According to a recent article in The Colorado Springs Gazette, local home sales and prices are continuing to trend higher in 2010.  Once again, prices rose and sales increased in the month of February, which reinforces an ongoing pattern of growth in the Pike’s Peak real estate market.

In February alone, Colorado Springs home sales totaled 572, which represents a 13.5% increase over February of 2009.  It was also the 8^th straight month where sales had improved year over year.  This is after three solid years of decline.  The February news brings the total year-to-date home sales in Colorado Springs to 1,035.

Home prices in Colorado Springs also rose, which is an encouraging sign for those homeowners who were waiting until the home sales market improved before selling.  As of this month, median home prices in Colorado Springs are on the rise, reaching $182,000.  This is an increase of 2.7% over this time last year.

Another great piece of news is that the number of available homes has fallen.  The increased demand for houses in Colorado Springs may be due to the extension of the Federal Homebuyers Tax Credit until April 30 of the year, which offers up to $8,000 for first-time homebuyers and $6,500 for existing homebuyers.  Some economists are predicting an even healthier rebound for the Colorado Springs housing market, with prices rebounding by 8 to 10 percent this year.

The future of Pikes Peak real estate is so bright, you might want to wear shades!