Pikes Peak Real Estate Reflects Seller’s Market
The Colorado Association of Realtors® (CAR) recently released the latest sales data for May 2016. In the report, there are some key factors which point to the Pikes Peak region being in a strong seller’s market. Our population is continuing to grow with more people seeking homes in and around Colorado Springs. This is great news in itself, but homebuyers are seeing a bit of a tougher time in finding a home, mainly due to lower inventory on the market. With fewer homes to choose from, buyers are also paying more. These two factors put sellers in an ideal position to list their property and come out ahead in the market.
According to the CAR report for May, there are fewer properties on the market across the state. With 17,724 single-family homes listed for the month, inventory supply is down by 24%, representing a supply of 2.5 months. For condos and townhomes, the supply was down by 30% with 4,237 units listed for sale, providing less than a two-month supply of inventory. This current inventory is almost 50% less than the same time a year ago.
Despite a lower inventory, buyers are finding homes in the Pikes Peak region, with a record number of closings being reported for May. The Pikes Peak Association of Realtors® has indicated 1,495 residential-property sales closed in May, almost 300 more listings than the average of 1,200 per month.
Across the state and within the Pikes Peak region, home prices are on the rise. CAR data released for May shows that the Southeast region of Colorado, which Pikes Peak is a part of, had a 6% increase in median-sales prices for single-family homes, compared to the prior year. The median price for May 2016 was $242,810 compared to $229,000 in May 2015. Condos and townhomes also saw an increase in median prices, up 5.8%, moving from $156,000 in May 2015 up to $165,000 this year. The median sale price for single-family homes across the state also went up to $335,000, or 8%, while condos and townhomes increased by 12% in median sale prices, to $245,500.
This trend is expected to continue in the coming months. If you are thinking of selling your property in the Pikes Peak region, this is an ideal time to list your property. When you are ready to sell or buy your home, we at Springs LifeStyles Real Estate are here to help you with all of your real estate needs! As your buyer agent, we will strive to give you the best support we can. Call Kathy Stenberg at (719) 963-4867 or you can email her at firstname.lastname@example.org. You can also visit us at our website for available listings and additional information.
Kids' Pool Coming to Manitou Springs
Living around the Colorado Springs region offers a lot of family friendly places and things to do. This summer there will be a new attraction in Manitou Springs, just for the little ones. In a recent announcement from Great Outdoors Colorado , (GOCO) a grant for $80,500 has been awarded to supplement $34,500 from the Manitou Springs City Council, to make a new pool for young kids a reality. The grant from GOCO will replace the existing pool which is more than 40-years-old.
The new Manitou Springs Baby Splash Pool will be large enough for up to 40 kids and include a new kid-friendly entrance into the pool. The splash pad area of the pool will feature water sprayers. Not only will kids 10 and younger be able to enjoy the fun of a splash pad and kid-oriented pool, but there will also be swimming classes available too. The pool itself will be no deeper than 3 feet, 6 inches, perfect for young children just learning to swim and ready to enjoy some summertime water fun. The date of the new pool opening is not yet set but expected to be ready sometime this summer. The pool will be located at the Shryver Park recreation center, which has seen some other updates completed, including renovations done to the indoor pool and a new weight room and general-purpose room.
The GOCO grant for the new pool is one of 39 projects awarded funds across 25 counties. Almost $7 million in lottery funds were gifted to improve our community park and trails and provide more outdoor classes and activities, such as the Manitou Springs pool. GOCO is an independent board in place to award grants from lottery funds in order to preserve and enhance Colorado’s green and open spaces. The GOCO was formed in 1992, and since then has helped fund more than 4,500 projects across all 64 counties in the state without tax dollars, putting our lottery to work.
The new Manitou Springs Pool will be just one more wonderful attraction for families in our area. When you are ready to buy or sell your home, we at Springs LifeStyles Real Estate are here to help you with all of your real estate needs! As your buyer agent, we will strive to give you the best support we can. Call Kathy Stenberg at (719) 963-4867 or you can email her at email@example.com. You can also visit us at our website for available listings and additional information.