EL PASO COUNTY, Colo. (KRDO) – Another month, another record set in the Colorado Springs housing market. El Paso County faces a record inventory of properties for sale, despite record demand. Market experts predict that the area’s population will surpass that of Denver within the next decade.
According to Berkshire Hathaway Home Services, with this demand comes new challenges for the housing market.
“The market is getting very competitive and prices are continuing to skyrocket,” says real estate agent Christian Swift of Berkshire Hathaway Home Services.
Home prices in the Colorado Springs area are soaring to record highs, again, according to a new report from the Pikes Peak Realtor’s Association.
The prices are, in part, due to the low supply of properties and low mortgages, allowing buyers to show their hand on the home they want. Swift says remote work is just one of the factors helping to make Colorado Springs a hot spot.
“The community, the outdoor living activity, I think a lot of people have gone to work remotely and so they want to move to places where they can enjoy the outdoor space but still have amenities like the big cities,” says Swift. “Colorado Springs really has it all.
According to the real estate group, there are less than 400 homes currently on the market. However, an average of 1,000 to 1,200 people move to the area each month.
Currently, homes stay on the market an average of 10 days. This time last year, an available property was on the market for just over two weeks.
Yet Bobby Landry, a licensed real estate broker, says this trend won’t last forever.
“It will evolve, the pendulum will swing,” says Landry. “He will return to a more balanced market. Most statisticians and experts say we should see this change within a year or two. »
His advice to sellers and buyers is to look at the big picture.
“We’re probably at or near the top of the market, while there’s no anticipation of any decline in value,” Landry says.
Housing experts also say the Russian invasion of Ukraine is causing instability on Wall Street and this could impact the future of mortgage rates.