Jeremy often hears the question “so how’s the real estate market in Colorado Springs doing?” There’s not really a simple answer to that question, and the answer widely varies by the market segments you’re in, whether that be geographical, price segment, or other criteria.
This chart shows the Springs area broken down by price segment so we can see which portions of the market are picking up and which ones are slowing down. As you’ll notice, there are two significant trends.
1. The under $150,000 market activity has increased dramatically over recent months as a percentage of total sales.
2. The $300,000-500,000 range has decreased pretty consistently over the past year by the same standard.
Keep in mind that these statistics are for number of transactions, not price fluctuations (although the two tend to track similarly). Nevertheless, there are undoubtedly signs of life in the lower price ranges, and if you’re looking for a home in the under $150,000 market in Colorado Springs, it’s becoming quite normal to be in a bidding war with other buyers.
We’ll be watching closely to see if and when the trend starts to “trickle up.”