Are things cooling off in the Colorado Springs real estate market?

The Spring and Summer of 2017 in Colorado Springs has proven to be a hot sales climate. New home building, existing home sales & rentals are still holding strong. As Fall approaches, things may be cooling off a bit.

According to the local and national news, it’s a mixed bag of tricks. Mostly it points towards the market staying hot through the Fall months into next year.

Here are some of the leading indicators.

  • “Home sales fall 1.8% in June Nationwide!. (Colorado Springs Gazette July 25th)
  • “Springs rents soar to new record. Average rent at $1441.40 per month in April-June period.”  (Colorado Springs Gazette July 29th)
  • “Prices squeezing renters and would-be homeowners.” (Colorado Springs Gazette June 17th)
  • “Housing market to stay hot!” (Colorado Springs Gazette July 23rd)
  • “Local Home sales set more records.” (Colorado Springs Gazette July 7th)
  • “Springs area home sales prices climb again in July.” (Colorado Springs Gazette August 5th)
  • “City (Colorado Springs) 28th best for first time home buyers. Springs makes list based on market attractiveness, affordability, and quality of life.”  (Colorado Springs Gazette July 18th)
  • “Springs jobless rate tumbles. Unemployment edged lower in June to 2.8%.” (Colorado Springs Gazette August 3rd)
  • “Springs area home sales prices climb again in July.” (Colorado Springs Gazette August 5th)
  • “Consumer spending weakens. Income growth delivers worst reading in several months.” (Colorado Springs Gazette August 2nd)

Most news has been positive throughout the summer. However there have been a few hiccups. Number of days on market for existing homes, and the growing number of price decreases among listed homes, point to a slightly softer market. According to Marketwatch.com-US households have the highest credit card debt in history. Auto sales nationwide have weakened considerably. (US News & USA Today)

Are there storm clouds on the horizon? Hard to tell. With the stock market at an all-time high and interest rates still low, the economy seems stable at present.

A sudden economic event, Turmoil in the Whitehouse, or the looming confrontation with North Korea could shake things up a bit. I do not see this causing a sudden downturn. Unlike 08’, most downturns sneak up on us. Am I confident enough to say don’t make any major financial purchases or decisions? No! I’m just a real estate investor trying to share my observations on the market.

As I see it, no cooling off this Fall. Expect a HOT 4th quarter in the Colorado Springs real estate market!

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Maybe you think your house needs too much work and that no one would possibly be interested in buying your home. Or maybe you have everything the way you want it, but your situation in life has changed and you would like to sell.

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Bonnie & Dave Van Gorder

 

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