Housing Crashes & Housing Bubbles in Colorado Springs
The Colorado Springs housing market is changing, no doubt. If you have been thinking about buying a home in Colorado Springs, you'll want to watch this video! In this video I share the average home price in Colorado Springs and what the trends are for the current Colorado Springs housing market for 2021. Homes for sale in Colorado Springs are becoming more and more available. Whether you are moving to Colorado Springs or already currently living in Colorado Springs, these stats and facts about the housing market will help you make the best decision on buying a home or not.
Perception is everything, right? Just a fair warning, this isn’t going to be your typical housing market update. But, I promise I’ll get to the Colorado Springs housing stats by the end of this video.
There are so many rumors of housing crashes and housing bubbles, but times have changed. We’ve actually learned a little something from the last housing crash. We’ve got better lending, lenient mortgage forbearance options, and grace from the banks. However, we are competing with big corporate companies and real estate investors buying up homes and that’s been challenging to say the least. The cost of housing is barely affordable these days. Let’s put some perspective on it. If you’re paying rent anyway, why not get your finances together and get in the real estate investing game? I’m not saying you need to start flipping houses like Jeffrey Lewis, but I am saying that you’re missing out on a huge opportunity that offers not just an investment, but a place to live.
Facts vs. Opinion
Can we just take a moment to discuss facts vs opinion: Sometimes people on social media and the news are just trying to clicks and views. I know! Shocker. Sensational media is like a freight train going nowhere and may be leading you off the lost opportunity cliff. Perception is everything right? Some of us realtors are trying to calm the Chicken Littles of our community by sharing important information and facts that make this time around different than the last time around. Hey guys. The sky in fact, is not falling. The demand for housing has peaked and housing prices are stabilizing as they should. Remember when Elon Musk went on Saturday Night Live? Dogecoin was skyrocketing and he responded to a hustle joke on SNL and everyone freaked out. This had a negative impact for the digital currency company.
Similarly, toilet paper became a hot commodity last year. Rumors of lack caused a frenzy and escalated desire for TP. People started hoarding it. I knew of people buying a year’s worth at a time. This type of behavior happens at my house, too. It’s like the more the kids know they may not be able to have something, the more they want it. For example, pop tarts. We were always running out of brown sugar and strawberry pop tarts. So I bought a bulk box that had like 4 boxes in one. Guess what? No one touched it for a long time. It lasted forever - almost past the expiration date.
I often wonder where people are getting their information from. This is my segway to introducing actual figures in the Colorado Springs housing market.
Average Home Price in Colorado Springs
New listings are on the rise compared to last year as it should. We have more listings compared to last year at just 164 new listings in September 2021 compared to this time last year. The average home sales price for September of 2021 is 499,003 compared to last year when it was 431,293 which is still up 15.5% in equity gained year over year. Compared to the previous month, we only dipped $1,275 which converted to a percentage is .03%.
I went ahead and took the liberty of charting out the popular months of the Colorado Springs average home prices of this year compared to the last two years. In 2019, we had steady and normal growth. Once 2020 hit, the prices jumped significantly due to high buyer demand. Home prices are based on what homes were sold for so as offers were much higher than list price and homes went for 105% on average for many months, the prices kept climbing. Clearly, as the market begins to stabilize, prices are slowly decreasing, but you don’t see the sharp spikes in the average sales price in Colorado Springs as before. It’s more of a gradual change. And even then, things eventually went back to usual. That’s why I think it’s highly important to save and get on a financial plan. If you need a great financial planner, email me. I know the best! You have to have a safety net for these times. I know that’s not ideal for everyone, but for many, we know we can.
Condos and Townhouses in Colorado Springs
Let’s talk about the median price for condos and townhomes in Colorado Springs. Last month we saw this median price up 15k compared to the previous month and now it’s right back down to 318,500 from 325,000 so for some reason August was just a popular month for condos and townhomes. What will it do next month? I dunno, you'll have to subscribe to find out! There are a few more listings available this year compared to last year by 39 listings. Condos and townhomes are great starter homes. My first townhouse alone was almost 1800 square feet, 3 bedrooms, 3 bathrooms with a garage and fenced in walk out patio. Not bad in my opinion.
I’m coming up on my 4 year anniversary of owning the house I’m currently in. The mortgage is about $1700, 6 beds, 3 full bathrooms, 2400 square feet and a beautifully large backyard with a deck. We’ve earned 6 figures in equity in just 4 years. Now what investment pays that well and offers you your basic Maslow hierarchy needs of shelter ? I’ll wait…
Inflation sucks. And it’s making it hard for many. On one hand I hate that it’s harder to find housing, but I’m still grateful that our wealth building tactics are paying off better than we initially imagined.
PROSPERITY PROPERTIES GROUP
Brokered by eXp
Colorado Springs, CO REALTOR®