Realtors and homeowners in the Pikes Peak region were pleased to see that Colorado Springs has been recognized once again by CNNMoney.com.  In their recent feature, “Best Recovery Bets”, CNN editors wisely prefaced the pictorial by saying that home prices are slated to fall in most markets – just in case readers were thinking these 10 cities were representative of the country at large.  They are predicting a broader rebound in 2012, but Colorado Springs homeowners won’t have to wait that long.  We have snagged the number 8 spot among the “10 large metro areas that will record the largest price gains”.  Good news for the Colorado Springs real estate market is always welcome, but national coverage like this is cause for celebration. 

What does this mean for the Colorado Springs real estate market?

Well, looking at the Colorado Springs profile on CNN Money, the median home price in the region is still $220,000, a 12 percent drop since the market peaked in 2006.  According to their forecast, home prices will rise by 2.9 percent over the next 18 months.  The article attributes the relative stability of the Colorado Springs real estate market to a steady economy, fueled by the region’s abundance of government jobs and military bases. 

Another factor contributing to home prices is the recent population growth in the region – nearly 17 percent over the last ten years.  Perhaps it is the natural beauty, four-season climate and proximity to Denver that makes the ‘Springs such a great place to live, but affordability is a good enough reason for most homebuyers.  Where else can you buy a three-bedroom house with 2 baths in a good neighborhood for $230,000?  According to CNN Money, it won’t be long before prices go up. 

This is welcome news if you plan to sell your Colorado Springs home, and it adds a sense of urgency for new homebuyers.  If you want to seize the opportunities in the Colorado Springs real estate market, contact the professional realtors at Action Team Realty.