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Colorado Springs Real Estate Market - Observations From REALTORS

12:44, 2007-Aug-28 .. Link

Colorado Springs Real Estate Market

Observations from Colorado Springs REALTORS

Particular areas of Colorado Springs that are seeing the major draw in inventory are typically move-up areas for local buyers in Colorado Springs. Not coincidentally, areas that were first to start creating market price corrections, with reduced new-to-market prices and bigger price cut back and pricing discussions, were the Southwest and Northwest areas of the Colorado Springs metro area. Traditionally, these areas have slightly higher Colorado Springs homes for sale pricing and were the first to feel this market correction in 2007.

Many local area real estate buyers noticed that Downtown Colorado Springs prices seemed overrated – noting that homes which have somewhat been enhanced are priced as if they were renovated in full! Likewise, in the Powers and Briargate areas of Colorado Springs, selling was not like the way it was in 2004 until 2006, although certainly better than some other areas of the city.

The areas in the East side of Colorado Springs had a jagged set off this summer, but not as sharp as many of the areas in the West and South sides of town.

Colorado Springs Relocation Buyer Versus a Local Buyer
A relocation buyer in Colorado Springs has different measuring sticks in real estate when compared to the local population. That has been more noticeable over the past few months here. It can often takes days (no surprise) to locate the right real estate for a buyer that is new to the Colorado Springs area, and similarly, they will buy based on variables that are more generic and not just particular to the Colorado Springs area. For example, it is expected that someone relocating here will look for good schools, consistent neighborhoods and homes that if things don’t work out, they will have an effortless time reselling. A local buyer, on the other hand, is more likely to buy a piece of real estate with a basis on subjective values such as: proximity to mountain and trails, ease of commute to work, trees, parks, etc.

In these waters, we are seeing a lot of local buyers staying on the fence, hanging around and waiting to see what will happen to real estate prices this fall. Whereas buyers relocating into Colorado Springs, are seeing pricing standards that are typically lower than what they observed in their previous real estate market. In other words, at this time, this market appears to be a somewhat relocation driven commodity.

While supply is significant here in Colorado Springs, it still stays below the national average which is almost 8 months of inventory due to sell.

If you are interested in looking at homes for sale in Colorado Springs, be sure to contact a REALTOR. They know the market better than anyone and can help you make the right purchasing decision during this type of market.

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