simply data points along the way.